uses Jpeg;    var
  wmf: TMetafile;
  bmp: TBitmap;
  jpg: TJpegImage;
begin
  wmf := TMetafile.Create;
  try
    wmf.LoadFromFile('c:\xx.wmf');        bmp := TBitmap.Create;
    try
      bmp.Width := wmf.Width;
      bmp.Height := wmf.Height;
      bmp.Canvas.Draw(0, 0, wmf);          jpg := TJpegImage.Create;
      try
        jpg.CompressQuality := 50;
        jpg.Assign(bmp);
        jpg.SaveToFile('c:\xx.jpg');
      finally
        jpg.Free;
      end;
    finally
      bmp.Free;
    end;
  finally
    wmf.Free;
  end;
end;