Sinopec's first shale oil and gas development project officially launched Sinopec Group recently announced that the Fuling Block shale oil and gas exploration and development capacity building project joint meeting was held in Chengdu Exploration South Branch, which marked the official launch of the project. The project is the first shale gas capacity construction project of Sinopec and even the country. Its implementation will have a positive impact on the shale gas exploration and development process in China, and it has important strategic and practical significance. The project was completed by Sinopec's Jianghan Oilfield and Exploration South Branch, of which Jianghan Oilfield is mainly responsible for capacity building, and Exploration South Branch is mainly responsible for exploration evaluation. The reporter learned that at the joint meeting, the leaders of Sinopec Oilfield Business Unit requested a feasible plan before May 20, and officially opened in early June. The meeting decided to set up a capacity building leading group led by the main leaders of the oilfield business unit, the exploration of the southern branch, and the head of the Jianghan oilfield as the deputy leader to ensure that relevant issues were resolved in a timely manner and all work was carried out in an orderly manner. CIMC (000039): Container front high and low energy and chemical industry space The container business growth rate has gradually declined. Affected by the unstable global economic growth and the decline of international trade activities, the second and third quarters showed a situation in which the traditional peak season was not prosperous. The growth rate of the industry was gradually slowing down. The downstream demand mainly relied on the replacement of old boxes and some new capacity. The company's annual production capacity of 250,000 boxes of automated production lines has been basically completed, which will greatly improve production efficiency, reduce the pressure of labor cost rise and dependence on labor, and continue to maintain its leading position in the industry. Second, energy, chemical and food equipment continued to grow at a high rate. The demand for natural gas and special gas equipment continued to grow. The company's holding company CIMC Enric's revenue increased by 48% in the first half of the year. With years of R&D and manufacturing experience, the company's products in the low-temperature series market share has been among the top in the industry. With the promotion of LNG applications in China, the company's business will continue to grow rapidly and become one of the important sources of profitability. Third, road transport vehicles have grown steadily. The company introduced a standardized trailer production line, and continued to maintain steady growth with its continuous improvement of marketing network, strengthening supply chain management and unified procurement. Fourth, the offshore business seeks breakthroughs in orders. The company has formed a reasonable layout of “one center, three bases†and has one of the best production bases in China. Now it has the conditions to dock 9 drilling platforms at the same time, and completed the high-end products such as deep-water semi-submersible platforms. It has accumulated valuable experience and is expected to gradually reverse the unfavorable situation of receiving less orders in the future, increase the utilization rate of production capacity, and realize profits by turning losses into profits. Earnings forecast: We expect the company's 2011-2012 EPS to be 1.60 and 1.86 yuan respectively, and the price-earnings ratio corresponding to yesterday's closing price is 11.5/9.9 times, respectively, maintaining the recommended rating. Shenkai shares (002278): New products add new power, and the logging service is ready to go . The development of oil drilling equipment is in good shape. With the continuous high consolidation of oil prices in the first half of 2011, the overall recovery trend of the petrochemical equipment industry is obvious. At present, the company's new product launch, product structure upgrade, and product diversification have contributed to the company's performance growth, and the development trend is good. With the inclinometer while drilling, new products and new opportunities. The new product MWD while drilling inclinometer and LWD while drilling inclinometer have been highly recognized by customers. Mastering the core sensor technology, improving the technical content of the company's products, and gradually forming the import substitution of the product with high cost performance, the new product ushered in new opportunities and become one of the company's faster growth products in the future. Oil production wellhead equipment, high consumption and growth. Due to the one-off nature of oil and natural gas, new wells must be added to maintain or increase oilfield production, and the replacement period of old wellhead oil production equipment is only 2-3 years. The superposition reaction between the two promotes the future sales of the company's products. In addition, the company has increased research and development efforts in this field, such as 140 MPa oil (gas) tree, which is currently the highest pressure oil (gas) tree in the world, and the company is also the only domestic company to sell this product, seize the market opportunity. . Oil analysis instruments, diversified product structure and increased market share. The oil product analysis instrument is occupied by foreign companies in 50% of the