The company is the retail leader of oil products in Tai'an area.
The company is a commercial circulation enterprise whose main business is the purchase and sale of refined oil. Its business is mainly concentrated in Taian, Shandong, and a small part of it is in Qingdao and Qufu. China Petroleum & Chemical Co., Ltd. is the largest shareholder of the company, holding 25%. Since 2009, in order to avoid related party transactions, the company's oil products are all purchased in the market, and the procurement cost is high, resulting in a sharp decline in profits.
The import and export prices are controlled, and the profit of the refined oil circulation industry is low.
The company belongs to the refined oil circulation industry, upstream for refineries and refined oil sales companies, downstream for refined oil end-users. At present, the maximum price for the sale of oil products is set by the National Development and Reform Commission and is adjusted every 10 working days. As both procurement and sales end prices are controlled, the gross profit margin of the refined oil circulation industry has been maintained at a low level.
Gas station is the core asset of the company.
The company's annual gasoline and diesel sales are basically about 500000 tons, accounting for about 2% of the total consumption in Shandong Province. There are about 200 existing gas stations, mainly distributed in Tai'an. Due to the strict examination and approval of new gas stations, the resources of gas stations are becoming more and more precious, and most of the company's gas stations are in key locations such as highways and urban areas. the value of each gas station is conservatively estimated at more than 10 million yuan, and the asset value of the gas station is more than 2 billion yuan.
Double catalysis of oil reform and national reform
The oil and gas reform plan has been reported to the State Council and is expected to be introduced in the near future, and the price control of refined oil products is expected to be gradually liberalized in the future. the company has the advantage of a wide range of gas stations in Tai'an area, and the profit is expected to be greatly improved. As for the reform of state-owned enterprises, according to the integration idea of professional reorganization and listing of China Petroleum & Chemical, Taishan Petroleum is a scarce listed enterprise in the refined oil retail business, the value of the platform is prominent, and the follow-up measures are worth looking forward to.
Give a rating to increase holdings.
We estimate that the company's EPS for 15-17 years will be 0.02,0.08,0.15 yuan respectively. Considering the dual catalysis of oil and gas reform and state-owned enterprise reform, the company will cover and increase its holdings for the first time.