Jerry shares (002353) 2019 first quarterly report comments: first quarter performance growth growth profitability continued to increase

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Jerry shares (002353) 2019 first quarterly report comments: first quarter performance growth growth profitability continued to increase

Investment Highlights: The performance of the first quarter of 2019 increased significantly.

In the first quarter, the company achieved revenue of 10.

10,000 yuan, an increase of 30 in ten years.

3%; net profit attributable to mother 1.

10,000 yuan, an increase of 224 in ten years.

6%; net profit after deduction of non-return to mother 1.

0 million yuan, an increase of 267 in ten years.

0%; realize profit 0.

12 成都桑拿网 yuan.

In the first quarter of 2019, the international oil price stabilized and rebounded, and the distribution of oil climbed back to more than 70 yuan / barrel. It was included in the promotion of internal energy security strategy. The capital expansion of oil companies continued to increase and promoted the strong recovery of the service market.Business demand for technical services increased.

The company’s product line orders continued to increase, and its operating performance in the first quarter achieved a significant improvement.

The company’s profitability continued to increase.

In the first quarter, the company’s gross profit margin reached 32.

4%, an increase of 5 a year.

4pct; Net profit is 11.

5%, an increase of at least 6.

8 points; ROE reaches 1.

3%, a year increase of 0.

9 points.

The sales expense ratio / administrative expense ratio (including R & D) / financial expense ratio are 7 respectively.

6% / 8.

0% / 1.

7%, decreased by 1.

0/1.

6/4.

3 points

In the first quarter, the company’s gross profit margin, net profit margin, and ROE increased significantly. During the period, the expense ratio continued to optimize, and the company’s profitability continued to increase.

Orders for drilling and completion equipment increased significantly, and business at home and abroad both increased.

Benefiting from the significant rebound in the oil and gas industry, especially the increase in domestic exploration and development efforts, the acceleration of shale gas development, the demand for drilling and completion equipment, especially fracturing equipment, has increased, and equipment is being sought.

The company’s various product line businesses have achieved rapid growth, and the number of orders has increased significantly. In 2018, the company gradually secured orders of 60.

600 million, year-end stock orders 36.

0 million.

In 2018, the company’s domestic / foreign business revenue reached 26 respectively.

1/20.

0 million yuan, respectively, an increase of 44.

1% / 44.

4%.

The company’s domestic and overseas business both achieved high growth.
Benefiting from the national energy security strategy, the rapid growth of future performance continues.
In 2018, Croatia’s foreign dependence on crude oil was as high as 70.

8%, surpassing the international security alert level; meanwhile, the upstream dependence on upstream natural gas has also reached 43.

2%, oil and gas energy safety indicators are extremely severe.

Since the second half of 2018, the national government has further improved energy security. The average domestic “three barrels of oil” has increased the intensity of oil and gas exploration, and there is a strong demand for oil and gas production.

The good expectations of international oil prices complement the accelerated growth of domestic upstream exploration and development expenditures, and have started to continue to boost the development of the oil and gas industry chain, especially the oil and gas equipment manufacturing and service industry.

As a leading company in pressurized fracturing equipment, the company took 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 oilfield service industry, the company’s scale products are booming.

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

01/1.

24 yuan, the current sustainable corresponding PE is 23.

5/19.

1 time, giving the company a “Recommended” rating.

Risk reminders: macroeconomic fluctuations; fluctuations in international crude oil prices; deterioration in the overseas trade environment; upstream oil and gas exploration and development are below expectations;