Jiuli Special Material (002318) In-depth Report: Benefit from the rebound of oil and gas capital expenditure and the restart of nuclear power, and the profit returns to the rapid growth track
Summary of the report: Benefiting from the prosperity of the downstream industry, profits have returned to the rapid growth. The company’s main products are stainless steel pipes, seamless pipes and welded pipes in the fields of alternative petroleum and chemical gas, with a capacity of 4 respectively.
25 per year.
Layout of high-end varieties, as long as a certain bargaining power, the bottom of the 2015 cycle is still profitable1.
Benefiting from the prosperity of the downstream industry in 2017, the revenue ushered in an inflection point. In 2018, the volume and price rose in tandem, and the revenue actually reached 40.
6.3 billion (previously +43.
4%), the highest level in history; net profit attributable to mother 3.
40,000 yuan (ten years + 126.
9%), and profits are back on a rapid growth track.
Regardless of Changbao’s merger and acquisition factors, the benchmark is comparable to that of steel pipe companies with special steel plates, and the profits are more stable and gradually grow.
Oil and gas reform, capital expenditure rebound, will continue to stimulate the demand for oil and gas pipelines The NDRC and the Energy Bureau will jointly issue the Medium and Long-term Oil and Gas Pipeline Network Plan.
90,000 kilometers, 3 crude oil / refined oil / natural gas pipelines.
40,000 kilometers; by 2025, the scale of the national oil and gas pipeline network will reach 240,000 kilometers, and the crude oil / refined oil / natural gas pipelines will be 3.
According to this calculation, within the next 3/8 years, 3 will be completed separately.
70,000 kilometers of construction tasks, with an average annual completion of 1.
30,000 kilometers of pipeline construction mileage.
Oil prices have risen, three barrels of oil capital expenditures 四川耍耍网 Capital expenditures have continued to increase since 2016, and the annual report shows that their total capital expenditures in 2019 will reach 10138-10338 trillion, a further increase16.
54% will continue to drive demand for oil and gas pipes.
Nuclear power restarts, the company is one of the U-tube duopoly. It will fully benefit from the second half of 2018. The nuclear power installed growth rate has increased rapidly. According to the China Nuclear Power Medium and Long-Term Development Plan, by 2020, the nation ‘s planned nuclear power capacity in operation will reach 5,800. 10 million kilowatts, 30 million kilowatts under construction.
At present, the total installed capacity of nuclear power units in operation and under construction in China is still 30 million kilowatts away from the planned target of 2020. It is necessary to start construction of 30 nuclear power units with a single installed capacity of 1 million kilowatts from 2019 to 2020.
According to a unit of 250 tons of pipes, of which 150 tons of evaporation equipment is calculated, the total demand of 30 units of pipes is 7,500 tons.
Nuclear power restarts in 2019. The company is one of the duopoly of U-tubes, and has deep technology accumulation, which will fully benefit.
Investment proposals for oil and gas reforms, capital expenditures pick up, restart of consolidated nuclear power, optimistic about the company’s profit sustainability, it is expected that EPS for 2019-2021 will be 0.
38 yuan, the corresponding PE is divided into 25.
7 times.On April 17, PE (ttm) 24 was at an all-time low and PB (lf) 2.
5. Both are at the highest level in history.
Cover for the first time and give a recommendation level.
Risks prompt sharp decline in steel demand, nuclear power restarts less than expected