Home icrlxwgePetrochemical Machinery (000852) 2019 first quarter report performance preview comment report: the first quarter report has long turned into a serious loss for 19 years and accelerated release of results

Petrochemical Machinery (000852) 2019 first quarter report performance preview comment report: the first quarter report has long turned into a serious loss for 19 years and accelerated release of results

Petrochemical Machinery (000852) 2019 first quarter report performance preview comment report: the first quarter report has long turned into a serious loss for 19 years and accelerated release of results
Content of the event On April 9, 2019, Petrochemical Machinery announced the 2019 first quarter report performance forecast: Q1 2019 to achieve net profit attributable to the mother?11 million yuan, the first time since the company’s backdoor listing in 2015 achieved a substantial turnaround in the first quarter.Net profit for Q1 2018 was -8462.750,000 yuan, Q1 2017 net profit -10752.850,000 yuan, Q1 2016 net profit-9449.850,000 yuan. Incident Comment Increase in workload of oil service companies and delayed delivery of orders. In Q1 of 19, the settlement of delivery was a quarterly report and it turned into a serious loss. Due to the increase in the workload of oil service companies, the company’s product orders increased in the first quarter of 2019, while product delivery in the first quarterExpected settlements have increased significantly and operating performance has improved significantly.1) In the first quarter, Fuling gas field supplied 1.5 billion cubic meters of external gas. In 2018, the geophysical prospecting of petrochemical oil services and drilling services more than doubled.The workload of oil service enterprises has been improved; 2) The company’s inventory in 2018 was 35.6.6 billion, an increase of 12 in 2017.390,000 yuan, an increase of 53 in ten years.twenty four%.The increase in inventory was mainly due to the multi-year delivery, acceptance and settlement of orders for fracturing equipment, large rigs, drill bits and oil and gas pipelines.Including petroleum machinery equipment inventory 2.04 million, an increase of 203 every year.38%, oil and gas steel pipe inventory of 15.Every year, the annual increase is 149%, and the inventory of drill bits and drill tools is 13,169, which is an annual increase of 36%.It is expected that some orders will be delivered over the year, and the acceptance and settlement orders will be confirmed by settlement in Q1 2019. In 19, the capital expenditure budget of three barrels of oil increased faster than expected, and Petrochemical Machinery will definitely benefit Sinopec’s 2019 capital expenditure budget of 59.6 billion US dollars, with an annual budget increase of 18 years.89%, 18 years in a year the actual expenditure increased by 41.23%, exceeding market expectations.The total capital expenditure budget for three barrels of oil in 2019 is 3578?36.78 million yuan, an increase of 24 over the 2018 forecast.12%?25.06%, the actual expenditure in 2018 increased by 18 per year.91%?twenty two.twenty three%.The hub for the growth of three barrels of oil capital expenditure in 2019 will begin in December 2018.36% to 20%?24%, exceeding our previous expectations.One third of petrochemical machinery orders come from Sinopec, one third comes from PetroChina, and the remaining one third comes from CNOOC and other markets. In 201深圳spa会所9, it will definitely benefit from the unexpected increase in capital expenditure of three barrels of oil. Profit forecast and forecast The company’s 19-year certainty of the company’s main business benefited from the unexpected growth in the capital expenditure budget of the three barrels of oil, coupled with the company’s own oil and gas equipment technology leading the country, and rich experience in the supply of three barrels of oil system.We are optimistic about the release of the company’s 19-year results, and it is expected that the company’s net profit attributable to its mother will be 2 in 2019-2021.02, 3.08, 4.26 trillion, an increase of 1391 in ten years.29%, 52.42% and 38.32%, excluding 10 to 3, the PE corresponding to 2019/2020/2021 is 31 times, 20 times and 15 times; if 10 to 3 is considered, the PE corresponding to 2019/2020/2021 is 40 times, 26 times 杭州夜网论坛 andMaintain Buy rating at 19x. Risk reminders: 1) Expected completion rate of three barrels of oil capital expenditure; 2) Fall in international crude oil prices; 3) Some projects of the company may have cross-year delivery, acceptance and settlement, affecting revenue and profit recognition