market share in China, and the domestic market is scattered. With the country's high attention to the quality of oil products, the national standards in the industry have been drafted. The advent of the gasoline octane number measuring machine adds new products to the company's oil analysis instrument series, which not only enriches the entire industrial chain, but also gradually forms an import substitution with high cost performance. It is expected to be in the refinery, quality supervision department and small refinery. Under the three forces of the factory, the diversification of product structure will increase market share. Logging services are ready to go. The development of oil drilling equipment manufacturers in the direction of “researching manufacturing and providing services†is a future trend, which is to enhance the dependence of customers on manufacturers, and the other is to effectively prevent the leakage of core technologies. The development of the company's business has undoubtedly enhanced the business synergy and anti-risk ability, while also increasing the sales of similar products. At present, the company has 30 logging service teams and the foreign market has better growth. After the business is expanded again in the future, it will bring further growth to the performance. It is estimated that the sales revenue in 2011-2013 is 5.76, 7.20 and 864 million yuan, and the net profit attributable to the parent company is 0.92, 1.18 and 141 million yuan. The EPS in 2011-2013 is 0.42, 0.54 and 0.65 yuan respectively, maintaining the "overweight". A" investment rating, reasonable target price of 13 yuan for 6 months, 31 times for PE. (Essence Securities Zhang Zhongjie) Jerry Shares ( 002353) : Equipment continuation boom is expected to benefit from the large-scale development of shale gas in North America, which will bring about a surge in demand for fracturing equipment and the capacity bottleneck of global piston pumps. The equipment business is expected to continue in the first half of the year. Rapid development has become the main driving force for performance growth. In the first half of 2011, the company is executing orders of 1.31 billion yuan, with an estimated equipment order of 800 million yuan, about 300 million parts and components, and about 200 million oil service orders. Affected by the surge in the fragility of overseas markets and the advancement of domestic coalbed methane fracturing, it is expected that fracturing equipment, coiled tubing equipment and liquid nitrogen pump trucks will become the company's high-speed growth boosters. The oil service business achieved a number of forward-looking layouts, and it is expected that coal seam gas cracking and radial drilling services are expected to achieve revenue in the third quarter. The company's cementing business in Kazakhstan has been extended by Chinese partners to local oil companies, successfully opening up the international market and becoming a stable growth point for 11 years. It is expected that the gas cracking and radial drilling services of Shanxi Jincheng coal seam will be carried out in the third quarter, laying a good foundation for the growth of the oil service business in 12 years. The international expansion of the company's industry was steadily implemented, and the proportion of sales in overseas markets accelerated. Jerry established a comprehensive R&D, marketing and investment operation center in Houston, USA, and established a Middle East and Africa operation center based on the Middle East subsidiary. The international market revenue growth rate exceeded 84%, and the overseas layout entered the harvest period, especially in North America and South America. It is expected that the proportion of foreign income is expected to increase to over 50%. EPS is expected to be 2.00 yuan and 3.01 yuan in 2011 and 2012, respectively, maintaining a "strongly recommended" rating. In view of the company's industry prospects and layout, combined with the company's excellent management team, we believe that the company's high growth is sustainable, giving a 35-year P/E ratio of 2012, with a target price of 105 yuan, maintaining a "strongly recommended" rating. Jiang Diamond Shares (000852): Demand from overseas markets increased sharply. 1. The results were in line with expectations, but gross profit margin continued to decline. In the first half of this year, the company's operating income increased by 25.5% year-on-year, and the 2Q growth rate was less than 66.5% of 1Q, entering a stable growth channel. At the same time, the gross profit margin of the drill business in the first half of the year was 30.8%, which was about 8 percentage points lower than that of the same period of last year. In 2002, the gross profit margin of the drill was as high as 45%. In the past 8 years, the overall downward trend has been declining. On the one hand, the company is in a monopoly position in the domestic high-end bit market, and its bargaining power is strong; on the other hand, the company will enter the field of high-end diamond bits. 2. Exports have grown substantially, and we are optimistic about the potential of new markets such as the Middle East. In the first half of the year, the company's export products accounted for 24.5%, and the export business increased by 69.9% year-on-year, reflecting strong demand in overseas markets. The company's tradition is dominated by the North American market. Last year, it began to invest in the oil market in the Middle East. In the first half of the year, National Cameron Middle East, the largest customer, accounted for 6.2% of revenue. In the long run, the status of OPEC countries in the world oil market will further increase. As crude oil prices enter a high level, the active oil and gas exploitation in the Middle East and other regions will bring a large number of bit demand. 