Jerry (002353): Annual report performance as a whole in line with expectations The boom in the oil service industry remains high

Event: The company released its 2019 annual report, and the company realized revenue of 69.

32 ppm, an increase of 50 in ten years.

81%, net profit attributable to mother 13.

670,000 yuan, an increase of 122 in ten years.


  The annual report performance is near the median forecast, which is in line with expectations as a whole: the company’s revenue in 2019 is 69.

32 ppm, an 淡水桑拿网 increase of 50 in ten years.

81%, net profit attributable to mother 13.

670,000 yuan, an increase of 122 in ten years.

14%, the performance is near the median notice, which is generally in line with expectations.

The company’s high growth 四川耍耍网 performance is expected to increase the investment in unconventional oil and gas resources including shale gas and shale oil resources for long-term exploration and development under the promotion of the national energy security strategy. The demand for oil and gas equipment and services is strong. The company’s drilling and completion equipment, coalOrders for product lines such as technical services continued to maintain rapid growth.

  In the short term, the impact of the epidemic on the company is small, and the prosperity of the domestic oil service market remains high: The impact of the epidemic on the oil service industry’s demand is small, and the impact on the company’s manufacturing and oil service sector is relatively controllable.

Judging from the general public information, the domestic “three barrels of oil” will continue to increase the upstream exploration and development speed in 2020. The total capital expenditure budget of CNOOC in 2020 will be 85 billion to 95 billion US dollars. PetroChina will focus on pushing the domestic oil and gas production equivalent to 2At a new historical level of 100 million tons, we will vigorously increase the speed of exploration and development. Sinopec also said that it will carefully organize production operations and vigorously promote domestic upstream oil stabilization, gas growth and cost reduction.

It is expected that the prosperity of the domestic oil service market will remain high in 2020.

  The North American equipment market has ample space, and the company is expected to open the high-end North American market. At present, the existing fracturing equipment in North America is about 24 million water horsepower, and it is estimated that half of the equipment has a service life of more than 10 years. In the future, the North American equipment market will enter the update cycle.broad.

The company has successfully signed an order with a well-known North American oil service company for a turbo fracturing unit, and the world’s largest single-unit turbo fracturing unit has been sold. This aspect benefits from the company’s strong technical strength and is also a North American oil service company.Against the background of the rapid development of shale oil and gas development and the serious rise of fracturing in horizontal wells, the results of actively seeking new technical solutions to reduce costs and increase production efficiency have been actively pursued.

The company released the electric drive fracturing equipment in April 2019, which has the advantages of low cost, high efficiency, short delivery cycle, etc., and is currently conducting technical and commercial exchanges with key North American customers, and is expected to enter the North American market in the future.

  Profit forecast and investment advice: We expect the company’s net profit for 2020-2021 to be 19 respectively.

6 billion and 25.

1.4 billion, corresponding to PE and 20 times and 15 times respectively, maintaining the “buy” level.

  Risk reminder: International crude oil significantly reduces risks, domestic oil companies’ capital expenditures are less than expected, etc.