Jerry shares (002353): better-than-expected electric drive fracturing attempts to leverage the North American market

Jerry shares (002353): better-than-expected electric drive fracturing attempts to leverage the North American market

This report reads: The company ‘s three quarterly results exceeded market expectations, domestic shale gas fracture demand returned to the boom cycle, and equipment orders and prices rose.

The introduction of new electric fracturing products is expected to enter the North American shale gas market.

Investment Highlights: Conclusion: The company’s three quarterly results exceeded market expectations.

Considering the domestic demand cycle of shale gas fracturing, the EPS for 2019-21 is raised to 1, respectively.

41 (+0.

16), 1.

74 (+0.

1), 2.

05 (+0.

09) yuan, raise the target price to 38 yuan, corresponding to 22 times PE in 2020, increase holdings.

The company’s third quarter results exceeded market expectations, and equipment orders and prices rose.

① The company’s revenue for the third quarter of 2019 was 42.

40,000 yuan, an increase of 45 years.

9%; net profit attributable to mother 9.

0 ‰, an increase of 149% in ten years;

75 ppm, a year-on-year growth of 158%; performance growth exceeded market expectations.

② The company’s gross profit margin will increase in the short term8.

Two averages reached 36.

4%, net margin increased by 8.

Seven averages reached 21.

7%, a new high since 2014; net profit margin increased to 24 in the third quarter.

4%.

The company added 34 new orders in the first half of the year.

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

Among them, orders for drilling and completion equipment increased by more than 100%.

Domestic shale gas fracturing demand has returned to the boom cycle, and the results of the financial report confirm that orders and prices are rising.

The launch of new electric drive fractured products is expected to move from China to the North American shale gas market.

① PetroChina’s exploration expansion plan goes beyond history and welcomes China’s shale gas revolution.

Energy security will become the main investment line of the oil and gas industry chain, and the correlation between oil prices and domestic exploration expansion will weaken. Shale gas is the main force.

At present, in general, the supply and demand of shale gas drilling and completion equipment, the company’s competitive advantage is outstanding, and we are welcoming China’s shale gas revolution.

② The world’s first 7000 electric drive fracturing fracture independently developed by the company was successfully rolled off the production line.

According 北京桑拿洗浴保健 to Spears and Coven data, the actual working capacity in the United States is about 16 million water horsepower, and the average annual update demand is expected to release 1.5 million water horsepower.

Compared with traditional fracturing vehicles, electric drive fracturing has improved significantly in terms of economy and efficiency. The company’s integration of new products is expected to enter the North American shale gas market.

Catalyst: Obtained large orders from customers at home and abroad.

Core risks: the risk of falling crude oil prices and the risk of exchange rate fluctuations.