3. Optimization of the structure of the drill product. At present, the company only makes roller drills. The high-end drill has a capacity of 40,000 and the ordinary drill has 10,000. Due to the low technical content of the general diamond drill bit and fierce market competition, the company has withdrawn from the company for many years. However, the deep increase in the depth of drilling in the global oilfield and the increase in the temperature of offshore oil and gas production will bring about the demand for high-end diamond drill bits. The company has re-entered the field, and some of its products are expected to sell for more than 500,000 yuan, and the gross profit margin will be improved. Domestic marine oil and gas exploitation is basically monopolized by giants such as Smith, and we are optimistic about the space for company import substitution. 4. The injection of quality assets is still unclear. The company's major shareholder once promised to use the company as a capital platform to inject high-quality assets. In 2008, it proposed to inject its three-machine factory, but was rejected because it did not meet shareholders' expectations. The market is generally looking forward to injecting high-quality assets such as the four-machine factory and improving the asset quality of listed companies. It seems that there is no clear timetable for this process. Maintain a “Neutral-A†rating on the company. We maintain our earnings forecasts. The company's EPS (diluted) is expected to be 0.32 yuan, 0.37 yuan and 0.42 yuan in 2011-2013, respectively. The corresponding dynamic P/E ratios are 45X, 37X and 34X respectively. Given the high valuation of the company and the uncertain outlook on asset injection, we give the company a rating of “Neutral-Aâ€. (Guodu Securities Wei Jing) Liaoning Chengda (600739): The short-term contribution is very large and the long-term dilution is limited. The short-term will significantly increase the 2011 results. According to the relevant accounting standards, the net increase in net assets should be included in the current profit and loss as the proportion of shares held by the investee is increased and the proportion of shares held by the investor is not increased. As a result, Guangfa's additional issuance will increase the net profit of Chengda in 2011 to approximately 1.3 billion yuan (we estimate it to be 1.344 billion yuan), corresponding to an EPS increase of 0.99 yuan to 1.89 yuan, with a growth rate of 111%. In the long run, there is a certain dilution of performance, but to a limited extent. We believe that although the equity ratio is diluted in the long run, thanks to the gradual application of additional funds, GF's competitiveness will be greatly enhanced, and new businesses such as direct investment, margin financing and securities lending will develop rapidly, which will significantly increase the company's long-term performance. . Previously, we have included this diluted expectation in Chengda’s earnings forecast and valuation (see our review of Chengda’s China Daily). The main business drive is obvious. From the mid-year report, the growth of trade (especially commodities) and biological vaccines exceeded expectations. In the oil business, the ignition commissioning of the Huadian project is just around the corner, and the successful test run should be a high probability event; the Xinjiang project will also start the civil construction. Maintain an overweight rating. Taking into account the impact of GF's additional issuance, we adjusted the EPS of 2011-2013 to 1.89 yuan / 1.06 yuan / 1.53 yuan, a year-on-year growth rate of 105% / -44% / 45%. Maintain the target price of 21.08 yuan. The current valuation does not reflect the oil business expectations. The success of the Huadian project and the official launch of the Xinjiang project will be the company's catalyst. The downgrade of GF is the biggest risk. Jidian shares (000875): The operating environment has deteriorated, and it is difficult to make a profit. Baishan and Tonghua Thermal Power have to wait. Although Baishan and Tonghua Thermal Power have confirmed the net profit of 52 million yuan per year through the desulfurization price, and the company has made great efforts to improve the operation and management of the two power plants, including management adjustment and centralized procurement of coal to improve The quality and quantity of coal burning of the unit, but the high coal price and the deterioration of the operating environment of Jilin's overall power market, the two plants still suffered a loss of equity of 29.69 million yuan in the first half of the year. Multi-pronged approach to catch coal supply. Coal-fired supply is the main bottleneck of the company. Therefore, the company implements the business strategy of “huo coal-based, Mongolian coal-based, multi-purpose coalâ€. It has established a joint venture to establish Inner Mongolia Kunde Logistics Co., Ltd., participate in the Lunda coal distribution company, and participate in the shareholding. Coal projects, increase the number of purchases from the open coal industry (002128) to reduce the risk of the coal market. Looking forward to the coming year. The company's wholly-owned Baicheng Power Plant (1.2 million kilowatts), Siping Thermal Power Expansion (300,000 kilowatts), Songhua River Thermal Power Expansion (300,000 kilowatts) and other projects are expected to be put into production this year, with an installed capacity of 1.8 million kilowatts. 