汇丰银行-中国-石油服务与设备行业-中国工业：6个具有强劲增长机会的行业领导者-2019.11-87页.pdfVIP免费

www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.EquityResearchReportIndustrialsNovember2019By:BonanLi(S1700518070001)ChinaIndustrialsInitiatecoverage:SixindustryleaderswithstronggrowthopportunitiesWeidentifypocketsofstronggrowthintheindustrialssectorWelookatfoursub-sectorsthatsharecommonthemes:risingdemand,policysupportandconsistentR&DinvestmentWeinitiatecoverageofsixstocks.PreferJerehOilfieldServicesandSinopecOilfieldEquipment1Equities●IndustrialsNovember2019Whyreadthisreport?WehighlightpocketsofstronggrowthintheindustrialssectorThefocusisonfoursub-sectorswithcommonthemes:risingdemand,policysupport,andR&DinvestmentWeinitiatecoverageofsixstocks–fiveBuysandoneHold.WepreferJerehOilfieldServicesandSinopecOilfieldEquipmentEquities●IndustrialsNovember20192Whyreadthisreport?1Executivesummary3Oilandgasequipment,services,andengineering18Specialsteel24Testing,inspectionandcertification26China’senvironmentalmonitoringequipment29Companysection31JerehOilfieldServices(002353CH)32SinopecOilfieldEquipment(000852CH)41ChinaPetroEngineering(600339HC)49Tiangong(826HK)57ChinaBuildingMaterialT&C(603060CH)65Sailhero(300137CH)74Disclosureappendix81Disclaimer84Contents3Equities●IndustrialsNovember2019Weinitiatecoverageofsixbellwetherstocksinfourindustrialsub-sectorswhichplayabigroleingovernment-backedinitiativessuchasChina’senergysecurity,high-endmanufacturingandthefightagainstpollution.Webelievedomesticindustryleaderswillbenefitfromsectorgrowth,supportivepolicies,andR&Dinvestment,aswellasimprovingproductqualityandinnovation.Valuationsappearundemanding,givenstrongearningsgrowth,arisingROEoutlookandincreasedcompetitiveness.IdentifyingpocketsofstronggrowthThisreportidentifieswhatweseeasstrongpocketsofgrowthinthesector.Welookatsixindustryleadersinfoursub-sectors:oilandgasequipment,services,andengineering;specialsteel;constructiontesting,inspection,andcert...