\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 808 China Oilfield Services Limited(601808) )
In 2021, the company achieved a performance of 313 million yuan, a year-on-year increase of – 88.4%; in 2021, the company achieved a total operating revenue of 29.203 billion yuan, a year-on-year increase of + 0.8%; The net profit attributable to the parent company was 313 million yuan, a year-on-year increase of – 88.4%; Deduction of net profit not attributable to the parent company was – 35 million yuan, a year-on-year increase of – 101.5%. In Q4, the operating revenue was 9.321 billion yuan, a year-on-year increase of + 24.1%; The net profit attributable to the parent company was -1.139 billion yuan, a year-on-year increase of – 307.7%. The annual performance declined, mainly due to the low operating price and utilization rate of some large equipment. Out of cautious consideration, the company accrued an asset impairment loss of 2.01 billion, which was in line with the expectations of the previous performance announcement.
The cost pressure has increased and the expenses during the period have been well controlled: in 2021, the company achieved a gross profit margin of 16.4%, a year-on-year increase of -6.6pp. In Q4, the company achieved a gross profit margin of 15.9%, a year-on-year increase of -8.9pp. The gross profit margin declined in 2021 and Q4, mainly due to the rise of the company’s cost pressure under the influence of the rise of commodity prices and the cancellation of phased relief policies. In terms of period expense rate, the sales expense rate was 0.1% in 2021, which was basically the same year-on-year; The management fee rate was 2.5%, year-on-year + 0.2pp; The financial expense ratio was 3.0%, year-on-year -1.4pp; The R & D expense rate was 3.3%, year-on-year + 0.6pp; The total period expense rate reached 8.9%, with a year-on-year increase of -0.5pp.
The revenue of the oil technology sector was + 13.2% year-on-year, and technology research and development continued to make breakthroughs: previously, under the center of low and medium oil prices, the company took oil technology services as the main profit point to realize the butterfly transformation from heavy assets to heavy technology. In 2021, the company’s oil technology sector achieved a revenue of 15.08 billion yuan, a year-on-year increase of + 13.2%. Among them, the research and development of key oil technology continued to make breakthroughs, and two scientific and technological achievements such as rotary steering and high-temperature logging were selected into the catalogue of innovation achievements of central enterprises. The self-developed “Xuanji” rotary steering and logging while drilling system has full specification field operation capability and has successfully entered the overseas market.
The revenue of the drilling platform sector was – 23.4% year-on-year. We are optimistic about the profitability of the sector after the workload recovery: affected by the continuation of the global epidemic and the delay of market orders, the annual revenue of the drilling platform sector was 8.78 billion yuan in 2021, a year-on-year increase of – 23.4%. Throughout the year, the company’s drilling platform operation days were 14082 days, a year-on-year increase of – 3.3%. Among them, the utilization rate of jack up drilling platform was 75.8%, with a year-on-year increase of -2.4pp; The utilization rate of semi submersible drilling platform was 59.3%, with a year-on-year increase of -6.0pp. With the continuous rise of the international oil price center, the workload of China and overseas is expected to continue to recover, and we are optimistic about the profitability elasticity of the sector.
Investment suggestion: benefiting from the continuous rise of the oil price center, the company is expected to shoulder the global leader in comprehensive oil services, and is optimistic about the profit elasticity brought by the recovery of drilling platform utilization. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 2.72/3.54/4.02 billion respectively, corresponding to pe24, 19 and 16 times, maintaining the “buy” rating.
Risk tip: the international oil price fluctuates sharply, the capital expenditure of oil companies is less than expected, and the repeated epidemic makes the demand recovery less than expected
