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1、买入,(首次),-20%,公司报告巨涛海洋石油服务(03303.HK)海底装备市场将有庞大的机遇目标价：HK$1.50巨涛海洋石油服务(“巨涛”或“公司”)提供石油、水及天然气处理装备，该等装备为油/气田开发及生产的必需品。集团已由过往单 现价：HK$1.05纯的代工厂演变为一间可以向高端客户提供一站式设计、采购及製 招商证券(香港)研究部造服务(EPC)的企业。郁明德(852)31896123,新珠海厂房提升产能并可提供海底装备产品,巨涛新珠海厂房第,二期建设工程的完工，不单把巨涛的生产能力提升了 200%，同时让 2013 年 1 月 31 日巨涛能够向客户提供海底装备产品。巨涛为中国唯一
2、一间油气海底装,备产品供应商。,基础数据,恒生指数,23,822.06,发展油田的投放增加导致蓬莱巨涛的贡献回升。巨涛拥有蓬莱巨涛，一间油台製造及设计服务供应商，30%的股权，为其最大的股东。其主要客户为中海油及中海油服。故此，随著中海油增加投放于油气田开发的资本开支增加，蓬莱巨涛的贡献将会上升。向雪佛龙的 Wheatstone 项目供应海底装备产品。巨涛通过其战略合作夥伴 FMC Technologies，正为雪佛龙于西澳洲、总额达 290 亿美元的 Wheatstone 液化天然气项目建造水下管汇。我们预计在 2013 年至2014 年末，巨涛将向 FMC Technologies 供应最
3、少三套水下管汇。,H 股指数总股数（百万股）港股股数（百万股）港股市值(港元百万)每股净资产（港元）主要股东LISHAN WANG自由流通量行业股价表现,12,172.24628.80628.80647.66$1.36持股()63.12%33.38%石油/天然气,%,1m,6m,12m,估值 我们首次给予巨涛买入评级，基于2013年的15.0倍市盈率，目标价为港币1.50元。,绝对表现相对恒指表现,(15.6)(20.3),77.657.7,119.1102.8,%230%,03303.HK,HSI Index,盈利预测及估值,180%,Sino Land(23.HK)Price,人民币百万元
4、营业额同比增长(%),20104288%,201149315%,2012E5226%,2013E64824%,2014E80023%,130%80%30%,净利润,70,9,29,55,64,Jan 12,Apr 12,Jul 12,Oct 12,Jan 13,同比增长(%)每股盈利（元）每股股息（元）市盈率（X）市净率（X）ROE（%）,-6%0.140.036.30.610%,-87%0.020.0050.50.51%,210%0.040.0020.70.63%,92%0.080.0010.80.66%,15%0.090.009.40.66%,资料来源：彭博相关报告,资料来源：招商证券（香
5、港）预测,Please see important notice on the last page.,1 of 25,(Initial),Buy,1,8,180%,130%,-20%,Company ReportJutal Offshore Oil Services(03303.HK)Subsea equipment market provides vast potential,Jutal Offshore Oil Services(“Jutal”or“Company”)provides oil,water,and natural gas processing equipment that a
6、re vital to oil/gas fielddevelopment and production.The company has evolved from a pureOEM provider to one that can provide one-stop Engineering,Procurement,and Construction services(EPC)for its high-endequipment clientele.,TP：HK$1.50Current Price HK$1.05China Merchants Securities(HK)Michael Yuk(852
7、)31896123,New Zhuhai plant increases production capacity to include subsea,equipment Completion of Phase II construction at Jutals new Zhuhaiplant not only increases production capacity by 200%but also allows Jutal to,31 Jan 2013Key data,add subsea production equipment to its product offering.Jutal
8、is the onlymanufacturer of oil&gas subsea production equipment in China.Contribution from Penglai Jutal rebounding on oil field developmentspending Jutal has a 30%equity interest and is the largest share holder ofPenglai Jutal,an oil platform jacket manufacturer and engineering serviceprovider.Clien
9、ts are primarily CNOOC and COOEC.Hence,contributionfrom Penglai Jutal will increase as CNOOC increases spending on oil&gasfield development capex.Providing subsea equipment for Chevrons Wheatstone project Jutal,through its strategic alliance with FMC technologies,is building subsea,HSI IndexHSCEI In
10、dexS/O(mn)Mkt cap(HK$)(mn)BVPS(HK$)Major share holderLISHAN WANGFree floatIndustryShare performance,23,822.0612,172.24628.80647.66$1.36Holding()63.12%33.38%Oil&Gas,manifolds for Chevrons US$29bn Wheatstone LNG project in WesternAustralia.We estimate that Jutal will provide at least 3 subsea manifold
11、s forFMC Technologies starting from 2013 to end of 2014.,%Absolute returnRelative return,1m(15.6)(20.3),6m77.657.7,12m119.102.,Valuation,We initiate coverage with a Buy recommendation for Jutal,%230%,03303.HK,HSI Index,Offshore Oil Services with fairvalue for the at 15.0X forward P/E multiple toour
