Jerry shares (002353): rapid growth in performance, energy security trend unchanged
The company released a performance report: the company’s actual operating income in 2019 is 690,000 yuan, an annual increase of 50.
81%, net profit attributable to mother 13.
600 million, an increase of 122% in ten years.
The oil and gas equipment industry has been relatively less affected by the epidemic situation. Under the situation of “maintaining performance” in which the major strategic trends of domestic energy security remain unchanged, and the North American market is successfully “unplugged”, we continue to strongly recommend Jerry shares.
Driven by the energy security strategy, the company’s revenue and profits increased.
The company’s average operating income and net profit increased year-on-year compared to the same period last year, mainly due to the breakthrough in national energy security strategy, and gradually expanded exploration and development investment in unconventional oil and gas resources including shale gas and shale oil resources, and oil and gas equipment and service market demandProsperous, the company’s drilling and completion equipment, raw material technology services and other product line orders continued to maintain rapid growth, operating performance has improved significantly.
The sharp drop in oil prices has little impact on the company.
From the perspective of historical income structure, domestic business accounts for nearly 70%, energy security is not boycotted, overseas business mainly comes from Russia and the Middle East, and is not sensitive (Russia fully benefits from oil finance, and the cost of the Middle East is not boycotted), which has a certain impact on the US business.The cost is relatively high, falling over the edge of the cost, as long as it is not $ 50 for a long time, the impact will be small.
北京夜网 Energy security continued to advance, and the right to speak of private enterprises increased.
The Ministry of Natural Resources of the Air Force issued the “Opinions on Several Issues in the Reform of Mineral Resource Management (Trial)”. The important point is that the oil and gas exploration and exploitation market will be fully opened up to allow private enterprises, foreign enterprises and other social capitals to enter the field of oil and gas exploration and development. Opinions since 2020年 年5月1日开始实行。
This time, market access for oil and gas exploration and extraction, including prospecting and mining rights, was fully liberalized, aiming to change the situation in the past that was mainly franchised by several state-owned companies.
The country’s urgency to energy security is evident, which is conducive to the development of the entire industry chain.
The category 杭州夜网论坛 market entities include foreign, private enterprises, and the addition of category social capital will further stimulate the vitality of the oil and gas market. It is a good thing to have more channels to raise funds for exploration, exploration and development, and to increase the size of the cake with incremental funds.
In addition, private enterprises, oil companies, and equipment companies may also have a greater right to speak. The degree of restrictions on the receptor system has gradually improved. The industry has developed more vitality, which is beneficial to the entire industry chain. The overall energy equipment sector is expected to rise.
The North American market is expected to raise estimates.
Electric drive fracturing brings economical (according to estimated fuel cost savings of 40%) and environmental protection (low noise, low pollution), and gradually moves to the center of the stage. Jerry realizes “curve overtaking” in the field of electric drive fracturing.Is one of the pioneers, if the subsequent electric drive replica turbine successfully entered the North American market, a hundred feet ahead.
With the “maintaining performance” of the domestic energy security strategy unchanged and the successful “opening” of the North American market, we continue to strongly recommend Jerry.
At present, the trend of orders in the first half of the year is still good. The reason for continuing to recommend now is mainly due to the certainty premium of this year and next year’s performance, which brings about an increase in estimates.
Judging from the forecast and average performance in the first half of this year, it is expected to continue to increase, and the net profit is expected to be 18 in 20 years.
600 million, corresponding to 21 times the PE.
The subsequent market value is expected to exceed 40 billion, and there is still room for improvement, and it is strongly recommended.
Risk reminder: Oil prices have risen sharply, Sino-US trade frictions have intensified, and policies have fallen short of expectations.