Changbao Shares (002478) 2018 Annual Report and 2019 Quarterly Report Comment: The rebound in oil and gas investment drives the company’s high growth
This report reads: The company’s 2018 performance was in line with expectations and the first quarter of 2019 continued to grow at a high rate.
The company is a leader in the oil and gas casing industry. We expect the recovery in oil and gas investment will continue to drive the release of performance in 2019.
Investment Highlights: Maintain “Overweight” rating.
The company achieved net profit attributable to mothers in 20184.
800 million, an annual increase of 234.
27%, the company’s 2018 performance is in line with expectations.
The company achieved net profit attributable to mothers in the first quarter of 20191.
37 trillion, an increase of 189 per year.
98%, the company’s performance in the first quarter of 2019 maintained high growth.
Maintain the company’s EPS for 2019-2020 to 0.
The 70 yuan forecast, plus the EPS forecast for 2021, is zero.
Taking into account the decline in the growth rate of boiler output, the company’s downstream demand for boiler tube products is weak. With reference to similar companies, the company’s 2019 PE is estimated to be 12 times, and the company’s target price is reduced to 7.
56 yuan (original 9.
97 yuan), maintaining the “overweight” level.
The company’s sales have steadily increased, and the price of tubing casings has rebounded sharply.
The company’s steel pipe sales in 2018 were 58.
74 for the first time, 重庆耍耍网 growing by 15 per year.
3%, the company’s steel pipe product sales maintained an upward trend in 2016-18.
In 2018, the average purity of the company’s unit products was 9,153 yuan / ton, an increase of 2,294 yuan / ton, or an increase of 33 compared with 2017.
Benefiting from the recovery in downstream demand brought by oil and gas investment, we expect the company’s performance to maintain a high growth rate.
Asset-liability ratio remained stable, and long-term debt fell sharply.
The company’s asset-liability ratio was 30 at the end of 2018.
75%, up 0 by the end of 2017.
For 49 units, the company’s asset-liability ratio remained stable.
In terms of spin-offs, the company’s long-term borrowings dropped from 25 million at the end of 2017 to zero, while the response projects have improved, the company’s overall 夜来香体验网 debt structure is healthy, and the scale of interest-bearing liabilities has further declined.
The company is a leading company in tubing and casing. With the company’s high-end production line landing, the company’s performance will gradually be released.
The certification period of the oil casing industry is shortened and the barriers to entry are high.
The company is a leader in the tubing and casing industry. The introduction of oil and gas investment continues to pick up and the company will continue to benefit.
5The initial high-steel-grade oil and gas pipeline production line has begun construction. It is expected that this line will continue to contribute to the company’s performance after it is put into production.
Risk warning: the risk of falling oil prices; the company’s new production line progress is less than expected.