Steady growth of performance, pay attention to the expectation of Petrochina Company Limited's professional reform
Events:
According to the company's annual report for 17 years, the company achieved an operating income of 1.53 billion yuan in 17 years, an increase of 48.2% over the same period last year; the net profit belonging to shareholders of listed companies was 48.155 million yuan, an increase of 44.43% over the same period last year; and EPS 0.37 yuan. Among them, Q4 achieved an operating income of 437 million yuan in a single quarter and a net profit of 11.121 million yuan belonging to shareholders of listed companies.
Comments:
The company's main business operation is stable, the transfer of intangible assets thickens the performance. In the past 17 years, the operation of the company has been generally stable. In the third quarter, the company transferred the new drug technology of Wuhudan capsule to Yangzijiang Pharmaceutical Co., Ltd., and the transfer income was confirmed as non-operating income in the third quarterly report, increasing the profit by nearly 10 million yuan. After deducting the factor of asset transfer, the operating performance of the company's main business still improved significantly. At present, polypropylene business is the company's largest business, accounting for about 30% of revenue. Due to the small production and sales volume of polypropylene continuous production units in the same period of 16 years, the operating income of polypropylene business increased by 62.55% in 17 years, and the gross profit margin reached 10.79%, an increase of 1.24pct over the same period last year. Business income of light aromatic hydrocarbons, ethylene tar and other products increased significantly.
The company is the only remaining capital operation platform of Petrochina Company Limited Group in A shares. Since the implementation of Petrochina Company Limited Group's comprehensive deepening reform and the establishment of the restructuring framework plan for engineering construction business in the first half of 2016, the pace of state-owned enterprise reform has been significantly accelerated and important steps have been taken in professional restructuring. At present, the unlisted assets and business of Petrochina Company Limited Group are mainly engineering and technical services (upstream exploration oil service business), oil equipment manufacturing, scientific research and institutions and other businesses according to the caliber of the company. Among them, the expectation of the overall listing of the oil service business is the strongest.
In November 17, Petrochina Company Limited examined and adopted in principle the "Petrochina Engineering Technology Business Reform and reorganization Framework Plan", which clearly established Petrochina Group Oil Field Services Co., Ltd. (PetroChina Oil Service). Restructuring to establish a joint stock limited company and choose the opportunity to be listed as a whole. According to public information, CNPC Oil Service has 13 functional departments with core oil service assets such as Western drilling, Great Wall drilling and Oriental Geophysical Exploration. After the division and ownership adjustment of existing assets is completed, the business structure of subordinate enterprises will be optimized and integrated in accordance with the principle of reasonable simplification.
The timetable shows that PetroChina Oil Service will complete the construction of the Chuanqing drilling project, the transfer of Daqing drilling and geophysical business in Daqing Oilfield and the transfer of mining operations before December 18. When the conditions are met, the company will be listed as a whole. According to relevant data, the revenue of PetroChina Oil Service has been maintained at about 100 billion yuan in the past three years, and its overall scale and strength are in the forefront of the world's major oil service companies.
With reference to Petrochina Company Limited's previous professional reform ideas, it is very likely that the relevant operation will still take backdoor listing measures in the future. Daqing Huake is the only remaining capital operation platform of Petrochina Company Limited Group in A shares, with platform value.
Profit forecast and investment advice. Based on the current main business, we estimate that the net profits belonging to the shareholders of the listed company in 18-20 are 52 million, 6200 and 71 million yuan respectively, and the EPS are 0.40,0.48,0.55 yuan respectively. In view of the fact that the expected progress of Petrochina Company Limited's professional reform is still unclear, investment ratings will not be given for the time being.
Risk hint: the expectation of specialization reform fails.