Depth-Company-Jerry (002353): Innovation-driven development of high-power turbine fracturing equipment enters the mainstream US fracturing market

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.

Jerry shares (002353) 2019 third quarter report comment: the first three quarters of performance growth growth profitability continues to increase

Jerry shares (002353) 2019 third quarter report comment: the first three quarters of performance growth growth profitability continues to increase

The company’s performance increased significantly in the first three quarters, and the third-quarter performance hit a record high in the same period.

In the first three quarters of 2019, the company achieved revenue of 42.

40,000 yuan, an increase of 45 years.

9%; realized net profit of return to mother 9.

0 ppm, an increase of 149 in ten years.

5%; net profit after deducting non-return to mother 8.

80,000 yuan, an increase of 157 in ten years.

8%; realized profit 0.

94 yuan.

Since 2019, the prosperity of the oil service market has continued to 杭州夜生活 increase, domestic investment in oil and gas development has increased, and the market’s demand for drilling and completion equipment and diesel technical services has increased rapidly. Most of the company’s product lines have achieved significant sales revenue growth.

In the third quarter, the company achieved revenue of 16.

60,000 yuan, an increase of 41 in ten years.

2%; net profit attributable to mother 4.

100 million, an increase of 129 in ten years.


In the third quarter, the company’s performance continued to maintain rapid growth, and the average revenue and net profit attributable to its mother in the third quarter reached the highest levels in history over the same period.

Significantly enhanced profitability.

In the first three quarters, the company’s gross profit margin reached 36.

4%, an increase of 8 per year.

2pct; net interest rate is 21.

7%, an increase of 8 per year.

7 points; ROE is 9.

8%, an increase of 5 per year.

3pct; period fee cost 13.

1%, a decrease of 2 per year.


With the development of domestic shale gas and tight oil and gas, the drilling equipment and service market as a whole is showing a good upward trend. The company’s demand for drilling and completion equipment and revenue technical services is strong, order growth is accelerating, and gross profit margins have rebounded significantly.

The company’s gross profit margin, net profit margin, and ROE levels continued to grow. During the period, the expense ratio was continuously optimized, and the overall profitability was significantly enhanced.

In the first three quarters, the company’s accounts receivable turnover was invested1.

6 times, a year promotion 0.

3 times; inventory turnover is 0.

9 times, reduced by 0 every year.

3 times; the company’s receivables receivables accelerated and inventory increased significantly.

Net cash flow from operating activities was -9.

100 million US dollars, negative cash flow, the first is a large increase in cash paid for the purchase of a large number of raw materials; major customers to confirm the receipt process is complicated, the actual recognition of revenue, the implementation of the payment cycle period, etc.

Benefiting from the national energy security strategy, the rapid growth of future performance continues.

National energy security indicators are still severe. Since the second half of 2018, governments of all countries have paid more attention to energy security.

In the first half of the year, three barrels of oil in China issued a seven-year action plan. The capital expansion plan of three barrels of oil in 2019 will reach 368.8-8788 billion yuan, an increase of about 20%. Oil companies will expand their oil and gas exploration efforts and increase the demand for oil and gas production.In the first half of the year, the company received new orders34.

70,000 yuan, an increase of 30 in ten years.

6%, of which drilling and completion equipment orders increased by more than 100%.

As a leading company of pressurized fracturing equipment, the company will take the lead to benefit from the recovery of the industry. The order volume is expected to continue to increase and the rapid growth of future performance is guaranteed.

Investment suggestion: The company is a leading company in China’s private camps for completion and production increase equipment. With the recovery of the power grid service industry, the company’s scale products are booming.

We expect the company’s expected earnings for 2019/2020 to be 1.


71 yuan, the current sustainable corresponding PE is 22.


8 times, maintain the company’s “recommended” rating.

Risk reminders: macroeconomic fluctuations; changes in the international political environment; fluctuations in international crude oil prices; deterioration in the overseas trade environment; decline in the industry’s prosperity; performance is less than expected, etc.

Shandong Gold (600547): The rise of the central price of gold will help the company’s performance release

Shandong Gold (600547): The rise of the central price of gold will help the company’s performance release

Investment Highlights: Event: The company released the 2018 annual report, and the company achieved operating income of 547 in 2018.

88 ppm, a ten-year increase of 7.

34%, achieving net profit attributable to shareholders of the parent company.

76 ‰, a decrease of 23 per year.


Among them, the company’s fourth quarter revenue increased by 39 each year.

8%, an increase of 55.

9%; but the net profit attributable to mother is downgraded for ten years.

5%, down 32.


The company’s performance was slightly lower than expected, mainly due to the increase in the company’s financial expenses and the rise in overseas mining costs.

In addition, the company plans to pay a cash dividend of 1 yuan (to 22) to all shareholders for every 10 shares.

