20230429-东吴证券-杰瑞股份-002353.SZ-2023年一季报点评_业绩符合预期_受益油气增储上产及海外高速拓展_3页_454kb

Report Summary: 杰瑞股份 (002353) 2023年一季报

Performance Highlights

• Revenue reached 23 billion CNY, growing 25% year-over-year.
• Net profit stood at 350 million CNY, increasing 61% YoY, better than the lower end of earnings guidance.
• Non-GAAP net profit rose by 85%, aligning with market expectations mid-point.

Key Reasons for Strong Performance

• Higher gross margin (36.1% YoY, +56pct) and net margin (15.9%, +39pct) driven by increased high-margin drilling and completion equipment revenue.
• Stable operating expenses (period expenses rate unchanged at 1.55%) offset by cost controls.

Growth Drivers

• Domestic oil and gas reserve expansion supported strong order intake and revenue.
• International markets, particularly Africa and North America, contributed to higher overseas sales, amid equipment updates and high growth potential in electric/turbine services.

Future Outlook

• Anticipated order growth, including very high likelihood from China's increased focus on electric fracturing equipment procurement.
• New energy diversification through lithium battery anode materials projects (e.g., graphite and silicon-based projects), poised to add revenue streams in 2023.

Investment Recommendation

• Maintain "Buy" rating with revised 2023-2025 net profit forecasts at 2.747 billion CNY per year, yielding current P/E ratios of 10-8 times.
• Long-term prospects remain positive due to market expansion and dual business strategy.

Risks

• High sensitivity to oil price fluctuations, raw material cost pressures, and uncertainties in new project execution.