12、FY13 earnings estimate of RMB0.079/share putting fair value for the,Sino Land(23.HK)Price,company at HK$1.50/share,a 40%upside versus yesterdays closing price.Buy.,80%30%Jan 12,Apr 12,Jul 12,Oct 12,Jan 13,Financials,Source：Bloomberg,RMBm,FY10,FY11,FY12E,FY13E,FY14E,RevenueGrowth(%)Net profitGrowth(%
13、)EPS(yuan)DPS(yuan)P/E(X)P/B(X)ROE(%),4288%70-6%0.140.036.30.610%,49315%9-87%0.020.0050.50.51%,5226%29210%0.040.0020.70.63%,64824%5592%0.080.0010.80.66%,80023%6415%0.090.009.40.66%,Related research,Source:Company data,CMS(HK)estimates,Please see important notice on the last page.,2 of 25,pg5,pg6,pg8
14、,pg8,pg22,Company Report,Executive SummaryInvestment ThesisLeader in oil&gas field processing equipmentZhuhai production facility paves way for production expansionAdditional funding will most likely be needed to complete Zhuhai plantProviding subsea equipment for Chevrons Wheatstone projectPenglai
15、JutalA potential acquisition?ValuationRisk AnalysisCompany OverviewSWOTWhat are subsea production systems?FMC Technologies leader in subsea systemsChevrons Wheatstone ProjectFinancial SummaryPlease see important notice on the last page.,pg4pg10pg11pg13pg16pg17pg20pg21pg23pg24,3 of 25,1.,2.,3.,Compan
16、y ReportExecutive SummaryDue to sizeable discoveries being made globally in multiple deepwater basins,international oil companies(IOCs)have been rapidly expanding theirdeepwater oil and gas production capital expenditure.Deepwater capex isexpected to average US$55,000mn per year between 2013 to 2015
17、.Jutals oil&gas processing equipment are sought out for both onshore andoffshore oil&gas development projects.Specifically,it manufactures 1)oilseparation equipment,2)water treatment equipment,and 3)natural gasequipment.These equipments efficiently separate the oil/gas from within thewatery mixtures
18、 extracted directly from wells or pipelines before they aretransported to their next processing station.Entry barriers for new entrants arehigh given the stringent qualifications needed.Jutal is the only Chinese manufacturer of subsea production equipment.Itscooperation with FMC Technologies for the
19、 production of subsea manifolds forChevron Australias Wheatstone Project is testimony of Jutals manufacturingproficiency and acceptance as one of the most premier oil&gas equipmentproviders within the oil&gas industry.We expect Jutal will provide at least 3subsea manifolds for FMC Technologies by en
20、d of 2014.Jutal has a 30%equity interest and is the largest share holder of Penglai Jutal,an oil platform jacket manufacturer and engineering service provider.Othershareholders include CNOOC,Sembcorp Utilities,and Shenzhen ChiwanPetroleum Supply Base Co.Projects are mainly for CNOOC and COOEC.Contri
21、bution to Jutals P&L will increase along with CNOOCs oil&gas fielddevelopment capex.ValuationWe calculate fairvalue for Jutals stock using a 15.0X forward P/E multiple toour FY13 earnings estimate of RMB0.079/share putting fair value for thecompany at HK$1.50/share,a 40%upside versus yesterdays clos
22、ing price.Hence,we initiate coverage on Jutal Offshore Oil Services Ltd.with a Buyrecommendation.Key catalyst and risks,Catalyst1.Equity investment by FMC Technologyor other internationally renowned oil&gas equipment manufacturers.2.Acquiring majority stake-hold ofPenglai Jutal and consolidation ofp
23、latform production business.3.Additional equipment supply contractsfor high-profile deepwater oil/gas fieldprojects.Please see important notice on the last page.,RisksEarnings dilution from equityfinancing for capex and/or M&A.Earnings dilution from share optionconversion.Loss of any major clients.,
