The company's main business is the research and development, production and sales of synthetic diamond and its raw and auxiliary materials, as well as the research and development of synthetic diamond synthesis equipment. The product is single, the main business is outstanding, and the future is ready to extend to downstream diamond tool products.
The downstream products of the company are mainly used for the production of sawing tools (60-70%) in the fields of stone building materials, grinding and cutting tools (15%) for mechanical and electronic processing, and drilling for construction geological exploration. Class tools (2%) and other categories of tools (20%).
The downstream diamond tool market continues to grow
After 20 years of development, China's diamond tool industry is constantly maturing. At present, its main downstream industry is in a stage of rapid development (China has become the world's largest stone production and processing country; China's construction industry is also more than 20% per year) Growth, etc.), coupled with the acceleration of the world diamond tool industry's transfer to China's industry, will face greater development opportunities in the future (expected demand growth in the domestic market in the next three years is between 15-20%).
At present, the global diamond tool market has a capacity of about 20 billion US dollars, and the application fields are constantly expanding. The demand for professional high-end products is on the rise.
The main downstream market of diamond tools in China is relatively less affected by the economic downturn, and the trend of the transfer of diamond tools to China's industry has not changed. It is expected to maintain steady growth in the future, with an increase of around 15%.
Analysis of company's competitive advantage
In 2009, China's synthetic diamond production reached 5.4 billion carats, and production and sales accounted for more than 70% of the global total. The company's 2009 annual production of synthetic diamonds was 402 million carats, while the major domestic competitors Huanghe Cyclone and Central South have a production capacity of more than 1.5 billion carats. The industry concentration of the top three companies in terms of production capacity is about 80%.
The company is a domestically produced synthetic diamond manufacturer with the most complete technology and R&D capabilities in China.
At present, the company has been authorized or accepted 148 domestic patents, including 11 domestic invention patents; the company has mastered the core technologies of large-scale synthetic equipment, large cavity synthesis technology and raw and auxiliary materials for large cavity synthetic synthetic diamond; Two first prizes for scientific and technological progress in Henan Province and one second prize for scientific and technological progress in Henan Province; the company is a high-tech enterprise.
The company combines the defects of the industry's technical equipment, and the HJ-650 intelligent networked press developed independently. The products obtained have a certain degree of change compared with the traditional synthetic equipment in China in terms of high grade ratio, product granularity and high toughness. . With the addition of the HJ-650 model press in the next three years, the company's product structure will be adjusted to further improve the high-grade product rate, so that China's synthetic diamond technology gradually reaches international standards.
Profit growth is faster than the industry is a foregone conclusion
The company's revenue increased by 65% ​​in 2008. In 2009, affected by the economic crisis, its revenue increased by 19%, far better than the industry average. We believe that the company's revenue and profit growth will continue to be faster than the industry in the next two years.
The fundraising project is mainly to invest nearly 200 million yuan in an annual output of 300 million carats of high-grade synthetic diamond projects. After the project is completed, the company's production capacity will exceed 700 million carats.
As far as the current competition situation is concerned, we believe that the company's production capacity will still be digested soon after the project is put into production, and there may be a strong impulse to expand production. At that time, the company's market share will further increase.
Institutional valuation:
Guosen Securities: The reasonable value range is about 17.11 yuan
Haitong Securities: reasonable valuation interval 25.16-25.30 yuan
Essence Securities: Reasonable stock price at 17-19 yuan
Source: Netease Finance
The downstream products of the company are mainly used for the production of sawing tools (60-70%) in the fields of stone building materials, grinding and cutting tools (15%) for mechanical and electronic processing, and drilling for construction geological exploration. Class tools (2%) and other categories of tools (20%).
The downstream diamond tool market continues to grow
After 20 years of development, China's diamond tool industry is constantly maturing. At present, its main downstream industry is in a stage of rapid development (China has become the world's largest stone production and processing country; China's construction industry is also more than 20% per year) Growth, etc.), coupled with the acceleration of the world diamond tool industry's transfer to China's industry, will face greater development opportunities in the future (expected demand growth in the domestic market in the next three years is between 15-20%).
At present, the global diamond tool market has a capacity of about 20 billion US dollars, and the application fields are constantly expanding. The demand for professional high-end products is on the rise.
The main downstream market of diamond tools in China is relatively less affected by the economic downturn, and the trend of the transfer of diamond tools to China's industry has not changed. It is expected to maintain steady growth in the future, with an increase of around 15%.
Analysis of company's competitive advantage
In 2009, China's synthetic diamond production reached 5.4 billion carats, and production and sales accounted for more than 70% of the global total. The company's 2009 annual production of synthetic diamonds was 402 million carats, while the major domestic competitors Huanghe Cyclone and Central South have a production capacity of more than 1.5 billion carats. The industry concentration of the top three companies in terms of production capacity is about 80%.
The company is a domestically produced synthetic diamond manufacturer with the most complete technology and R&D capabilities in China.
At present, the company has been authorized or accepted 148 domestic patents, including 11 domestic invention patents; the company has mastered the core technologies of large-scale synthetic equipment, large cavity synthesis technology and raw and auxiliary materials for large cavity synthetic synthetic diamond; Two first prizes for scientific and technological progress in Henan Province and one second prize for scientific and technological progress in Henan Province; the company is a high-tech enterprise.
The company combines the defects of the industry's technical equipment, and the HJ-650 intelligent networked press developed independently. The products obtained have a certain degree of change compared with the traditional synthetic equipment in China in terms of high grade ratio, product granularity and high toughness. . With the addition of the HJ-650 model press in the next three years, the company's product structure will be adjusted to further improve the high-grade product rate, so that China's synthetic diamond technology gradually reaches international standards.
Profit growth is faster than the industry is a foregone conclusion
The company's revenue increased by 65% ​​in 2008. In 2009, affected by the economic crisis, its revenue increased by 19%, far better than the industry average. We believe that the company's revenue and profit growth will continue to be faster than the industry in the next two years.
The fundraising project is mainly to invest nearly 200 million yuan in an annual output of 300 million carats of high-grade synthetic diamond projects. After the project is completed, the company's production capacity will exceed 700 million carats.
As far as the current competition situation is concerned, we believe that the company's production capacity will still be digested soon after the project is put into production, and there may be a strong impulse to expand production. At that time, the company's market share will further increase.
Institutional valuation:
Guosen Securities: The reasonable value range is about 17.11 yuan
Haitong Securities: reasonable valuation interval 25.16-25.30 yuan
Essence Securities: Reasonable stock price at 17-19 yuan
Source: Netease Finance
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