1.4 billion shares as the base). At the same time, it is planned to use the capital reserve to increase the share capital to all shareholders to implement an increase of 4 shares for every 10 shares.

The company’s mineral gold is basically in line with expectations, but the taste of gold has changed: the company’s mineral gold in 2018 +9.

57% to 39.

32 tons (expected 39.

86 tons), of which domestic production accounts for 78%, overseas production accounts for 22%, and the company’s gold output accounts for 11% of the country’s total mineral gold supply.

37%, the consolidation of the Belladro Gold Mine in 2018 (8.

95 tons) contributed to the company’s gold production.

In addition, the company’s domestic and overseas gold tastes have changed, and the company’s domestic mine raw taste has risen to 2.

28 grams / ton, but overseas raw ore taste has replaced 0.

85 grams per ton, which means an increase in the cost of overseas mines.

Increasing cost of Veradero has caused the company’s performance to be slightly higher than expected.

The cost of sales of the company’s Belladro gold mine Q4 increased by 24 from the previous month.

8% to 1352 US dollars / British pound, taking into account the average increase in production costs of major global gold companies in 20184.

From 5% to $ 932 per ounce, the production cost of the Belladero gold mine looks high.

The initial cause of the substantial increase in the cost of the Belladro Gold Mine is the decline in ore taste, the increase in depreciation costs and the rise in production costs.

However, the 2019 Belladro Gold Mine’s cost of sales is expected to shift slightly, remaining at $ 1250-1350 per ounce.

Financial expenses increased significantly, and receivable funds increased significantly: the company’s financial expenses increased by 58 in 2018.

3% to 7.

920,000 yuan (including interest expenses and exchange losses of about 2 respectively.

500 million and 1.

Growth of 1.6 billion). The increase in financial expenses is primarily related to the company’s acquisition of a 50% interest in the Belladro gold mine.

In addition, due to the impact of 12% of Argentina’s export tax, the parent company joint venture MAS generates 0 in Argentina.

900 million export tariffs have increased.

At the same time, the company’s gold sales receivable increased by 292% to 5.

7.2 billion, short-term borrowings also appeared due to increased financing3.

6 times to 36.2.3 billion.

Although the company has no obvious bad debt expectations, the related risks still need attention.

The company’s asset-liability ratio has dropped significantly, and there is room for further improvement in financial expenses: the company’s asset-liability ratio in 2018 fell by 11.

24% to 48%, of which companies refused to drop by 13.

5% and assets increase by 6.


In addition, the company’s long-term borrowings declined by 47 in 2018.

7 trillion and a net cash flow of more than 95% reduction.

5%, which means that the company’s future financial expenses have room for further decline.

The company’s gold resource reserves and output have steadily ranked domestically: the company’s gold metal reserves are 1024.

3 tons (36,130 thousand pounds) and owns 30 domestic gold mining exploration rights, the second largest in the country; the company’s annual output of mineral gold is nearly 40 tons, ranking first in the country.

Considering the company’s 8,000-ton / day expansion of the Sanshan Island Gold Mine, the 6,000-ton expansion of the Jiaojia Gold Mine, the 8,000-ton / day construction of the Xincheng Gold Mine, and the completion of the Linglong Gold Mine Technical Transformation Project, it is expected that the company will reach the end of the 13th Five-Year Plan (2020).Annual output of gold is expected to reach 50 tons.

The company’s target gold output in 2019 is not less than 37.

At 87 tons, the output of the Beladero Gold Mine has a large direct impact on the company’s total gold output.

The rise of the gold price center is conducive to the release of the company’s performance: The gold price center in 2019 has further upward momentum.

The downward pressure on the US dollar on the financial surface and the downward expectation of the long-term U.S. Treasury bond are forming. Fundamental demand for safe-haven gold is gradually being repaired, and the extreme inertia of concentrated gold short positions on the surface of funds is recurring, meaning that the gold price hub will gradually rise in 2019.

We roughly fitted the changes in the gold price to the company’s net profit and found that a 1% change in the gold price produced a 1 for the company’s net profit.

The 68% disturbance shows that the increase in gold price will have substantial support for the release of the company’s performance.

Profit forecast and investment rating: The company is expected to achieve operating income of 573 from 2019 to 2021.

1.5 billion, 583.

4 billion, 595.

200 million; net profit attributable to mothers is 11.

6.3 billion, 19.

1.9 billion and 23.

63 ppm; EPS is 0.

6 yuan, 1 yuan and 1.

24 yuan, corresponding to 52 for PE.

8X, 31.

48X and 25.


Cover and “recommended” levels for the first time.

Risk reminder: the risk of falling gold prices, the company’s gold output is less than expected risk, inventory risk.

