China is the world's largest producer of synthetic diamonds. According to the statistics of the Diamond Industry Association in 2009, the global production of synthetic diamonds is 5.5 billion carats, and China accounts for about 70% of the total. With the continuous improvement of the grade of synthetic diamond, the use of diamonds continues to expand, providing space for the development of China's synthetic diamond enterprises. The most valuable addition to the field of synthetic diamonds is intermediate products such as polycrystalline diamond compacts. The value ratio of super-hard material products and super-hard materials in the international market is about 10 to 20 to 1, and the domestic level is also 3 to 5 to 1. Obviously, the development space of polycrystalline superhard material composite sheets is much larger than that of primary diamond manufacturing companies such as synthetic diamonds.
The non-public offering of the Yellow River Cyclone (600172) is in line with the development trend of the industry and has broad prospects. The company's non-public offering information has been submitted to the Securities and Futures Commission and is expected to be approved in early 2011. The company plans to raise funds mainly for the annual production of 12,000 tons of alloy powder production line project and the annual production of 12 million geological mineral drilling grade super-hard composite material production line project. The new projects are all high value-added products in the diamond industry, and the technical content is relatively high.
profit prediction. We predict that the company's EPS for 10, 11 and 12 years will be 0.19 yuan, 0.50 yuan and 0.99 yuan respectively. Based on the price of 11.92 yuan on November 12, the corresponding PE is 61X/23X /11X, and we maintain the “overweight†rating with a target price of 15 yuan.
investment risk. The company's polymer composite sheet and pre-alloy powder market are unfavorable.
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