Weld Neck Flange,Slip-on Flange,Socket Welding Flange Province Gold Mysterious Pipe Co., Ltd. , http://www.hbseamlesspipe.com
The demand for downstream applications is strong. Recently, diamond prices have generally increased by about 10%. Synthetic diamonds have high compressive strength, high wear resistance and corrosion resistance. They are widely used in sawing, grinding, cutting, drilling and other tools. Processing all kinds of non-ferrous metals and alloys, ceramics, engineering plastics, wood, composite materials, stone and glass, etc., and due to its excellent electrical, optical, thermal, acoustic, electrochemical properties and excellent chemical stability, it also becomes micro Indispensable materials for high-tech collars such as electronics, optoelectronics, telecommunications, aerospace, and aviation. According to the analysis and prediction of the project feasibility study report, in 2001-2010, China's synthetic diamond production increased rapidly from 1.6 billion carats to 9 billion carats, with an average annual compound growth rate of 21.05%. As of 2010, the output accounted for more than 90% of the global total. . In the next few years, domestic demand will maintain an average annual compound growth rate of over 30.49%. In 2013, domestic market demand will reach 20 billion carats (including high-grade diamond market demand accounted for 60%). At the same time, the global demand for synthetic diamonds will reach 30 billion carats in 2013, and the demand will maintain a growth rate of more than 30% over a period of time. The company now has a production capacity of 1.2 billion carats. After the completion of the investment project, the production capacity will reach 2.5 billion carats. Currently, the domestic synthetic diamond manufacturer Zhongnan Diamond Co., Ltd. (2.5 billion carats/year) has the highest production capacity, the Yellow River. Cyclone Co., Ltd. (1.5 billion carats/year) ranks second, followed by Yu Diamond, which currently has a production capacity of 1.2 billion carats per year. According to the company's plan, the company's diamond production capacity will reach 1.5 billion carats in 2012. After the proposed construction project is completed and put into production, the company's cumulative production capacity will reach 2.5 billion carats by mid-2013, which is more than 100% higher than the current level. After the project is put into production, it will ensure the company's rapid growth in the next three years. If the project is completed as planned, according to the share capital of 304 million, the company will contribute operating income of 495.87 million yuan (including export of 28.5 million carats and 37 million yuan) in 2014. The net profit after tax was RMB 146.67 million, bringing EPS to RMB 0.48. According to our preliminary research report, the company will achieve EPS of 0.56 yuan and 0.81 yuan in 2011 and 2012, an increase of 120% and 40% year-on-year. After the project is successfully completed as planned, the company's synthetic diamond production will increase to 2.5 billion carats in 2014, contributing EPS of 1.17 yuan. At the same time, the company's diamond wire project will reach full production by 2014 and will be widely used in the photovoltaic field. Promoted to use, the project can increase the company's EPS in 2014 to about 0.17 yuan, when the cumulative EPS is 1.34 yuan. Maintaining the company's “Recommended†investment rating. As the project temporarily does not contribute to the 2011 and 2012 results, it will gradually contribute profits after 2013. We calculate the earnings per share of 0.56 and 0.81 yuan in 2011 and 2012. It is 29 times and 20 times. As the company's products are in a period of vigorous development, we believe that its reasonable valuation should be between 40 times and 45 times, which has a larger room for improvement. We maintain the company's “recommended†investment rating.