Petrochemical Machinery (000852) Annual Report Comments： Accelerating the release of 19 years of negative results
Petrochemical Machinery (000852) Annual Report Comments: Accelerating the release of 19 years of negative results
Event content On April 3, 2019, Petrochemical Machinery released its 2018 annual report.The company achieved operating income of 49 in 2018.2 ten percent, an increase of 23 per year.2%, net profit attributable to mothers was 13.54 million yuan, a year-on-year increase of 43.8%.Both revenue and net profit were lower than market consensus and our expectations.The consolidated gross profit margin is 19.96%, ten years zero.31pct (mainly because the gross profit margin of petroleum machinery is caused by the increase in raw material prices and outsourcing processing fees), the net profit margin is 0.65%, zero for one year.22pct (mainly the growth rate of sales expenses (+35.54%) over income growth).At the same time, the annual report for 18 years will be increased by 3 shares for every 10 shares. The incident commented that some orders were delivered over the year, and the acceptance and settlement resulted in the recognition of revenue and profit not reaching the company’s 2018 inventory amount of 35.6.6 billion, an increase of 12.390,000 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%.The multi-year delivery, acceptance and settlement of these orders resulted in the revenue and profit recognition in 2018 not meeting expectations. The gross profit margin of drill bits and oil and gas steel pipes gradually recovered, and the gross profit margin of petroleum machinery and equipment slightly shifted from 2018.91%, an increase of 8.31pct, gross margin of oil and gas pipeline is 12.40%, a year to raise 0.42%, mainly due to the increase in orders for related products, a significant increase in revenue, the gross profit margin of drill bits and drilling tools, oil and gas pipeline products, and the gross profit margin of petroleum machinery and equipment was 23.91%, falling by 2 every year.65pct, mainly due to factors such as the increase in raw material prices and outsourcing processing fee prices, the gross profit margin fell slightly. 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, so the 18-year budget increased by 22.89%, 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 杭州桑拿 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 2019, it will definitely benefit from the unexpected growth of three barrels of oil capital expenditure. 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%, corresponding to the PE of 2019/2020/2021 is 39 times, 26 times and 19 times.Maintain BUY rating.