Investment Highlights: In 2011, the company achieved operating income of 465 million yuan, an increase of 81.75% over the same period of last year; net profit attributable to owners of the parent company was 142 million yuan, an increase of 86.39%. The company's performance is basically in line with our latest expectations, and the growth in performance is mainly due to the increase in the price and price of synthetic diamond single crystals.
The capacity of single crystals continues to expand. In 2011, the company's single crystal production was about 1 billion carats. The company's 300 million carat fundraising project and the 340 million carat super fundraising project were completed in April and September 2011 respectively, and will contribute full capacity in 2012. At the same time, the company's 1.02 billion carat project, which uses its own funds and debt funds, is steadily advancing, and production capacity will be gradually released. It is expected that the company's single crystal production capacity will reach 1.6 billion carats in 2012. The advantages of single crystal are obvious, and the industrial chain is gradually improved. In 2011, the company's single crystal business gross profit margin reached 46.44%, which should be the highest level in the country, because the company has domestic top equipment. The six-sided press of Yu Diamond is self-developed, mainly based on 650 presses. At the same time, it is the only company in China that has a press with a cavity diameter of 1000. The company's press yield is significantly higher than that of domestic counterparts. In addition to the traditional single crystal business, the company's industrial chain gradually extends downstream. The micron diamond line project for photovoltaics has been basically put into production and is currently in the trial period of the product. It is expected to contribute some profits this year. At the same time, the company announced on March 26 that some of the remaining super-raised funds will be invested in the "annual production of 50,000 high-quality diamond grinding wheels" project. The project is expected to be trial-produced in May 2013 and put into operation in 2014. The contribution of normal years is 28.72 million yuan. The net profit was 6.22 million yuan, calculated by the existing share capital, and the EPS was increased by 0.02 yuan.
Investment suggestion: It is estimated that the EPS in 2012 and 2013 will be 0.70 yuan and 0.82 yuan respectively. The current stock price corresponds to 25 times PE in 2012, and the recommended rating is maintained. Risk warning: macroeconomic growth rate fell more than expected, micro-diamond line application is expected to be low
Plywood Blades Ceiling Fan Light
Plywood Blades Ceiling Fan Light,ceiling lamp with fan,chandelier with fan ceiling,ceiling fan with led light
JIANGMEN ESCLIGHTING TECHNOLOGY LIMITED , https://www.jmwindfansummer.com