Jerry Shares (002353) 2018 Annual Report Comments: Continuously Growing Performance and Continuously Improved Profitability

Jerry Shares (002353) 2018 Annual Report Comments: Continuously Growing Performance and Continuously Improved Profitability

Revenue hits a record high and performance continues to grow The company announced its 2018 annual report and achieved operating income of 45.

A record high of US $ 9.7 billion, an increase of 44 in ten years.

23%, achieving net profit attributable to mother 6.

150,000 yuan, an increase of 807 in ten years.

57%; of which, the company achieved operating income in the fourth quarter of 201816.

900,000 yuan, net profit attributable 杭州夜网论坛 to mother 2.

5.2 billion.

The basic mechanism for the growth of the company’s performance: the report, the rebound in the average price of international crude oil and the advancement of internal energy security strategy, promoted a significant improvement in the service market boom. The market’s demand for production technology services and drilling and completion equipment increased rapidly.Orders in all product lines increased, gross profit margins increased, and operating results increased with additional growth.

The revenue growth of drilling and completion equipment has increased, and additional business scale has been added to the orders, while the average income of the other five groups of product lines has increased by a large margin.

The reported revenues of the company’s drilling and completion equipment,合肥夜网 maintenance and renovation, and accessories sales, diesel technical services, environmental protection services and equipment, and diesel engineering services were 14 respectively.

79/13.

36/7.

99/3.

38/3.

48 ppm, +75 for each year.

58% / + 53.

46% / + 10.

49% / + 73.

85% / + 352%.

In 2018, the company gradually obtained orders 60.

5.7 billion, an increase of 43 in ten years.

09%, 36 year-end stock orders.

2 billion, enough orders in hand.

The profitability continued to improve, the operating quality improved significantly, and the company’s various operating indicators achieved breakthrough progress: 1) The company’s profitability increased significantly, and its comprehensive gross profit margin reached 31.

65%, +4 per year.

85pct, net profit reached 13.

85%, ten years +11.

47 pct; 2) The cost is effectively controlled, and the period cost is 18 per day.

36%, a decrease of 4 per year.

14pct, of which, the sales expense ratio, management expense ratio, and financial expense ratio are -1 multiple times.

21 / + 0.

65 / -3.

57pct, financial expenses have decreased significantly, mainly due to the increase in the appreciation of the US dollar and the increase in exchange gains; 3) the quality of assets has improved significantly, and the number of days of accounts receivable has decreased from 210 days to 176 days in the previous year;265 times down to 219 days.

Earnings forecast and investment recommendations The company’s 2019-2021 net profit is expected to be 8 respectively.

96/11.

90/15.

29 trillion, corresponding to EPS are 0.

93/1.24/1.

60 yuan, corresponding to PE is 27.

0/20.

3/15.

8x, maintain “Buy” rating.

Risk Warning Crude Oil Price Fluctuation Risk; Capital Expenditure of Oil Companies Is Less Than Expected; Uncertainty of Overseas Business; Exchange Loss

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