China’s boom in the oil service industry continues and overseas recovery is imminent
Benefiting from the fact that the crude oil price is higher than the comfort zone, the overseas oil service market is expected to enter a recovery period in 2022. From China’s perspective, the rising dependence on crude oil and natural gas is more than 70% and 40%, so it is urgent to ensure national energy security. Driven by the “seven-year action plan”, the “three barrels of oil” have increased capital expenditure. CNOOC expects to double the workload and proved reserves by 2025, of which the proved reserves will exceed 5 billion barrels. China’s offshore oil and gas resources have great exploitation potential and sustainability. The key recommendation is China Oilfield Services Limited(601808) . As the leader of offshore oil and gas exploration services, the company occupies the advantages of technology and scale, and has strong profit elasticity in the recovery period of global oil service.
The penetration rate of intelligent logistics is expected to be further improved
In recent years, the total cost of logistics is rising year by year, the cost of traditional warehousing personnel is rising, and the number of personnel is decreasing. China’s overall logistics operation efficiency is at a relatively low level compared with developed countries. In 2020, the ratio of China’s total social logistics cost to GDP has dropped to 14.7%. According to the national goal, it will drop to about 12% by 2025. Intelligent logistics system can reduce cost and increase efficiency, which meets the needs of development trend. At the same time, the planning and design concept of the automated logistics system in various industries, the automated logistics equipment and software used are similar, the technical platforms have great commonality, and different industries have expansibility, opening the ceiling of industry growth. In the context of the rapid development of the logistics industry, the number of labor force decreases and the labor cost increases. Compared with developed countries, China’s logistics operation efficiency has obvious room for improvement. Intelligent logistics can effectively reduce costs and increase efficiency, and is optimistic about the development space of intelligent logistics equipment industry. It is recommended to pay attention to Bluesword Intelligent Technology Co.Ltd(688557) , New Trend International Logis-Tech Co.Ltd(300532) , Noblelift Intelligent Equipment Co.Ltd(603611) , Nanjing Inform Storage Equipment (Group) Co.Ltd(603066) .
Industry rating and opinion update this week
China’s manufacturing industry is in a period of continuous transformation and upgrading, which will bring broad market space to the high-end equipment industry and maintain the “recommended” rating of the industry. It is recommended to focus on industrial automation, self controlled semiconductor equipment, carbon neutralization, accelerating new energy industry and benefiting photovoltaic equipment and lithium battery equipment, urban rail equipment benefiting from new infrastructure, and oil service industry gradually recovering under the promotion of energy security.
This week’s core recommendations
China Oilfield Services Limited(601808) : as the leader of offshore oil and gas exploration services, the company occupies the advantages of technology and scale, and has strong profit elasticity in the recovery period of global oil service; China has benefited from the steady increase in the certainty of “three barrels of oil” capital expenditure under the national energy security strategy, and the company is expected to enter the release period of profit flexibility.
Dongguan Yiheda Automation Co.Ltd(301029) : relying on the advantages of localized services, the applicability of various automation equipment in local industries and the supporting advantages of China’s manufacturing system, the company continues to maintain the improvement trend of China’s market share in the context of the upgrading of China’s manufacturing industry and the rise of emerging industries.
Advanced Micro-Fabrication Equipment Inc.China(688012) : the company’s leading position in the etching field of semiconductor equipment and the gradual increase of MOCVD equipment in the field of mini led. The company is committed to building a platform company and will gradually grow into an influential semiconductor equipment company in the world.
Risk tips
The macroeconomic boom is lower than expected; China’s fixed asset investment is less than expected; The implementation of policies in key industries is less than expected; There is uncertainty in the company’s promotion of relevant matters.
