Abstract Single crystal business operation status introduction Industry level: supply side This year, due to lower equipment prices, Henan has more new production capacity, and single crystal demand is expected to grow steadily. If the new application field opens, it does not rule out the possibility of exceeding expectations. Judging due to the industry oligarchy...
Introduction to the operation of single crystal business

Industry level: supply side In 2012, due to lower equipment prices, Henan has more new capacity, and single crystal demand is expected to grow steadily. If the new application area does not rule out the possibility of exceeding expectations, we judge that due to the industry oligarchic pattern Change, the probability of a serious price war is not big, but there is also pressure on the rise of single crystal prices. At the company level, the output in 2012 was about 1.3 billion carats, and the output in the single season remained stable. It is expected to reach 1.7 billion carats in 2013. The 1.02 billion carat project contributed little in 2012. A total of 200 presses have been installed at the moment. After the project is fully completed, the company's production capacity will reach 2.5 billion carats. At present, the price of single crystals has increased slightly from the third quarter, and the low-end materials have increased by 10%-15%.

Introduction of micro-powder business operation status

The company's micro-powder capacity was not fully released in 2012. On the one hand, it coincided with the market downturn. At the same time, the equipment relocation and the establishment of internal management structure affected the production in the early stage of the establishment of the subsidiary. Now it is on the right track. It is expected that with the gradual recovery of the market in 2013, The company's micronized production will increase significantly. In the fourth quarter of 2012, the company's monthly output of micronized powder reached 40 million carats, an increase of 20-30 million carats in the third quarter. It is optimistic that the monthly output in 2013 will reach 100 million carats.

The expansion of new business areas laid the foundation for future growth: In 2011, the company entered the micro-powder field by means of joint venture holding. In 2012, it successfully replicated this model to develop the business of large-scale synthetic diamond (including jewelry-grade large single crystal) and resin wire saw business. Micronized powder (different from crushed material) is a future trend product of the diamond industry. It is mainly used in precision grinding and functional applications based on its thermal and optical properties. The application prospects are infinite; large single crystals are mainly used in tool manufacturing, and also Entering the jewelry field, the profitability is stronger than the company's existing single crystal; the cost of the resin wire saw is much lower than that of the electroplated wire saw, and the market promotion is relatively fast. It is expected to gradually profit in May and June 2013.

Investment suggestion : The EPS of 2012-2014 is expected to be 0.25 yuan, 0.33 yuan, 0.42 yuan respectively. The current stock price is 16 times that of 2013 PE, maintaining a strong recommendation rating.

Risk warning : The macroeconomic growth rate fell more than expected.

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