Bromeco (603727): Orders and performance are now at an inflection point for more than three years in an attempt to continue high growth
Investment Highlights The company’s revenue for the first three quarters of 2019 is two years +315.
28%, revenue, performance turning point is clear: the company is an international professional EPC service company, focusing on offshore oil and gas development (mainly FPSO projects), design and construction of liquefied gas, mining and mining modules, and YAMGAZ, ABB, Modec, CNOOC,International oil and gas development giants such as BHP Billiton have long-term cooperation.
Catalyzed by higher oil prices, 2016 revenue was 26.
8.4 billion, net profit 杭州桑拿 attributable to mother 2.
3.3 billion, CAGR of net profit attributable to mothers for the years 11-16 is 42.
Although the price of oil began to rebound at the beginning of 2016, the capital expenditure of oil and gas companies began to gradually release after 2017, and the company’s processing business is in the back stage of the overall project. Therefore, the company’s orders have recovered from 18 years ago, and revenue in 2019And performance into an inflection point, of which the first three quarters of revenue 7.
68 ppm, +315 a year.
28%, net profit attributable to mother 0.
23 trillion, ten years +178.
Suppressed FPSO orders under the previous low oil prices were released, and Yamal-2, a major LNG project, began to be launched.
Affected by the weakening of oil prices after 14 years, reducing the 青岛夜网 economic impact of oil and gas development, global FPSO projects have been sluggish.
With the recovery of oil prices and the decline in the cost of oil and gas development, the restrained capital expenditure in the previous two years has gradually accelerated.
According to Spears & Associates’ predictions, global oil and gas exploration and development investment in 2019 will recover to US $ 472 billion, + 16% per year.
The amount of deep-sea oil resources accounts for about 19% of the total global oil resources. FPSO adapts to the deep sea and has obvious advantages. When the oil price recovers to more than 50 US dollars, it gradually shows development economics.
According to RystadEnergy statistics, the global market will increase 33 FPSO projects in 19-21, and global FPSO orders will be released faster.
At the same time, the investment cycle of LNG projects has been shortened and shaken by oil prices. In 2019, orders for the Yamal-2 project were released. The target capacity was 1980 / year, and the scale exceeded one. It will also be the company’s key project in the coming years.
LNG, FPSO dual drive, the company’s performance is very flexible, driving high performance growth in the next three years.
Affected by the order completion cycle, the company’s offshore oil and gas development revenue recognition was delayed by 1-2 years from the earlier order extension, LNG business was delayed by 2-3 years, and mining lags by 1-2 years.
The total number of new orders for the three major businesses of the company in 18-19 years exceeded 56.
9 trillion, of which the 19-year extended Yamal-2 order size reached 47.
Through the gradual landing of global FPSO projects, the general contractor parties such as SBM and Modec who have maintained long-term cooperative relationships with the company are expected to drive the company to enjoy this round of growth dividends.
The company’s net interest rate will remain above 9% for a long period of time in 2011-16. With revenue gradually approaching or even expected to surpass the previous high, we expect the company’s performance to maintain high growth in the next three years.
Profit forecast and investment rating: As a leading company in the professional module EPC business, the company serves the global market. In the context of the overall recovery of the oil and gas industry, the release of large LNG orders, and the company’s market share has gradually increased, we expect the company’s performance to be 19-21 years.Performance 0.
60 ppm, corresponding to PE of 102/25/11, covered for the first time, some “overweight” rating risk tips: risk of oil price changes; project budget risk; market competition risk