海默科技(300084):步步为营 向新型独立能源公司迈进

Hammer Technology (300084): step by step into a new independent energy company

聯訊證券 ·  04/06/2017  · Researches

Endogenous growth and investment mergers and acquisitions

At present, the company has formed a pattern of common development of three major business sectors: oil field equipment manufacturing, oil field services and oil and gas exploration and development, and its revenue is growing steadily before 2015. Affected by the reduction of capital expenditure by domestic and foreign oil companies in 2016, the company's revenue was 285 million yuan, down 30.05% from the same period last year. However, due to the addition of part of the investment income of Sitan Instruments and China Nuclear Jiahua subsidiaries, the profit structure was improved, and the performance was effectively supported, achieving a net profit of 13 million yuan, an increase of 29.23% over the same period last year.

Continuous diversification of oil field equipment and oil field service business

The company started with multiphase Flowmeter and mobile testing service, and its technology is in the leading position in the world. While maintaining the original business development, the company extends to the field of fracturing equipment and services through acquisitions and mergers, and has become one of the company's important sources of income. In addition, the company raised 697 million yuan for oil field environmental protection business in August 2016. at present, the competition pattern of domestic oil field environmental protection market has not yet been formed. with the continuous strengthening of our awareness of environmental protection and the implementation of the new environmental protection law, "Ten articles" and other relevant laws and policies, all parties pay more and more attention to oil field environmental protection issues, and the company will gradually reap results.

Taking advantage of the American shale gas revolution, the investment oil field binding oil price elasticity company currently owns shale gas blocks with a total area of about 13000 acres in the United States. The company's oil and gas equity production is about 150000 barrels of oil equivalent per year in recent years, and there is a lot of room for increase. At present, the international oil price is close to the average cost price of shale oil and gas exploitation. If the oil price rises in the future, the company's large-scale development of rights and interests blocks will be able to gain more benefits.

Crude oil prices: seek to rebalance in shocks, with a higher probability of a moderate upside. IMF believes that global growth rates will reach 3.4 per cent and 3.6 per cent respectively in 2017-2018. EIA estimates that global economic activity continues to be strong and will support oil consumption growth. Overall, there is a high probability that the growth rate of global crude oil production will slow down and the balance between supply and demand will gradually narrow in 2017. Domestically, Petrochina Company Limited, China Petroleum & Chemical Corp and CNOOC's planned capital expenditure in 2017 were 11 per cent, 44 per cent and 23 per cent higher than actual capital expenditure in 2016, respectively. Among them, Petrochina Company Limited and China Petroleum & Chemical Corp both mentioned the development of shale gas in their respective upstream sector capital expenditure plans. As a fracturing pump hydraulic end manufacturer, the company is expected to take this opportunity to increase domestic sales revenue and further expand market share.

Profit Forecast and Investment rating

We estimate that from 2017 to 2019, the company's operating income will be 285 million yuan, 395 million yuan and 508 million yuan respectively, the net profit will be 13 million yuan, 32 million yuan and 63 million yuan respectively, the EPS will be 0.03,0.08 yuan and 0.16 yuan respectively, and the BPS will be 4.75,4.88 yuan and 5.05 yuan respectively. Combining the results of the two valuation methods of PE and PB, we give the company a target price of 16 yuan per share and a "overweight" rating.

Risk hint: OPEC policy implementation risk, oil price fluctuation risk, oil service competition aggravating risk.

This page is machine-translated. Futubull tries to improve but do not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.

    Write first comment