PetroChina Engineering (600339) Semi-annual Report Comment: Exchange Exchange Leads to Interim Results and Expected Orders from Three Major Sectors
Event: The company released the semi-annual report for 19 years, and realized operating income of 21.4 billion yuan, which was basically flat for one year; net profit attributable to mothers was zero.
8 billion, previously -35%.
19Q2 / Q1 revenue was + 29% MoM, and net profit attributable to mothers was -77% MoM.
Opinion: The short-term growth in performance is mainly due to the company’s net exchange gain of 0 in the first half of the year.
100,000 yuan (reduction of 0 per year).
US $ 7.3 billion, and the gross profit margin of the refining segment exceeded expectations.
In the first half of the year, the company’s upstream / midstream / downstream / environmental engineering business achieved revenues of 1.031 / 61/360 / 130,000 yuan, a year-on-year increase of +11% / + 10% /-35% / + 8%; gross margins reached 7 respectively.
6% / 7.
5% / 3.
9% / 14%, ten years +0.
6 / + 1.
9 / -4.
4 / + 3.
In the first half of the 杭州夜网论坛 year, new orders were generally flat, upstream orders increased sharply, and pipeline orders were waiting for the pipeline company to land.
The company newly signed 3759 effective projects with a newly signed contract value of US $ 25.2 billion, which is almost the same. The amount of unsigned contracts has been awarded to US $ 8.6 billion, and the total outstanding contract value has been US $ 12.2 billion, with a total contract value of 45.9 billion.The above is basically the same.
In the new millennium, overseas orders are 20% and 20%, accounting for 18%; in the new decade, oil and gas field surface engineering orders are 70%, exceeding + 43%; and pipeline and storage and transportation engineering business have exceeded 4.5 billion orders, exceeding-19%; US $ 9.3 billion in refining and chemical engineering business 深圳spa会所 in the new millennium, which is basically the same for a year; environmental engineering, project management and other businesses in the new millennium, US $ 3.9 billion, each time -24%.
The growth of the company’s upstream orders is in line with our judgment on the increase in domestic upstream long-term capital expenditure.
Business Outlook: The State Pipe Network Corporation is expected to be established this year, and there is huge space for investment in pipeline storage and transportation.
The goal of 30,000 kilometers of pipeline mileage from 18-20 to now needs to be achieved, with an investment of about 300 billion yuan and an average annual investment of 100 billion yuan, which is twice that of 16/17.
By 2025, the mileage of the Iraqi natural gas pipeline network will reach 16.
30,000 kilometers, supplemented by 5.
90,000 kilometers, with an estimated investment of 5900 trillion, with an average annual investment of 118 billion.
As a domestic leader in the construction of oil and gas pipeline networks, the company has benefited from order promotion.
The greater domestic oil and gas exploration and development speed has been increased to the point of ensuring national energy security, and oil and gas surface engineering is expected to bring upstream long-term capital expenditures.
PetroChina’s capital expenditures recovered from 2017, and upstream capital expenditures reached 1620/1961/2282 billion in 17/18/19 respectively. It is estimated that the receivables and gross profit margin of the company’s land and ground engineering business segment will continue to recover at least until 2020.
In the refining and chemical business, the order for the Jieyang project of CNPC is pending, and orders are expected to grow well.
Taking into account the weaker-than-expected interim results, we lowered our 19-year performance forecast to 1 billion (originally 1.6 billion), maintaining a 20/21 net profit of 21/26 trillion, and an EPS of 0.
46 yuan / share, corresponding to 22/10/8 times of PE, maintaining the “overweight” rating.
Risk reminder: the uncertainty of the national pipeline network company landing, the risk of global oil and gas investment decline