Recently, our field research visited Yu Diamond, and conducted in-depth communication with the company's business leaders on the company's overall development strategy, the current status and prospects of various businesses, and the technical research and development and marketization of the developed projects. Through communication and visits, we draw the following conclusions: 1. The company's traditional business of synthetic diamond is in the rapid growth period of the boom cycle. The company's production technology is mature day by day, the product structure is gradually developing to the high end, and the downstream machinery industry and infrastructure scale are developing rapidly, which makes the demand for synthetic diamond market explode. The situation, its excellent performance is being widely used in the high-tech field. The company's 11 years of synthetic diamond production will reach 1.2 billion carats, product grade and profitability in the same industry leading level, the average gross profit margin of products reached more than 40%; 2, the company relies on years of technical accumulation, active transformation, its research and development and Products gradually expand to the photovoltaic industry. The micro-diamond line for the photovoltaic industry, which has been widely concerned by the market, has progressed far beyond our expectations. At present, it has reached the stage of production from the pilot stage of the product. A new micro-diamond cutting line production plant for the photovoltaic industry is scheduled to be put into production at the end of the year. This product will be widely used in the cutting of polysilicon, monocrystalline silicon and LED sapphire materials required by the photovoltaic industry. It is expected that its output will reach 150,000 km in 2012, which is a great opportunity for the explosive growth of the photovoltaic solar industry and will become a new company. The profit growth point; 3, if the company's business can develop smoothly, the company's profitability will achieve rapid take-off. In 2011, the performance level of the traditional synthetic diamond business could be doubled to 0.56 yuan per share; in 2012, the output of synthetic diamond reached 1.5 billion carats, and 0.7 yuan per share could be achieved with the same gross profit level; photovoltaic diamond cutting line The production line is considered to have a yield of 67% at a production capacity of 150,000 kilometers, which can contribute about 0.12 yuan per share. In summary, we expect the company to achieve earnings per share of 0.56 yuan and 0.81 yuan in 2011 and 2012, respectively, an increase of 120%, 40%. As the company's products are in a period of vigorous development, its profitability can guarantee a compound annual growth rate of more than 50% in the next three years. According to this calculation, PEs in 2011 and 2012 are 32 times and 23 times respectively, while high-growth industries. According to the PE/G valuation, its reasonable valuation should be about 45 times. The valuation has a large room for growth. For the first time, we give the company a “recommended†investment rating.
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