Aikedi (600933) Quarterly Review: Profitability Continues to Improve, Long-Term Growth Does Not Change

Aikedi (600933) Quarterly Review: Profitability Continues to Improve, Long-Term Growth Does Not Change

Event: The company released the 3rd quarter report of 19: the company achieved revenue of 19 in the first three quarters.

30,000 yuan, an annual increase of 2.

9%; realized net profit attributable to mother 2.

94 ‰, a decrease of 19 per year.


  Incident Comment: Performance is in line with expectations.

As the company’s main customers are mainly global parts giants, the revenue side is less affected by the domestic auto market, achieving 19 in the first three quarters.

30,000 yuan, an annual increase of 2.


However, as the company is in the release period after the IPO expansion, the gross profit margin is under pressure and gradually drops to zero.

5 single to 33.

8%, the three-fee rate increases by 3 each year.

5 averages to 13.


The company achieved net profit attributable to its mother in the third quarter2.

9.4 billion, down 19.

8%, deducting non-attributed net profit 2.

80 ppm, a decrease of 13 per year.


  Profitability continued to recover, and exchange gains and losses affected the company’s short-term performance.

The company achieved revenue 6 in 19Q3.

7.3 billion, an annual increase of 6.

2%, an increase of 8 from the previous month.

0%, a record high.

Thanks to the gradual release of production capacity, the company’s gross profit margin in 19Q3 extended, which was an increase of 2 from the previous quarter.


1 to 35.


Due to exchange rate fluctuations, the three-fee expense ratio in 19Q3 exceeded, an increase of 8 from the previous quarter.

6, 2.

3 up to 12.


The two points that need to be paid attention to are the earnings impact brought by the company’s performance: 1) Changes in fair value: Unrealized forward settlement and sale of foreign exchange due to exchange rate conversion, and unrealized increase in foreign exchange compensation, which may total about 0 in 19Q3.

4.1 billion, 0 of earlier Q3.

0.6 billion and 19Q2 of 0.

USD 1.1 billion 南京桑拿网 growth; 2) Changes in financial costs: Due to changes in exchange losses, the financial costs of 18Q3, 19Q2, and 19Q3 were -0.

55, -0.

29, -0.18 billion.

If the influence of two major factors is eliminated, the company’s net profit attributable to the parent in 19Q3 (after elimination) is reachable1.

1.5 billion, an increase of 36 a year.

9%, an increase of 26 from the previous month.


  Recognized 4 core driving forces of the company: 1) Recognized management capabilities: The company has excellent global lean production management capabilities.

In a downturn, the company supplied thousands of products at the same time, and 19Q1-Q3 still maintained 33.

8% gross profit margin and 15.

7% net interest rate.

At present, in addition to ERP and other management systems, the company’s cooperative construction 北京桑拿洗浴保健 of MES and WMS systems has gradually landed, and has successfully independently developed a 5S refined management platform, which is expected to improve management efficiency again.

2) Demonstrate product quality and quality: Have global leading customers, ironing drift cycles.

Most of the Tier1 giants such as Valeo, Bosch, Magna and other global TOP15 parts are customers of the company; and they have also expanded domestic giants such as SAIC and United Electronics.

3) Proposed new business and new products: The company’s new energy lightweight plant is expected to be completed by the end of the year.

In this new field, the company has obtained projects from Bosch, Continental, United Electronics, Magna, Mahler, Mitsubishi Electric, Lear, etc., and is committed to opening up long-term high growth space.

4) Prove the inflection point of ROE: The company’s ROE was 31 years before the IPO.

1% recognized 12 of 18 years.

8%, in the period of capacity investment.

We expect that with the warming of the industry, the production capacity will be reached, and ROE is expected to turn to the turning point.

  Investment suggestion: Under the general trend of automotive lightweight, the company is expected to surpass super customer stickiness + precision product cut-in, enjoy automotive lightweight dividends, and realize export substitution.

Drive estimates to improve.

It is estimated that the company’s net profit attributable to the mother in 19-20 will be 4 respectively.

3, 5.

7 trillion, corresponding to EPS 0.

51, 0.

66 yuan / share, maintain “Buy” rating.

  Risk reminder: car sales are less than expected, the exchange rate changes, the progress of investment projects is less than expected, etc.

China Southern Airlines (600029) 2019 Interim Review: Margin of Oil Exchange Favors Marginal Cost Improvement

China Southern Airlines (600029) 2019 Interim Review: Margin of Oil Exchange Favors Marginal Cost Improvement

Event: The company released the first half of 2019 results.

The company’s revenue in the first half of 19 reached 729.

39 billion, an increase of 7 per year.

98%; net profit attributable to mother is 16.

900 million, down 20 every year.

92%, net of non-attributed net profit14.

3.4 billion, down 21 previously.


Dividends will not be paid in the first half of 2019.

  Subject to the grounding of the 737MAX, the growth rate was required to fall.

The company’s ASK increased by 10 in the first half of 19 years.