24、4 of 25,Company ReportInvestment ThesisLeader in oil&gas field processing equipmentJutal is an integrated service and equipment provider that focuses on providingoil,water,and natural gas processing equipment that are vital to oil/gas fielddevelopment and production.The company has evolved from a pu
25、re OEMprovider to one that can provide one-stop Engineering,Procurement,andConstruction services(EPC)for its high-end equipment clientele,whichincludes globally renowned brands like FMC Technologies,Emerson ProcessManagement,Ascom Separation,Enhydra Ltd.,and Audubon Engineering.Specifically,Jutals p
26、rocessing equipment can be categorized into threesubcategories:1)oil separation equipment,2)water treatment equipment,and 3)natural gas equipment.The ultimate purpose of these equipments is toefficiently separate the oil/gas from within the oil/gas-water mixtures extractedfrom wells or pipelines bef
27、ore they are transported to their next processingstation.The current oil-industry trend is to purchase or outsource high-quality oilequipments made in China,which are 25%-35%cheaper than internationalcounterparts.However,only a few selected companies are allowed on any oilmajors list of approved equ
28、ipment providers,due to strict design,quality andsafety requirements.Entry barriers are raised even higher during screening,as aproven track record is required for each supplier.Figure 1:Zhuhai Jutals Products,Oil Treatment Equipment,Water Treatment Equipment Natural Gas Treatment Equipment,Source:T
29、he Company,CMS(HK)Ltd.,Please see important notice on the last page.,5 of 25,Company ReportJutals processing equipments are considered high-end and adhere tointernational manufacturing standards and qualifications such as ISO9001,DVN,ASME“U”and“U2”certification,National Board of Boilers andPressure
30、Vessel Inspector“NB”,and Chinas Manufacturing License of SpecialEquipment(Pressure Vessels).Hence,its end-users are normally internationaloil equipment providers and oil majors which account for roughly 75%ofequipment sales e.g.FMC,Cameron,Chevron,Husky,etc.The remaining 25%of sales are to Chinese o
31、il majors oversea oil and gas projects such asPetroKazakhstan,which is 67%owned by CNPC.The process equipment segment is the main contributor to Jutals top lineaccounting for 55-70%to total sales between FY09 and FY12.Since FY09,sales of processing equipment have grown at a stable 16%CAGR.Gross prof
32、itmargins are also relatively stable at around 20%.However,during 1H12 grossmargins have shown an upward bounce that we believed can be attributed to thecompanys new production facilities in Zhuhai,which allows for more efficientjob processes and a transition to higher-end subsea processing equipmen
33、t,through its alliance with FMC Technologies.,Figure 2:Zhuhai Jutals Products,Figure 3:Equipment sold to PetroKazakhstan,Process Equip.SalesRMB000350000300000250000200000150000100000500000,Process Equip.Gross Profit,GP Margin%25.0%20.0%15.0%10.0%5.0%0.0%,2009,2010,2011,1H12,Source:The Company,CMK(HK
34、)Ltd.,Source:The Company,CMS(HK),The other 30%of Jutals revenue comes from 1)technical support for oil&gasequipment and 2)technical support for shipbuilding,which accounts for 18%and 12%of respective revenue during 1H12.However,revenue from these twosegments have been slowing declining at 5.8%and 0.
