新股覆盖研究：科力股份

Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [28]. Core Insights - The company, Keli Co., Ltd. (920088.BJ), primarily provides oilfield technical services, specialized chemicals, and equipment for oilfields, with a focus on regions rich in oil and gas resources, particularly in Xinjiang [11][18]. - The company has established strong ties with major industry players such as PetroChina, with over 70% of its revenue derived from subsidiaries of PetroChina [18][20]. - Keli Co., Ltd. is expanding its international presence, particularly in regions along the "Belt and Road" initiative, including new service areas in Chad, which has significant untapped oil reserves [21]. Financial Performance - The company reported revenues of 335 million CNY, 447 million CNY, and 359 million CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 5.10%, 33.48%, and -19.73% [12]. - For the first half of 2024, the company achieved a revenue of 155 million CNY, reflecting a year-over-year increase of 13.02% [12]. - The net profit attributable to the parent company was 36 million CNY, 46 million CNY, and 52 million CNY for the years 2021, 2022, and 2023, with growth rates of 1154.47%, 29.00%, and 13.61%, respectively [12]. Industry Overview - The oil service industry is positioned upstream in the energy supply chain, directly supporting oil and gas exploration and production [17]. - The global demand for oil is projected to continue growing, with oil consumption accounting for over 30% of total energy consumption [17]. - The domestic oil and gas industry is characterized by strategic monopolies held by state-owned enterprises, while private companies are increasingly involved in oilfield technical services [17]. Company Highlights - Keli Co., Ltd. has a long-standing presence in the oilfield engineering services sector in Xinjiang, leveraging its historical ties with PetroChina [18]. - The company has diversified its service offerings, which include oilfield water treatment and chemical services, achieving a market share of approximately 50% in conventional oilfield water treatment in Xinjiang [20]. - The company plans to invest in two major projects through its IPO proceeds, including the establishment of an intelligent manufacturing base and an oilfield engineering technology research institute [22][23]. Peer Comparison - Keli Co., Ltd. is compared with peers such as Jereh and Huibo, with the average revenue of comparable companies being 8.72 billion CNY and an average gross profit margin of 24.73% [24]. - Keli Co., Ltd. reported a revenue of 359 million CNY and a gross profit margin of 33.46%, which is below the average of its peers [26].