14%, a year-on-year growth rate (12.

1%), mainly due to the 737MAX grounding. The company’s 737MAX fleet accounted for about 4% at the end of June 2019.

Company seat 82 in the first half of 19 years.

65%, increasing by 0 every year.

2 averages, keeping steady.

  The toll of passenger tolls was under pressure, and the growth rate of passenger revenue dropped.

The company’s toll passenger kilometers in the first half of 19 were zero.

478 yuan, a decrease of 1 each year.

65%, a year-on-year growth rate (1.

82%) from positive to negative.

Affected by this, the company’s passenger revenue in the first half of 19 increased by 8.

66%, a year-on-year growth rate (12.


On the whole, factors such as the global economic downturn and Sino-US trade frictions are the most important factors for the company’s revenue growth to decline in the first half of the year.

  Operating leases entered the table and exchange rate sensitivity increased.

The company implemented the “New Leasing Standard” from January 1, 19, the company’s fixed assets + right-of-use assets at the end of June 19, the total amount of about 2220 trillion, converted 18 years while the fixed assets increased by 1648 trillion trillion; also led to the company’s 19 yearsIn the first half of the year, lease liability expenses in financial expenses increased by 123.


The operating lease advancement led to an increase in the sensitivity of the company’s exchange rate. For each 1% appreciation (or depreciation) of the RMB against the US dollar on June 30, 2019, the company’s net profit increased (or decreased by 5).

1.7 billion), compared with the data on December 31, 2018 (1.

9.5 billion).

  Margins of oil sinks are good, and margins of costs improve.

The company’s exchange loss loss in the 武汉桑拿 first half of 19 was 3.

1.2 billion, a year-on-year decrease of 25.

71%. In the case of operating leases, the decrease in exchange losses mainly benefited from the depreciation of the mid-point value of RMB in the first half of 19 (about 0.

39%) lower than the same period in 18 years (about 1.

In addition, due to the decline in oil prices, the company’s jet fuel costs increased by 6 per year in the first half of 19 years.
37%, an increase of 18 years earlier (25.


  Profit forecast and investment advice.

Taking into account the global economic downturn to suppress demand and the Sino-US trade frictions to suppress the appreciation of the RMB exchange rate, we lowered the EPS for 19-21 to 0.

45, 0.

57, 0.

66 yuan, we think the current overall has reflected pessimistic expectations, maintaining the company’s A shares, H shares “overweight” rating.

  risk warning.

The economic downturn affects the demand for air travel; changes in oil prices and exchange rates affect profitability; extreme weather or group events reduce passenger travel requirements.

Hongya CNC (002833): Single quarter performance +3.

6% keeps stable production capacity continues to expand

Hongya CNC (002833): Single quarter performance +3.

6% keeps stable production capacity continues to expand

Investment Highlights 2019Q3 company’s revenue for three years +2.

1%, net profit attributable to mother +10 for ten years.

6%, maintaining stability: the company’s operating income in the first three quarters of 20199.

800 million, +5 in ten years.

9%, net profit attributable to mother 2.

5 trillion, +1 a year.

9%, net profit of non-attributed mothers2.

1 ‰, at least -2.

6%, including 19Q3 operating income3.

3 ‰, +2 a year.

1%, net profit attributable to mother 0.

9 trillion, +3 for ten years.

6%, net of non-attributed net profit 0.

7 ‰, at least -7.


Company 19Q3 gross profit margin 37.

4%, higher than -4.

8pct, mainly due to cost increases.

The three fees + R & D rate are well controlled, and the expanded production capacity added to construction projects: the company’s 19Q3 sales expense rate, management expense rate, research and development expense rate, and financial expense rate were 3.

5%, 3.

7%, 4.

9% and -0.

2% per year -0.

90 points, -1.

60pct, +0.

18pct, +0.

03pct, three fees + R & D rate total.

9%, twice -2.


While strictly controlling the three rates, the company continues to increase its research and development 杭州桑拿网 efforts and strengthen high-end products to respond to changes in downstream demand.

The company’s overall revenue has been expanded to a limited capacity. In order to expand revenue, the company has increased its capacity expansion.

19Q3 company under construction 0.

3.9 billion, +77 per year.

7%, mainly due to the increased investment in industrial construction projects of Chengdu Honglin Machinery Co., Ltd. and the start of construction of new projects of Guangzhou Master Intelligent Equipment Co., Ltd .;

0 million yuan, ten years + 114.

7%, mainly due to the merger of Guangzhou Yaguan Precision Manufacturing Co., Ltd. in this period; intangible assets1.0 million yuan, +39 a year.

8%, mainly due to the acquisition of domestic land use rights by Guangzhou Master Intelligent Equipment Co., Ltd.

It is expected that 北京桑拿洗浴保健 the company’s production capacity will further increase after the new plant is promoted in the future and the Guangzhou AFC Precision is merged.