35、4%CAGR as leadersconsolidate technical expertise within the respective industries.We are in theview that these two segments will become value-added services that enhanceJutals capabilities to provide one-stop EPC service which comprises of oil&gas equipment design,equipment manufacturing,installatio
36、n&commissioning,and on-site service.Zhuhai production facility paves way for production expansionIn FY11,Jutal purchased Zhuhai Prospering Offshore Oil Engineering Ltd(珠海茂盛海洋石油工程有限公司)which owns a 400,000square meter industrialblock of land located at the equipment manufacturing area of Zhuhais Gaola
37、nPort Economic zone,Guangdong.The RMB140.5mn purchase was paid mostlywith 124,699,278 new shares at HK$1.16/share to Jutals chairman Mr.WANG,Please see important notice on the last page.,6 of 25,Company ReportLishan(王立山)in a connected transaction.The new Zhuhai plant gives Jutal the capability to de
38、velop subsea equipment aswell as enlarge the companys R&D and engineering capacity and cooperatewith domestic and foreign research and engineering institutions specifically forsubsea equipment and systems.There are currently two construction bases(70,000square meters and 130,000square meters)and thr
39、ee at Gaolan after completing Phase II development inSept 2012.The new facilities include an 800meter quay and allow Jutal toincrease its fabrication capacity by 200%.Figure 4:Planned layout of Zhuhai plantSource:CompanyFigure 5:Jutal Zhuhai Phase II completionSource:CompanyFigure 6:Skid way for 200
40、0tonne crane and pier facilitiesSource:Company,Please see important notice on the last page.,7 of 25,Company ReportAdditional funding will most likely be needed to complete Zhuhai plantAfter completing Phase II of the Zhuhai plant,only half of the total400,000square meters have been developed.Based
41、on the companys layoutplan for the site,only one out of the four skid ways has been completed.Furthermore,there should be at least another two covered construction baysthat need to be erected.During Phase II,the company reported required investment of RMB55.0mn inorder to complete the one port and s
42、kid way and another RMB45.0mn forsubsequent plant and ancillary facilities.One this premise,we estimate thatanother RMB165.0mn is needed to complete the remaining ports and skid waysand another RMB90.0mn is need for two additional construction bays,hencetotaling RMB255.0mn.As of the latest balance s
43、heet,Jutal had a cash balance of RMB59.1mn withcurrent bank loans of RMB132.4mn and total equity of RMB848.0mn.Thisputs gearing and net gearing at 15.6%and 8.6%as of 30 June 2012.If thecompany were solely to rely on bank financing to complete the Zhuhai plant,gearing and net gearing would surge to 4
44、5.6%and 38.7%,respectively.Providing subsea equipment for Chevrons Wheatstone projectJutal,through its strategic alliance with FMC technologies,is building subseamanifolds for Chevrons US$29bn Wheatstone LNG project in Australia.According to Chevron Australias website,the Wheatstone field,located 20
45、0kmnorth of Onslow off Western Australias Pilbara coast,is one of Australiaslargest resource projects with resources estimated at 4.5Tcf of gas.FMC Technologies was awarded the contract to supply subsea hardware for theproject with the time frame from 1 June 2011 to 31 Dec 2014 and the scope ofsuppl
46、ying Subsea Production Trees,Subsea Wellhead Systems,ProductionManifolds,etc.FMC then subcontracted fabrication works to Jutal,since thecompany was the only company in China that meets the qualifications andrequirements for Safety,Quality,Delivery and Cost(SQDC).We estimate that Jutal will provide a
47、t least 3 subsea manifolds for FMCTechnologies starting from 2013 to end of 2014,with ASP of RMB300mn/unit.Figure 7:Fabrication of subsea manifolds for Chevrons Wheatstone projectSource:Chevron,Please see important notice on the last page.,8 of 25,Company ReportFigure 8:Coating materials and service
48、s 1H12 revenue Figure 9:Typical subsea production operation,Source:Company,CMS(HK)Ltd.Figure 10:Subsea manifold main partsStructure with piping,Source:GE Oil&Gas,Subsea control module(SCM),Sensors&flowmeterFlowlines hubs,Mud matSource:FMC Technologies,Pig divertervalue,Check valves and chokes,Manual
49、&hydraulicactuated gate valves,Please see important notice on the last page.,9 of 25,Company ReportPenglai JutalPenglai Jutal is principally engaged in the provision of offshore oil and naturalgas exploration and production operation,quayside machinery,chemicalengineering facilities and steel format
50、ion design,fabrication,installation andrepair,offshore back office services as well as quayside and warehouseservices.Jutal acquired 30%of the equity interest in Penglai Jutal Offshore EngineeringHeavy Industries Co.,Ltd.(“Penglai Jutal”)at the end of 2007 forRMB255.3mn,and injected an additional ca
