Jerry (002353): High growth continues to deliver long-term performance growth + 113% -133%

Jerry (002353): High growth continues to deliver long-term performance growth + 113% -133%

Event: The company announced the 2019 performance forecast. The net profit attributable to the parent was RMB 131.046 million to RMB 143.351 million, an increase of 113% to 133% over the same period last year.

The high growth points of investment continue to materialize, and the expected performance growth is + 113%-133% according to the announcement of the company’s long-term attributable net profit for 201913.

10 billion-14.

3.4 billion, according to net profit attributable to mothers in the first three quarters9.

50,000 yuan can be calculated, the net profit attributable to the mother in 2019Q4 is 4.

0.5 billion to 5.

29 ppm, an increase of 60 in ten years.

7% -109.


The company’s high growth continues 南宁桑拿 to be realized, benefiting from the promotion of national energy security strategy, gradually increasing investment in exploration and development of unconventional oil and gas resources including shale gas and shale oil resources, strong demand for oil and gas equipment and service markets, and drilling and completion equipment.Orders for product lines such as coal technology services continued to maintain rapid growth.

The guarantee policy accelerates oil and gas development, and other oil and gas resources will increase the demand for relay equipment. Under the urgent background of increasing demand for automatic controllable oil and gas resources, the state has issued supporting policies to promote the increase of oil and gas reserves and production to provide economic support for the industry ‘s prosperity.

The domestic market will use shale gas development as the main vane in 2018-19.

In 2020 and beyond, expansion will accelerate the development of shale gas economy. We believe that based on the gradual change of domestic economy, domestic shale gas development promotes the duplication of North American shale gas.The development path of the% production growth rate has opened up the company’s medium- and long-term growth channels; instead, other oil and gas resources have been gradually pushed up by the internal policies.

The demand for oil service equipment is more dispersed and the demand is more sustainable.

High-end equipment enters the North American market. The world ‘s leading overseas fracturing equipment market for electric drive fracturing is much larger than domestic, and the US fracturing equipment market is much larger than domestic.

The company has successfully signed orders for turbine fracturing units with well-known North American oil service companies and successfully entered the North American fracturing high-end market.

At the same time, it has the world’s largest power spindle pump self-production advantage, and the performance of new electric drive fracturing products is leading the world.

Electric drives, turbines and traditional fracturing vehicles, three types of products, three-pronged approach, trying to further open up overseas markets.

Earnings forecast and investment rating: We believe that the oil service boom is highly certain in the next few years. The economic growth of shale gas will promote the growth of equipment demand. The company’s products have led to global competitiveness. The US market share will break through in 2020.21 years return to mother net profit13.

8.3 billion, 18.

7.9 billion, 22.

52 ppm, corresponding to PE 24, 18, 15 times, maintaining the “Buy” level.

Risk warning: oil price fluctuation risk; exchange rate change risk; market promotion is less than 杭州桑拿 expected

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