High-end response to changes in demand, overseas business development accelerates, production capacity expansion in preparation for future order growth: the company’s main board furniture machinery special equipment sales, focusing on the custom furniture market, belongs to the post-real estate industry.

Downstream furniture demand lags behind real estate sales data moves.

According to statistics from the National Bureau of Statistics, since February 2019, the floor space of commercial housing sales has continued to grow negatively for eight consecutive months, and the overall sales of commercial housing are still at the bottom. As a result, the overall demand for the downstream furniture market has slowed down, but the growth rate of sales of commercial housing in first-tier cities has remained stableThe company strengthened the R & D and promotion of high-end products such as edge banding machines and aimed at the stable demand in the high-end custom market.

In addition, the company’s overseas business revenue accounted for 28 in the first half of the year.

58%, after the company acquired Italy MASTERWOOD company to accelerate the deployment of overseas markets.

At the same time, the company purchases and builds plant equipment to make up for the production capacity. At present, the company’s production capacity is maximized and the production and sales rate is relatively high. It is expected that new production capacity will be gradually added in place and the company’s revenue will continue to maintain a steady growth trend.

Earnings forecast and investment rating: The company actively expands overseas business, strengthens the profitability of core products, and actively prepares for capacity expansion to meet rising demand for downstream customization and import substitution of domestic equipment.

We expect net profit for 2019/2020/20212.



0.99 million yuan, corresponding to an EPS of 2.



95 yuan, corresponding to PE is 16/13/11 times, maintain “Buy” rating.

Risk reminder: domestic and foreign market risks, industry competition risks, technology research and development risks, and land demand affected by household demand fluctuations are less than expected risks

Petrochemical Oil Services (600871) Interim Report 2019: The domestic oil service market significantly rebounded Q2 performance exceeded expectations

Petrochemical Oil Services (600871) Interim Report 2019: The domestic oil service market significantly rebounded Q2 performance exceeded expectations
The domestic oil service market has accelerated its recovery, and the workload of each business has steadily increased. The company achieved revenue of 302 in the first half of 2019.56 trillion, ten years +27.9%; achieve net profit attributable to mother 5.09 million yuan, +27 a year.1%.The rebound in the company’s performance was due to the recovery in the oil service market and rapid growth in domestic operations.Among them, the drilling service business achieved revenue of 167.79 trillion, ten years +35.8%; revenue from engineering construction services business reached 64.810,000 yuan, +23 for ten years.3%; Underground special operation service business realized revenue 31.970,000 yuan, +56 for ten years.7%; revenue from geophysical services 18.700,000 yuan, at least -26.7%; logging and logging service business achieved revenue of 10.49 trillion, +51 for ten years.8%.  The gross profit margin rebounded significantly, and the performance report was completed on ample orders. International oil 南宁桑拿 prices have stabilized and internal exploration and development demand indicators. Oil companies have increased operating service prices. The company’s profitability has increased significantly. The gross profit margin has increased by 3 over the same period last year.3 up to 9.2%.With the acceleration of the domestic oil service market recovery, the company’s order volume has increased, and the report has gradually updated the new contract value of 428.5 ‰, +24 a year.6%.Considering that the company has ample orders in hand, we believe that the company’s gross profit margin will stabilize and rise, and the company’s performance will achieve rapid growth.  Sinopec’s capital expenditures increase, and the company has ample room for benefit. As a subsidiary of Sinopec, Sinopec Oil Services is Sinopec’s main provider of integrated services for petroleum engineering and natural gas technologies. Sinopec’s capital expenditures have a significant impact on the company’s operating income.  In 2019, Sinopec’s exploration and development capital expenditure budget was 59.6 billion, a year-on-year increase of +41.4%.We believe that the domestic oil service market will show a steady recovery in the second half of the year, transforming the capital expenditure for exploration and development upwards, and the company’s workload will continue to grow, which has an attractive benefit space.  Earnings forecast and investment recommendations: Due to the significant recovery in the domestic oil service market, the company’s first-half performance exceeded expectations. We raised our earnings forecast for the company and expect net profit for 2019-2021 to be 11.52, 13.99, 15.64 ppm, corresponding to EPS.06, 0.07, 0.08 yuan, maintaining the “overweight” level of the company’s A shares.Considering that the H shares are estimated to be different from the A shares, we refer to the price-earnings ratio of the energy equipment and service companies in the H shares and give the company 14 times PE for 19 years with a corresponding target price of 0.93 built, first covered, some “overweight” grades.  Risk factors: international oil price fluctuation risk, overseas operation risk, market competition risk, exchange rate risk.

Chief Outlook for 2019: China market has no stall risk is consensus

Chief Outlook for 2019: China market has no stall risk is consensus

Chief Outlook for 2019 | JPMC Zhang Jun: No stall risk in the Chinese market is a consensus. Will surging news reporter Liu Minyu’s A-shares usher in the dawn of 2019?

