海默科技(300084):油价波动业绩有所下滑 多领域布局打开成长空间

Hammer Technology (300084): oil price fluctuation performance has declined, multi-sector layout opens up room for growth.

安信證券 ·  07/25/2017  · Researches

Event: Hammer Technology issued a semi-annual performance forecast on July 4. It is estimated that the net profit of returning to its mother during the reporting period is 1.7475 million yuan to 2.9125 million yuan, down 040% from the same period last year.


Weak international oil prices have led to a decline in performance, which provides strong support for diversified business. Affected by the decline in international oil prices since 2016, domestic and foreign oil companies have reduced capital expenditure to varying degrees, and their oil field equipment sales have dropped significantly. In addition, the increase in expenses during the company period led to a decline in performance in the reporting period. In view of the obvious seasonal characteristics of the industry, the company's performance in the first half of the year is significantly lower than that in the second half of the year. The company adapts to the oil price level by reducing costs, and constantly diversifies oil field equipment and oil field service business, actively develops oil field environmental protection business and invests in nuclear power equipment market. With the stabilization of international oil prices and the emergence of diversified layout results, the future development prospect is promising.

Traditional business leads the world, exploring new profit models. The company is an international technical leader in the field of multiphase metrology, with a number of world-leading core technologies and rich market experience. In 16 years, it has officially passed the supplier qualification certification of Saudi Aramco, the world's largest oil company and the largest buyer of multiphase metrology products, and is expected to bring continuous orders. Based on the needs of customers, the company pioneered the mobile testing service model, changing "selling equipment" into "selling data", so that customers can measure at any time, reduce fixed assets expenses and equipment maintenance costs, and increase the scale of profits. The leading technological position and innovative bold practice are expected to help the company maintain its industry advantages and expand future earnings.

We will actively develop new businesses and seek strong growth points in epitaxial mergers and acquisitions. In the face of the depressed industry situation, the company actively expands its business scope and fosters new projects around the main business. 1) the company has entered the field of shale oil and gas exploration and development in the United States since 2012 and currently has a total of 12800 acres of oil and gas interests in the United States. 2) complete the non-public offering of shares to raise funds and invest in the construction of oil and gas field environmental protection equipment production and R & D base. At present, the overall planning and engineering design have been completed, and civil engineering construction has been started to further consolidate the foundation of the company's oil and gas field environmental protection business. 3) with the help of its scarce professional qualifications and high barriers, CNNC Jiahua is involved in the manufacture of nuclear environmental protection equipment, the manufacture of containers for the storage and transportation of radioactive materials, and the maintenance of nuclear facilities. 4) it is proposed to further acquire not less than 60% of Sitan Instruments and set foot in the field of specialized instrument manufacturing of oil and gas field logging, water injection tools and well test coalbed methane digital drainage and production system. With the further development of the layout, the company is expected to achieve benign coordination and further enhance the company's ability to make profits.

Investment suggestion: the company's net profit from 2017 to 2019 is expected to be 15.3 million yuan, 29.9 million yuan and 44.1 million yuan respectively, corresponding to 0.04,0.08 yuan and 0.11 yuan EPS respectively, the company is expected to increase with the pullback of oil prices, the profitability of new business is worth looking forward to, maintain the investment rating of Buy-A, and the target price for 6 months is 10 yuan.

Risk hint: pay attention to the downside risk of international oil price, international exchange rate risk, and the lower-than-expected risk of new business development.

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