Investment rating and valuation: Diamond micronized powder contributes to the performance, and the diamond line still needs to wait, giving the â€œoverweightâ€ rating. The company's diamond performance has grown steadily, and diamond micronized powder has begun to contribute slightly to the performance, while the breakthrough of the diamond line still needs to wait. We expect the EPS of the company to be 0.25 yuan, 0.35 yuan and 0.45 yuan in 12-14 years respectively. The current share price (6.03 yuan) corresponds to PE, which is 24 times, 17 times and 14 times respectively, giving an â€œoverweightâ€ rating.
The results are in line with the company's mid-term forecast. In the first half of 2012, the company's main business income was 252.821 million yuan, an increase of 36.64% over the same period of the previous year. 1. The operating income of synthetic diamond increased by RMB 39,946,600 over the same period of the previous year, an increase of 18.35%. The increase was mainly due to the release of the company's production capacity and the price remained stable. 2. The operating income of synthetic diamond micropowder was 33,847,900 yuan, mainly for the subsidiary Henan Province. Yuxing Huajing Micro-Drilling Co., Ltd. increased its revenue, and the company started its operation in the second quarter and began to contribute revenue.
The company's future focus comes from the growth of demand for the synthetic diamond industry and the expansion of the company's diamond micro-powder and diamond wire business.
Risk warning: The risk is mainly from the downstream industry boom; the diamond line research and development is lower than expected.
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