Jiuli Special Material (002318): Oil and gas recovery, nuclear power blessing performance growth expected to continue

Jiuli Special Material (002318): Oil and gas recovery, nuclear power blessing performance growth expected to continue

Event: The company released its 2018 annual report and gradually realized revenue of 40%.

63 ppm, an increase of 43 in ten years.

42%; net profit attributable to mother 3.

40,000 yuan, an increase of 126 in ten years.

89%; non-net profit attributable to mother 2.

70,000 yuan, an increase of 141 in ten years.

17%; At the same time, it is planned to pay 3 yuan (including tax) for every 10 shares.

Both volume and price rose, and performance was slightly higher than expected.

Since 2018, the domestic macroeconomic performance has been steadily progressing, and structural adjustment has been optimized. In particular, the downstream petrochemical industry has experienced steady growth in investment growth. The company has made a good investment across the downstream. The product sales and market share have increased, and there is almost no gap.Pipe and welded pipe total sales 9.

58 is the highest, the residual amount of steel per ton, the average gross profit has increased; the performance is close to the upper limit of the expected value in the third quarterly report, and it is a record high.

Initial gross profit margin 25.

06% (among which Q4 gross margin reached 30.

96%), R & D investment1.

55 ppm, +29 for ten years.

28%, including 17 scientific research projects including manufacturing process research of component structural materials.

The report totals the company’s period expenses of 15.

89% (up 0 every year.

59 single), of which the initial initial sales expenses5.

11% (one year down 0.

73 units), the company’s expenses have maintained a reasonable scale, and the expenses have been well controlled during the period. We are optimistic about the potential of the company’s research and development to promote continuous conversion into products and performance.

Benefit from the investment and construction of oil and gas pipeline networks.

The center of crude oil prices has been raised to promote the recovery of oil and gas investment. The external dependence of crude oil and natural gas is relatively high. Domestic energy security requires the expansion of exploration and development and the construction of oil and gas infrastructure.

In addition, the national pipeline network company is expected to be established within this year. Pipeline construction and market-oriented reforms will speed up. As a result, 5,000 kilometers of crude oil pipelines and 40,000 kilometers of new natural gas trunks and supporting pipelines are expected to be completed 佛山桑拿网 during the “13th Five-Year Plan” period.Key technologies and equipment for pipeline construction are planned to achieve 100% domestic production of pipes.

The company has the largest market share in conventional stainless steel pipes, and orders are expected to increase further.

Nuclear power is restarted, and the heat exchanger tubes of the evaporator are expected to be heavy.

Recently, the Ministry of Ecology and Environment released the public announcement of the first stage project of CGN Guangdong Taipingling Nuclear Power Plant, Fujian Zhangzhou Nuclear Power Plant’s Unit 1 and 2 Environmental Impact Assessment Report, which is expected to start in June this year.

The company is one of the domestic duopoly of steam generator heat exchange tubes and has won the bid for Zhangzhou Unit 1.

Based on 200 tons of evaporator heat exchanger tubes per million kilowatt units and a unit price of 800,000 U.S.A., the U-shaped tube market has an annual capacity of more than 1 billion, and the company produces nuclear 1, 2, and 3 seamless tubes and nuclear 2, 3Welded pipe products have fully covered the third-generation nuclear power pipeline pipe products. The fourth-generation reactor and the fifth-generation reactor also have accumulated and supplied technology. As a domestic nuclear-grade steel pipe industry leader, its technical advantages and obvious industry competition barriers are obvious.The restart of domestic nuclear power construction and the promotion of the “going out” strategy have huge potential for the company’s nuclear power business development.

Investment Advice.

The company is a leading stainless steel pipe company, and its R & D is constantly increasing. High-value-added, high-tech stainless steel pipe products are the focus of the company’s product structure adjustment. Oil and gas investment is warming up and nuclear power is restarting. The company’s performance is expected to continue to grow rapidly.

The company’s EPS for 2019-2021 is predicted to be 0.

39, 0.

45 and 0.

50, maintain “Buy” rating.

Risk warning: The macro economy continues to decline, and the restart of nuclear power is weaker than expected.