  Recently, surging news reporters have interviewed a number of industry chief analysts, economists, etc., reviewing the market in 2018 and looking forward to the market in 2019.

Published today is an exclusive interview with Zhang Jun, chief economist of Morgan Stanley Huaxin Securities.

  According to Zhang Jun’s forecast, the GDP growth rate in 2019 will be close to 6.


  Judging from the “troika” driving GDP, the short-term effects of infrastructure supplementation in the first half of the year will gradually emerge, which will underpin economic growth and can 四川耍耍网 only be used as an expedient measure for stable growth in the short term.

In terms of consumption, the growth of physical consumption will continue to weaken, but service consumption will become the main driving force for consumption growth.

Exports exist. Zhang Jun believes that global economic growth and protectionism will make the contribution rate of net exports negative and become a drag on economic growth.

  Although Zhang Zhang frankly stated that the domestic macro economy is facing downward pressure, the central government ‘s confirmation of the downward pressure is actually a positive signal. Therefore, he is cautious about the overall macro economy and estimates that the macro policy portfolio will be “stable currency, loose credit, Wide finance. ”

  Zhang Jun said that from the perspective of global asset allocation, global assets will present an alternate layout from the United States in 2019. In the process of global capital’s search for certainty, the Chinese market is estimated to be attractive because there is no risk of stalling, plus supplementary stability.So the certainty is strong.

  The following is the full text of an interview with Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, Surging News: 1. Surging News: Both the CPI and PPI data for December 2018 released by the National Bureau of Statistics bulletin, what do you think?

  Zhang Jun: Since the second half of last year, the CPI has seen a significant downward trend in the transition, and the risk of stagflation that the market is worried about has decreased.

Everyone is more worried about the risk of deflation. I think the PPI may change from positive to negative around the second quarter, and CPI may increase and decrease.

Inflation will not be a guide for monetary policy.

The size of the monetary policy space this year, it is expected that there will be interest rate cuts in addition to the RRR cut. The main reasons are twofold. One is the decline in the US dollar index, and the pressure on the RMB exchange rate can also be made up. The other is to gradually reduce the pressure.

  2. Surging news: What is the current downward pressure on the macro economy as a whole?

  Zhang Jun: The downward pressure on the economy is still great.

Since the beginning of the year, we have turned to optimism.

In the second half of last year, the policy side has confirmed the fact of the economic downturn.

In the past, we always talked about “stability in stability”. Last year we began to talk about “change in stability” and then “worries in change.”

Central confirmation is a positive signal.

Difficulties are not the most important, and not avoiding is the most important.

On the policy side, this is a positive sign.

  3. Surging news: In the “troika”, how will investment affect the macroeconomic trend?

  Zhang Jun: In my opinion, the short-term effects of infrastructure supplementation in the first half of the year will gradually emerge, underpinning economic growth.

At present, it is mainly a question of financing. The government is still stable. The effect of infrastructure investment may not be particularly good, and local government financing pressure may be relatively large.

In addition, the marginal effect of the infrastructure itself is attenuated at the same time, so the shortcomings of infrastructure construction can only be used as an expedient measure for stable growth in the short term.

  In the context of the continued decline in profits of industrial enterprises, manufacturing investment is likely to decline at the peak, so the central government may moderately relax the real estate adjustment policy marginally in the second half of the year.

  4. Surging news: What do you think of this year’s real estate market?

  Zhang Jun: The real estate market may be adjusted by the middle of this year.

The first is to look at the point in time, and the second is to look at the intensity of the policy.

It ‘s been a year since the government contracted this round. In fact, first-tier cities are the main ones that do not rise in housing prices. Some of the third-tier and fourth-tier cities are still rising in the middle of last year. Therefore, the effect of this round of change is not particularly obvious. The government is not very willing.Relax too early.

  In the past, we often saw that some local governments first came out to test the central government’s bottom line, and now there have been some cases, but at present, the central government has maintained its policy stance.

When will the central budget change?

It depends on the effect of infrastructure investment.

After the Spring Festival, the construction site will start and infrastructure investment will stabilize. In the first half of the year, the government will definitely hope that infrastructure investment will grow steadily. If it can be stabilized, then I believe the government does not want to rely on real estate to stimulate investment.

At the same time, if the US-China trade talks have good results, they will also boost confidence.

  5, surging news: just in the beginning of 2019, the annual announcement of the RRR cut, is it beyond market expectations?Why is this happening?

  Zhang Jun: The time point for lowering the standard was earlier than expected.

It is believed that the relevant departments have seen the downward pressure on the economy, and the recent data actually have obvious responses. For example, the December PMI was close to expectations, the monthly profit growth of industrial enterprises was negative, and the export data was relatively poor. There is room for further improvement in policy.

