科力股份：北交所新股申购策略报告之一百二十二：区域型油服“小巨人”，积极开拓国际市场

Investment Rating - The investment rating for the company is "actively participate" in the new stock subscription [20]. Core Viewpoints - The company is positioned as a regional oil service "small giant," focusing on the oilfield engineering technology service sector, with a strong emphasis on international market expansion [2][7]. - The company has shown steady revenue growth, achieving a revenue of 359 million yuan in 2023, with a three-year CAGR of +3.51%, and a net profit of 52.07 million yuan, with a three-year CAGR of +21.06% [2][7]. - The company is expected to benefit from national policies promoting oil and gas exploration and development, as well as the "Belt and Road" initiative [3][20]. Summary by Sections 1. Company Overview - The company, founded in 2004 and headquartered in Karamay, Xinjiang, specializes in oilfield engineering technology services, covering major oil and gas production areas in Xinjiang [2][7]. - It is recognized as a high-tech enterprise and has established several provincial-level research and development platforms [7]. 2. Issuance Plan - The new stock issuance will adopt a direct pricing method, with an initial issuance scale of 21 million shares, accounting for 24.73% of the total shares post-issuance [11]. - The issuance price is set at 7.32 yuan per share, with an expected market capitalization of 622 million yuan post-issuance [12][11]. 3. Industry Situation - The oil service industry is experiencing growth driven by government policies aimed at enhancing oil and gas exploration and development, with a significant shift towards marketization and internationalization [3][13]. - The industry is expected to see increased demand for high-technology services due to the rising complexity of oilfield development [3][13]. 4. Competitive Advantages - The company possesses strong research and development capabilities, a comprehensive technical system, and a solid customer base, primarily serving major clients like PetroChina and CNOOC [14][16]. - Its geographical location in Xinjiang provides a strategic advantage for oilfield technology services, especially with the ongoing development of the "Belt and Road" initiative [16][14]. 5. Subscription Analysis - The company is recommended for active participation in the new stock subscription due to its low issuance price and limited circulating shares, which may present a favorable investment opportunity [20].