海默科技(300084):直接受益油价回升及美国页岩油复产 投资中核嘉华进军核电装备市场

Hammer Technology (300084): directly benefit from the recovery of oil prices and the resumption of shale oil production in the United States to invest in Nuclear Jiahua to enter the nuclear power equipment market.

方正證券 ·  02/03/2017  · Researches


Forecast of Haimo Technology's annual results in 2016: the net profit belonging to shareholders of listed companies in 2016 was 12.4895 million yuan to 15.6119 million yuan, an increase of 20% 50% over the same period last year, equivalent to about 0.03 yuan to 0.04 yuan for EPS.


1. The main reason for the increase in the company's performance over the previous year is the investment income of Sitan Instruments and China Nuclear Jiahua. Affected by the downturn in oil prices, the company's sales revenue from traditional oil field equipment is expected to decline by about 30% year-on-year.

2. The oil service equipment industry is picking up, and the company is the first to benefit from the resumption of shale oil production in the United States.

The company's multiphase flow meters, fracturing pump hydraulic end and other oil field equipment have global competitiveness, and are oil field production equipment, especially the hydraulic end of the pressure pump has always become consumable. As oil prices stabilize and pick up, the resumption of shale oil production in North America will drive the sales of related production consumption equipment, and the hydraulic end of the company's fracturing pump, a supplier to Halliburton, the international oil service giant, will be the first to benefit from the recovery of the industry. In addition, the company's multiphase wet gas Flowmeter is qualified as a supplier to Saudi Aramco and is expected to get orders on the ground in the future.

3. It has 13000 acres of American shale oil and gas interest block with high oil price elasticity.

The company has its own operation team in the United States and an oil field operator license issued by the Texas government, and has a shale oil and gas interest area of about 13,000 acres in the United States. The rebound in oil prices will greatly improve the company's oil and gas sales and turn losses into profits.

4. The non-public offering raised 708 million yuan, and the oil field environmental protection business advanced steadily.

In August 2016, the company completed a non-public offering to raise 708 million yuan at a price of 11.80 yuan per share, which will be invested in the oil and gas field environmental protection equipment production and research and development base construction project to improve the production and service capacity of environmental protection equipment and speed up the layout of oil field environmental protection business.

5. Invest in China Nuclear Jiahua and enter the nuclear power equipment market.

In August 2016, the company successfully subscribed for a 25% stake in CNNC Jiahua with 35 million yuan, making it the second largest shareholder of CNRC Jiahua. CNNC Jiahua has high barriers and scarce professional qualifications, is a civil, military nuclear safety equipment manufacturing and other qualified enterprises, will continue to benefit from the development of the nuclear power industry.

6. Investment rating and valuation: it is predicted that the EPS of the company in 2016-17-18 will be 0.03, 0.13 and 0.19 yuan respectively, giving it a "recommended" rating.

Risk hint: the risk of a sharp fall in international oil prices; the risk that the return on investment falls short of expectations.

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