Depth * Company * Jerry (002353): Innovation-driven development of high-power turbine fracturing equipment enters the mainstream US fracturing market
Jerry Group’s WeChat public account released the latest information. Jerry and North American well-known oil service company successfully signed an order for the whole hydraulic fracturing unit, marking the world’s largest single-unit turbo fracturing combined unit to be sold. It is Jerry’s high-end in North America.Another historic breakthrough in the market has opened a whole new era of fracturing in North America.
Key points of support grade The dual-fuel system’s turbo fracturing equipment is the world’s first for Jerry.
Since the successful development of Jerry turbine fracturing equipment in 2014, after five years of field verification and continuous innovation and upgrade, it has become a high-power fracturing equipment with high safety, stability, reliability, economy and environmental protection.
Turbine fracturing equipment uses a set of 5,600 horsepower turbine engine as the power source for the whole vehicle. It is equipped with a 5,000HHP five-cylinder fracturing insert pump independently developed by Jerry, a high-speed reduction box, a control system and a hydraulic system.The proportion of conventional fracturing equipment with a diesel engine as the power source, and the single output power coefficient of the turbine fracturing equipment, can greatly reduce the number and volume of field equipment.
Jerry turbine fracturing equipment is equipped with a unique dual fuel system, which can use 100% of gaseous fuel, which greatly reduces fuel costs and meets different global emissions regulations.
Turbine fracturing equipment entered the US market, signifying that Jerry broke through the ceiling of the domestic market and entered the North American high-end fracturing market with an annual average of 2-4 million HHP.
With the rapid development of shale oil and gas development in North America and the serious intensification of horizontal well fracturing, major oil service companies are actively seeking new technological solutions that can reduce costs and improve extraction efficiency.
During this critical period, Jerry Turbo Fracturing Equipment relied on technological advancement and quality reliability to achieve cornering overtaking, stood out in the highly competitive North American market, and won recognition from mainstream North American customers.
According to statistics from Spears & Associates, U.S. existing fracturing equipment has more than 24 million HHP, 1/3 of the fracturing equipment has a service life of 10 years, and the fracturing equipment update demand is estimated to average 杭州桑拿网 more than 2 million HHP per year, and mainstream fracturing service companies SLB, HAL, BHI andFTSI’s equipment service capacity is estimated to account for about 1/2 of the US’s existing equipment. Turbine fracturing has broken through the US market, indicating that Jerry is at least trying to continue to benefit from US fracturing equipment with an average annual demand of more than 2 million HHP replacements.
Technological innovation close to the market and gradually creating first-class equipment quality.
The company first released the world’s first 4,500 water-horsepower hydraulic fracturing vehicle at the Beijing International Petroleum Exhibition in 2014. From February to July 2015, it successfully completed the fracturing and stimulation services of two oil wells in Dagang, and the shale gas in Yixian County, 武汉夜网论坛 Sichuan Province.Participate in fracturing construction operations.
We believe that it is Jerry’s own well-trained fracturing and coiled tubing service team that is the key support for the continuous improvement of the company’s new product quality.
The company’s electric drive fracturing complete set of equipment released in April this year has achieved multiple sets of sales in the domestic fracturing equipment market, and the rapid industrialization of new products.
Jerry Net’s fracturing equipment is expected to achieve a major breakthrough in the US market, and its marginal contribution to performance will be very significant. We will gradually follow up new orders from US customers and maintain 19/20/21 for the time being.
A forecast of 0 billion corresponds to an EPS of 1.
At 71 yuan / share, the current corresponding PE is expected to be 23/16/12 times respectively. Maintain BUY rating.
The main risks faced by the rating market are short-term fluctuations in cycle estimates; the impact of downward fluctuations in oil prices on the oil service industry.