Jiuli Special Material (002318): Oil and gas demand boom in the second quarter

Jiuli Special Material (002318): Oil and gas demand boom in the second quarter

The main points of the report describe the company’s announcement of the first half of 2019 performance forecast. The company expects to achieve a net profit attributable to shareholders of listed companies of about 1 in the first half of the year.

990,000 yuan?

120,000 yuan, a 50% increase in ten years?

Based on this calculation, the company achieved net profit attributable to shareholders of listed companies in the second quarter1.

270,000 yuan?

40 ppm, an increase of 50 in ten years.


38%, an increase of 76 from the previous month.


15%, based on the latest share capital, the company’s EPS in the second quarter was 0.

15 yuan?

17 yuan, EPS is 0 in the first quarter.

09 yuan.

Incident comment The boom in oil and gas demand, the second quarter’s performance increased rapidly: Since the beginning of this year, the company’s operating performance has been relatively beautiful. The first half of the year has reached a record high at the same time.

Investigating the reason, the high performance mainly comes from the downstream oil and gas demand boom. Secondly, the weakness of raw material costs is superimposed to reduce costs and increase efficiency, and further increase the flexibility.

(1) Since last year, many domestic oil and gas refining and chemical projects have been launched. In the first five months of this year, investment in oil and gas exploration and pipeline transportation increased by 49 each year.

60% and 5.

The growth rate is 70% in recent years, which fully reflects the sustainability of the oil and gas industry chain and thus effectively supports the demand for steel pipe orders.

Benefiting from this, the average price of stainless steel seamless pipes in Shanghai in the first half of this year exceeded the previous one.


(2) Based on the overall excess capacity of stainless steel at the raw material end, the average price of stainless steel bars (raw materials) fell in the first half of this year.

72%; budget, the company continued to reduce costs and increase efficiency, and dig deeper from the internal performance increase.

In short, the company is in the middle of the industrial chain transition, and its typical cost-plus pricing model can ensure relatively stable profitability.

In terms of elasticity, it is because of the downstream prosperity and weak overlap of raw materials that work together to push up the company’s premium capacity of high-end stainless steel pipes, and the gross profit margin will naturally increase. In terms of output, the company mainly continues to achieve volume growth by increasing the yield rate.

In the end, under the optimization of volume and profit, performance increased rapidly.

As far as the second quarter is concerned, under the background of the booming demand of the oil and gas industry chain, the business restructuring has improved month-on-month, and the company’s second-quarter performance has increased greatly and reached a record high.

Both performance and theme have coexistence of stability and flexibility: the company merges the dual concepts of oil and gas and nuclear power. At present, the performance of oil and gas business has increased rapidly, consolidating the foundation of sound business operations; the transformation of nuclear power 杭州夜生活网 conversion has been accelerated, and the company, as a leading nuclear power company, will be committed to sharing the upstream of nuclear powerThe cyclical dividend further gains earnings flexibility.

It is expected that the company’s EPS in 2019 and 2020 will be 0.

53 yuan, 0.

59 yuan, maintain “Buy” rating.

Risk Warning: 1.

Oil prices fell significantly; 2.
Nuclear power demand is restarting slowly.