1.9 times the scale, the scale achieves leapfrog development. In addition, the coal for the three projects is mainly supplied by the open-pit coal industry. With the support of major shareholders, we are optimistic about the upcoming project. Maintain "neutral" for the time being. We expect the company to achieve diluted EPS of 0.02, 0.15, and 0.20 yuan in 2010-2012, and the current stock price corresponds to PE of 290.5, 32.5, and 24.6 times. Although the company's future profitability improvement effect is significant, we maintain a “neutral†rating given the large uncertainty in the new production projects. Guanghui (600256): LNG Star Fire, igniting the core idea of distributed energy dreams : We are most optimistic about the company's ability to directly liquefy natural gas or use its own coal to produce natural gas based on its own abundant resource endowment, and LNG As a cheap and high-quality power, the company will supply 1.3 billion cubic meters of LNG per year to Xinjiang and even the mainland. This “integrated industrial chain†+ “get rid of the high cost of natural gas pipeline construction, and realize the local conversion and full utilization of energy. The distributed energy model is the core competitiveness of Guanghui. The company is highly resource-rich and flexible, and is the leading LNG company in China. In the upstream, there are sufficient resource endowments such as coal, natural gas and heavy oil. The downstream is mainly engaged in the energy business field with LNG projects; the energy conversion efficiency of coal-based natural gas is relatively high, and the technology is basically mature, which is an effective way to produce petroleum substitute products. Expanding the supply of natural gas resources through multiple channels and in multiple ways is also an important strategy for optimizing China's energy structure. Guanghui's coal reserves are abundant, and the current coal reserves in Hami have reached 1.76 billion tons. In addition, in order to rapidly increase coal transportation capacity, the Xinjiang Maomao Lake Railway will be built and the coal will be sold to Gansu Power Plant. It is expected that coal can be exported to 4 to 5 million tons this year and will be expanded to 60 million tons per year in the next five years. In terms of natural gas, the company has cooperated with Kazakhstan TBM Company on natural gas and crude oil resources owned by Kazakhstan. Currently, the proven reserves in some blocks are 100 million tons of heavy oil and 6.4 billion cubic meters of natural gas reserves in Zaisan. The company is in Xinjiang. The annual processing capacity of the Altay region will be completed and put into operation by the end of the year. The company will have a 90% interest in the company. The company also owns 49% of the upstream Kazakhstan TBM company. In addition to resources, the company's biggest attraction is the profit model of distributed energy. LNG automotive applications are both economical and environmentally friendly. Compared with diesel-fueled traditional heavy-duty trucks, it can reduce energy consumption by 40%, while reducing CO2 emissions by about 60 tons per year compared with diesel vehicles. For example, according to the 8-year service period, each vehicle can reduce CO2 emissions by about 480 tons. . It is not only suitable for urban buses, but also for taxis and large freight vehicles, construction machinery, etc. At present, the total number of heavy trucks running in Xinjiang is 2,199. It is expected to add 1,300 vehicles this year. 79 LNG and L-CNG vehicle filling stations will be built. The cumulative gas filling capacity of the filling stations in the first half of the year will be 31.12 million cubic meters. It will reach 20,000 vehicles, and the market in Xinjiang will expand. In terms of coal chemical industry, the company's Hami coal chemical project was approved to benefit from the national policy to support Xinjiang's policy background, and to build a complete industrial chain in the upper, middle and lower reaches. It is estimated that after the annual production of “1.2 million tons of methanol/800,000 tons of dimethyl ether (coal-based) project†will reach 4 billion yuan, the gross profit will be nearly 2 billion yuan. In addition, natural gas is the most potential alternative energy source under the 45% goal of China's proposed Geben. Earnings forecast and rating. It is estimated that the EPS of the company in 2011-13 is 0.56, 0.84, and 1.41, respectively, corresponding to PE of 46, 31, and 18 times. The short-term valuation is not attractive at present, but considering the company's rich resource endowment, complete industrial chain, and the profit model of distributed energy, we recommend dips and we give recommendation ratings. Furui Te (300228): The performance is in line with the expected capacity continuous release The annual report is in line with expectations, and is expected to increase by 30%-50% in the first quarter. In 2011, the company achieved operating income of 804 million yuan, a year-on-year increase of 74.2%, achieving a net profit attributable to shareholders of listed companies of 0.71 billion yuan, an increase of 54.9%, EPS of 1.05 yuan, in line with our and market expectations. The company intends to use the provident fund to transfer 10 shares for