GF Securities gives Yu Diamond a “Buy” rating

First, with diamond single crystal as the core, actively deploying the diamond industry chain company is a rising star of the synthetic diamond industry. The rapid expansion of single crystal production capacity has successfully ranked among the top three in China. The equipment research and development capability and raw material cost control ability have made the monocrystalline cost advantage outstanding. The gross profit margin is significantly higher than the industry average. Taking the single crystal as the core, the company actively deployed to the downstream, established a micro-powder subsidiary, and entered the photovoltaic industry chain with diamond wire. It plans to invest in diamond wheel project layout diamond products. Second, single crystal: high gross profit margin is expected to maintain, capacity release is the key to performance growth China's diamond single crystal accounted for 90% of the global market share, single crystal capacity growth rate slightly higher than demand, especially low-end production capacity, single crystal price will Step into the downstream channel. The company's cost advantage is outstanding and the proportion of high-grade single crystals is as high as 40%, which makes the company's single crystal price advantage obvious, and high gross profit margin is expected to be maintained for a period of time. It is estimated that the single crystal production capacity will be 1.4-15 billion carats in 2012, the output will be about 1.3 billion carats, and the 1.02 billion carat high-quality single crystal project will reach 2.2 billion carats after it is put into production. The key to the growth is the release of production capacity. Third, micro-powder: the global market space is huge, the company is expected to become the industry leader in 2011, the global demand for micro-powder is about 5 billion carats, and the future demand growth rate is 20%. After the company's micronized powder company is put into production, the annual production capacity of micronized powder will reach nearly 1 billion carats, and it is expected to become a leading enterprise in the industry. The company's single crystal production equipment is first-class in China, mature in process technology, and sufficient supply of raw materials for single crystals. At the same time, the company signed a performance guarantee agreement with Hengxiang Abrasives, and the release of micronized capacity will provide the company with a significant increase in performance. It is estimated that in 2013, the output of fine powder will be 300 million carats, accounting for about 10% of the profit of the main business. IV. Earnings Forecast and Investment Proposal: The company is a rising star in the diamond industry, with leading equipment research and development capabilities and raw material control capabilities. The high gross profit margin of single crystal is expected to be maintained, and the rapid expansion of production capacity is expected to ensure stable growth of earnings; endogenous growth And the expansion of the expansion, the micro-powder market space is huge, the company is expected to become the global micro-powder, the diamond line replaces the trend of the traditional steel wire, the release of new project capacity is expected to prompt the company to usher in a period of rapid growth. The 2012-2014 EPS is expected to be 0.28 yuan, 0.37 yuan and 0.49 yuan, according to the latest closing price on September 28, 2012, corresponding to 2012-2014 PE is 22.51 times, 17.19 times and 13.00 times, taking into account the company's performance 2013 The year will usher in rapid growth, and we give the company a “buy” rating. V. Risk warning: The overcapacity of synthetic diamond single crystals has caused a sharp drop in prices; the progress of diamond micropowder projects was lower than expected; the progress of diamond line projects was lower than expected.

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