Jiang Diamond shares: diamond drill into the company's main business

Abstract The company's petroleum machinery sector has grown steadily, but the development pressure is obvious. As a traditional main business, the bite-based petroleum machinery sector has grown well. In the first half of the year, the company achieved operating income of 681 million, a year-on-year increase of 14.55%, and achieved a gross profit of 200 million, a year-on-year increase of 16...
The company's petroleum machinery sector has grown steadily, but the development pressure is obvious. As a traditional main business, the bite-based petroleum machinery sector has grown well. In the first half of the year, the company achieved operating income of 681 million yuan, a year-on-year increase of 14.55%, and a gross profit of 200 million yuan, a year-on-year increase of 16.29%.

The company's domestic and international market share of roller cone bits is approximately 80% and 10%. Taking into account the replacement trend of diamond drill bits for roller cone drills, the company established a US subsidiary in 2012 to acquire a 40% stake in PDCL to develop diamond drill bits. From the announcement information, the acquisition of PDCL is still in the early stage.

According to the S&A report, global oil and gas drilling activities have recovered rapidly. The bit market growth rate in 2010-2011 is above 20%. In 2012, the scale is expected to reach US$5.5 billion. In terms of the domestic market, the scale in 2009 was about 2 billion yuan. Considering that the market space of retained roller cone bits is limited and the competition in the diamond drill bit market is fierce, we believe that the company currently has some pressure on market expansion, which is slightly lower than the industry growth rate.

Natural gas may become a bright spot in the future. Since 2007, the company's natural gas business has continued to grow. The sector's revenue in the first half of the year was 114 million, an increase of 11.28% year-on-year. During the reporting period, income in Wuhan increased, while Wanzhou also began to contribute revenue. Benefiting from the development of natural gas, the company's natural gas sales business and related natural gas compressor sales may have further breakthroughs.

profit prediction. We believe that the short-term drill will still dominate the company's performance trend. The development will be mainly adjusted from 2013 to 2015. The EPS is expected to be 0.29 yuan, 0.34 yuan and 0.37 yuan, giving a "neutral" rating for the first time.

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