every 10 shares of all shareholders. Previously, the company has announced that it expects the first quarter of 2012 to be 19.59 million yuan to 21.61 million yuan, a year-on-year increase of 30%-50%. Gross profit margin is stable and is expected to remain at 30% in 2012. The company's gross profit margin in 2011 was 30.5%, a slight increase of 0.5 percentage points from 2010. We expect the price of major raw materials to be stable in 2012, and the company's gross profit margin is expected to remain at 30%. During the period, the expense ratio increased slightly, and it is expected that the expense ratio will not decrease significantly in the short term. The company's management and sales expense ratios in 2011 were 13.7% and 4.2%, respectively, up 0.8 percentage points from the previous year, mainly due to the increase in management personnel and technology development costs, and increased market development. Considering that the company continues to increase R&D, market and after-sales investment, and there is amortization of equity incentive expenses since 2012, we expect that the expense ratio will not decrease significantly in the short term, but with the expansion of the company's business scale, the two expense rates in 2014 are expected. Return to the 2010 level. The production capacity of the fundraising project reached the expected level, and the over-raised funds further expanded the production capacity. The company's fundraising project has formed part of its production capacity since mid-2011, and has reached the expected capacity by the end of the year. After the over-raised funds are used for temporary replenishment of working capital, they will be used for the construction of the second-phase project. There will be 20 additional gas stations and 4 sets of liquefaction plants, of which the liquefaction plant has received orders. We believe that the demand for related equipment in the LNG industry will maintain rapid growth in the next three years, and the release of the company's production capacity will help to grasp market opportunities. Risk factors: LNG import and coalbed methane mining progress is lower than expected; gas station construction progress is lower than expected; company capital shortage leads to too slow capacity expansion; raw material price fluctuations affect company performance. Maintain “overweight†investment rating. We slightly raised the company's 2012/2013 performance forecast, added 2014 forecast results, and forecast EPS for 2012-2014 to be 1.59/2.12 /2,87 yuan (previously expected 2012/13 performance is 1,57/2.18 yuan). The three-year net profit for the three-year period 2011-2014 was 40%, maintaining the “overweight†rating, and the target price was slightly raised to 47.8 yuan. Quasi-oil shares (002207): The main business is stable, coal-bed methane is the highlight business mainly in Xinjiang, the regional obvious company is an oilfield service company, the main business includes oil field dynamic monitoring, oil storage tank machinery cleaning, oil field management, transportation services Wait. The main customers are Xinjiang's major oil fields, including Xinjiang Oilfield, Tarim Oilfield, Tuha Oilfield, and Sinopec Northwest Branch. The oil price remains high, and the oil company's investment is conducive to the company's business development. The company's performance depends largely on the upstream customer investment. Therefore, the trend of oil prices and the demand for crude oil in the real economy will indirectly affect the company's business development. At present, domestic economic development is becoming more and more dependent on crude oil, and it is difficult to change in the short term. Geopolitical instability has put international oil prices at a high level, and the probability of continuing to climb higher in the future is large. The big environment is conducive to the company's business development. The recent business development mainly focused on Sinopec and China National Petroleum Corporation. Considering the tight capital of private enterprises and the long period of payment, the company's business development is mainly concentrated in Sinopec and China National Petroleum Corporation. The business income of Sinopec Northwest Branch is relatively obvious. The development and application of coalbed methane is the company's point of view and the company's coal-bed methane company has been cooperating in the field of coalbed methane development, the company is responsible for providing technical support. The prospecting permit for the Kubay block is still being processed. The specific time schedule is not well grasped and there are certain policy risks. In the 12th Five-Year Plan, the development of coalbed methane will be intensified. The market potential of CBM is huge. In the medium and long term, the company has a lot of room for development in this field with its rich technical reserves in the field of coalbed methane. Forecast and rating In the short term, the company's main profit is still derived from the traditional oilfield service business. We expect the company's EPS in 2011, 2012 and 2013 to be 0.14, 0.21 and 0.31 yuan respectively, and the price-to-earnings ratio corresponding to the previous closing price is 104, 72 respectively. 48 times, the relative valuation is higher, but we are optimistic about the company's technical reserves in the field of coalbed methane and the oil company's increase in upstream investment to the company, the rating is "recommended".
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