The RRR cut is of a replacement nature. Monetary policy has two directions: to stabilize liquidity in the short term, to lengthen short-term growth, and to stimulate investment in fixed assets, especially infrastructure investment.

If we look at the monetary and credit data, supplementary loans are okay, but the proportion of medium and long-term loans is low, which shows that banks’ lending intentions are not very strong, which indicates that the monetary policy intervention mechanism is not smooth, and we hope to improve lending intentions.

  6. Surging news: What will be the macro policy mix in 2019?

  Zhang Jun: I think the domestic macro policy mix will be “stable currency, loose credit, and loose finances.”

Because as I said just now, the problem is that the mechanism of monetary policy itself is not smooth, not that monetary policy itself needs a lot of easing.

At the same time, under the background that the central government’s guidance on fiscal policies needs to be more active, we expect that the budget deficit rate this year, the scale of local government debt issuance and tax and fee reductions will increase, so that “broad fiscal” measures will be actively implemented.

However, in the medium and long term, the pressure of fiscal expenditure will be accompanied by the aging of the population, so there is little room for stimulating economic growth through continued large-scale tax cuts in the future.

  7. Surging news: How do you think investors should invest from the perspective of large asset allocation?

  Zhang Jun: This year is the turning point of the global economy.

The US economic growth rate has fallen. We judge that the Fed raised interest rates twice in the first half of the year and then suspended it.

Last year, global assets returned to the United States, and this year is a replacement.

No market is particularly good, so after capital replacement, it is more looking for certainty. Foreign exchange inflows into A-shares have seen this kind of certainty in the Chinese market.

We expect GDP growth in 2019 to be 6.

3%, no one in the market predicts below 6%, and everyone’s consensus is that there is no stall risk in the Chinese market, and the certainty is high.

And the exchange rate is stable, and the estimates are relatively average.

Therefore, from the perspective of global allocation, we are optimistic about emerging markets, and China’s certainty is very high.

  8, surging news: the global market has experienced a sudden change in the beginning of the year, what does this indicate?

  Zhang Jun: At the end of the global economic recovery, the rising volatility of risk assets is a typical phenomenon.

Rising volatility means that investors avoid rising dangerous moods, a phenomenon that will continue until the inflection point occurs.

  (This article comes from 北京夜生活网 Surging News)

Deepening the reform of the New Third Board and speeding up measures to support the development of science and technology enterprises

Deepening the reform of the New Third Board 佛山桑拿网 and speeding up measures to support the development of science and technology enterprises

Source: Securities Daily trainee reporter Di Di, the vice chairman of the Securities and Futures Commission, Li Chao, said at the “Sixth World Internet Conference” that deepening the reform of the new third board pointed out that by improving scale management, improving trading mechanisms and optimizing investor suitabilityEtc. to improve the level of market liquidity, enhance investment and financing functions, and better serve the development of SMEs.

  It is worth mentioning that the CSRC also raised 12 key tasks in the comprehensive and deepening of capital market reforms in September this year, including “replenishing multiple levels”The shortcomings of the capital market system. ”

Leaders of the meeting should speed up the 南宁桑拿 reform of the New Third Board and select multiple regional equity market startup systems and business innovation pilots.

  In this regard, Fu Lichun, director of Northeast Securities Research, told the Securities Daily reporter on October 21 that the New Third Board is part of the capital market system.

There are a large number of NEEQ companies, and they are one of the main positions where innovative and entrepreneurial enterprises, small and medium-sized micro enterprises and the capital market are in close contact. They can also play a role in the future.

  It is worth noting that Xu Ming, the general manager of the national stock transfer company, recently stated at the 2019 Zhongguancun Forum that it is the mission of the NEEQ market to be dedicated to serving the private economy and small and medium-sized enterprises, and promoting the development of innovative, entrepreneurial, and growth enterprises.

As of the end of September 2019, the total number of modern service industries and advanced manufacturing industries among the 9235 listed companies on the New Third Board reached 72%.

  Xu Ming stated that he will accelerate the reform of the New Third Board and take multiple measures to support the development of scientific and technological innovation: first, optimize listing access, second, optimize issue financing, third, optimize market segmentation, and fourth, optimize mergers and acquisitions and reorganization.

  Zhongshan Securities Chief Economist Li Zhan suggested that to deepen the reform of the new third board, an important aspect to be done is to design a matching system based on the rationalization of the new three board hierarchy logic.

For example, the innovation level of the listed door is highly biological, then there should be a more relaxed trading system, financing system and investor suitability management system, and some systems can even shoulder the division of the exchange market.

In addition, there should be relatively smooth transfer channels between the internal levels of the New Third Board and between the New Third Board and the exchange market. These need to be achieved through reform.

