Events:
According to the company's annual report for 18 years, the operating income of the company in the first half of the year was 932 million yuan, an increase of 34.4% over the same period last year; the net profit belonging to shareholders of listed companies was-4.43 million yuan, down 127.49% from the same period last year; and EPS-0.034 yuan was realized. Among them, Q2 achieved an operating income of 472 million yuan in a single quarter and a net profit of 2.997 million yuan belonging to shareholders of listed companies. At the same time, the company's performance forecast for the first three quarters of the announcement shows that the net profit is expected to be-19 million to-15 million, down 140.5% and 151.3% from the same period last year.
Comments:
The profitability of the main business of the company is weak, and the increase of expenses affects the profit performance. At present, polypropylene business is the company's largest business, accounting for about 27% of revenue. In the first half of the year, the plant operated smoothly, as the rise in oil prices supported the upward price of products, the overall revenue increased by nearly 40% compared with the same period last year, and the gross profit margin remained basically stable; the operating income of light aromatic hydrocarbons, ethylene tar and other products increased significantly, but the gross profit margin decreased by 6.48% and 11.06% respectively compared with the same period last year, indicating that the market competition for the above products is relatively fierce and the price transmission is not smooth. The gross profit margin of C _ 5 products such as pentadiene petroleum resin, crude isoprene and dicyclopentadiene decreased in the first half of the year. In terms of expenses, the company's sales expenses and management expenses increased by 25.4% and 12% respectively, mainly due to the increase in repair costs and labor costs. Since July, the company has stopped work and overhauled the theme production equipment for about 80 days, and it is expected that there will be a significant loss in the first three quarters.
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. Considering the maintenance situation, we estimate that the net profit belonging to the shareholders of the listed company in 18-20 is-12 million, 39 million and 48 million yuan respectively, and the EPS is-0.09,0.30 and 0.37 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.