  In addition, Pan Xiangdong, the chief economist of New Times Securities, believes that the new third board reform is very necessary.

The formulation requires the improvement of the new third board trading system.

The trading mechanism has a relatively large impact on liquidity. Through segmentation management and strengthening the market maker system of securities firms, it will help change the short-term liquidity of the New Third Board.

At the same time, it is also necessary to improve the construction of the innovation-level enterprise transfer system, and to improve the biology and appropriateness education of investors under the market-making transfer method.

  ”It needs to be further improved from the aspects of layered management, market maker system, block trading and transfer board system, to optimize the new third board trading mechanism, improve the liquidity of the new third board market, and better utilize the new third board market.The role of tier capital plays an important role in the market.

Pan Xiangdong said.

Jerry’s (002353) first-quarter performance increased by 224%, electric drive fracturing products prompted the domestic shale gas development revolution

Jerry’s (002353) first-quarter performance increased by 224%, electric drive fracturing products prompted the domestic shale gas development revolution

Event: The company announced the report for the first quarter of 2019, and realized operating income from January to March10.

1.2 billion, an increase of 30 every year.

32%; net profit attributable to mothers1.

100 million, an increase of 224 per year.

56%; net non-returned net profit 9997.

490,000 yuan, an increase of 261 every year.


The rapid growth of the company’s performance is mainly reflected in the strong demand for production and service markets. The company’s product line orders for drilling and completion equipment, maintenance and renovation, and accessories sales, diesel technical services and other products continued to grow.

1) The company’s comprehensive gross profit margin reached 32 in the first quarter.

41%, an annual increase of 5.

29 averages, an increase of 0 from the 2018 gross profit margin.

76 units.

2) Net cash flow from operating cash in the first quarter decreased by 5.

1.2 billion US dollars, the company ‘s business increased the purchase volume, which led to an increase in cash for purchasing goods and accepting labor services; a pick-up in the industry, increased bid deposits, taxes and fees.

The company’s order growth is high, guaranteeing the performance in 2019: the company will gradually obtain orders 60 in 2018.

5.7 billion, compared with 42 in the same period last year.

3.3 billion US dollars, an increase of 43 compared with the same period last year.

09%, an increase of 18.

2.4 billion.

As of the end of 2018, the company’s stock order was 36.

$ 2 billion, (the order amount does not include tax,重庆耍耍网 does not include the framework agreement, the bid was won but the contract was not extended).

The company released a complete set of “electric drive fracturing” products, which promoted China’s shale gas revolution. 1) Jerry independently developed the world’s first electric drive fracturing complete set and shale gas development solution, and completed the electric drive fracturing complete set.Development and layout.

This complete set of equipment and solutions include electric drive fracturing equipment, electric drive sand mixing equipment, electric drive mixing equipment, intelligent bag-free continuous sand conveying equipment, solutions, and large diameter manifold solutions.

This set of electric drive fracturing equipment can greatly reduce the development cost of shale gas and improve the efficiency of shale 四川耍耍网 gas extraction.

2) Equipment performance and efficiency are greatly improved: At present, in domestic shale gas pressure fracturing operations, 2500 water-horsepower fracturing vehicles have the highest utilization rate. The company’s electric drive fracturing equipment is equipped with 5000QPN plunger pumps.The output power is also large, which can meet the needs of large displacement, high pressure and long-term operation.

3) Significantly improved economic performance: Taking the company’s large-diameter pipe convergence solution as an example, the streamlined manifold design effectively reduced the erosion wear by 80%, increased the expansion by more than 6 times, and increased the maintenance cycle by 3 times, which significantly reducedNon-production costs.

At the same time, the full set of electric drive fracturing equipment is equipped with a more “smart” intelligent integrated control system, and the reduction of operating personnel will greatly reduce personnel costs.

The potential for large-scale shale gas extraction is inevitable, and the demand for fracturing equipment is strong. According to the requirements of the State Council, natural gas production must reach more than 200 billion cubic meters per year by 2020. Shale gas is the main force for exploration and development.The target is 30 billion cubic meters, while the previous termination of 2018 shale gas production was only about 11 billion cubic meters.

The stock of fracturing equipment of about 2500 and above is not enough to support the investment in shale gas. The domestic “three barrels of oil” expansion of capital expenditure in 2019 continues to grow, supporting the procurement of fracturing equipment and completing the goal of increasing reserves and production.

The company prepares industry leaders for oil clothing, and its performance in 2019 is expected to continue to grow rapidly.

We expect the company’s net profit to reach 9 in 2019-2021.

100 million, 13.

500 million, 18.

6 trillion, corresponding to EPS.

95, 1.

41, 1.

95 yuan, PE is 25, 17, 12 times.

Maintain “Buy” rating. Risk alert events: the risk of changing oil prices; the risk of changes in overseas business scope and exchange rate changes