Event: 11 released semi-annual report, as of the end of June, the company's revenue and net profit of 494 million yuan and 62.97 million yuan, an increase of 35.1% and 141.4%, respectively. The net profit attributable to owners of the parent company was 62.97 million yuan, an increase of 189.3% year-on-year; net profit after deducting non-recurring gains and losses was 59.14 million yuan, an increase of 179.12% over the same period last year. The basic earnings per share for the first half of the year was 0.22 yuan, an increase of 173.8% year-on-year, and the main business performance increased 1.8 times year-on-year, far exceeding expectations. The gross profit margin of the company's sales was 28.63%, down 5.7 percentage points over the same period of last year. The gross profit margin in the second quarter was 31.05%, which was 5.3 percentage points higher than the first quarter. The gross profit margin gradually rebounded. The net interest rate was 12.73%, which was higher than the same period of last year. 5.6 percentage points, the company's three expense ratio was 17.47%, down 2.69 percentage points over the same period last year. The company's operating income growth was only 35.1%, but the first half of the net profit increased by 141.4%, mainly because: 1) The main reason for the increase in operating income is that the company actively expands the market, strengthens marketing management, and the price of super-hard materials in the first half of the year 2) The increase in net profit is mainly due to the increase in sales of super-hard materials, super-hard composite materials and metal powders; 3) the reversal of asset impairment losses and the realized investment income also increase net profit It has a partial impact. The main reason for the significant increase in the company's revenue in the first half of the year was the gradual increase in the price of super-hard materials (diamond single crystal particles), super-hard composite materials (polycrystalline diamond composite sheet PCD) and pre-alloyed metal powder during the reporting period. We predict that the company's metal powder sales in the second half of the year can reach more than 1,300 tons, resulting in sales revenue and net profit of about 73 million yuan and 11 million yuan, thickening EPS of about 0.04 yuan (completely diluted); PCD polycrystalline composite sheet 2.5 million Around the film, the sales revenue and net profit will be about 78 million yuan and 13 million yuan, and the EPS will be increased by 0.04 yuan. The traditional business will contribute about 0.22 yuan. The EPS is expected to be about 0.3 yuan in the second half of the year. Diamond composite PCD and pre-alloyed metal powder account for more than 27% of the total, and will continue to increase next year. Comment: Positive factors: Polycrystalline diamond composite PCD products doubled in volume and gross profit margin increased significantly. In the first half of the year, the polycrystalline diamond composite sheet achieved sales revenue of 33.54 million yuan, an increase of 118.19% year-on-year, and a gross profit margin of 27.27%, an increase of approximately 4.8 percentage points year-on-year. With the further implementation of the company's fixed-income projects and the related finishing processing equipment in the third and fourth quarters, it is expected that the polycrystalline composite PCD will achieve a production and sales of 2.5 million pieces in the second half of the year, bringing sales revenue and net profit of about 78 million. Yuan and 13 million yuan, thickening EPS is about 0.04 yuan. The company's polycrystalline diamond compact (PCD), after more than 4 years of technical research and transformation, has been initially put into volume in 2009, and began mass production in 10 years, with a production of more than 1.7 million pieces and a sales income of more than 37 million yuan. The interest rate has reached 24%. We are cautiously predicting that the company's 11-12 years of composite film production will reach 4 million and 12 million pieces, with sales revenue of 110 million yuan and 550 million yuan. With the increase in the rate of finished products brought about by the new technology, the gross profit margin will increase. To 40% or more, the net profit of 11-12 years is conservatively estimated to reach 17 million yuan and 110 million yuan, which is about 0.05 yuan and 0.35 yuan for the company's EPS. According to public information, polycrystalline diamond compacts are currently used mainly in coalfield mines, oil and gas drills, and high-end machine tools, with a market size of more than 30 billion yuan. Compared with the traditional single crystal material, the polycrystalline diamond composite sheet has the characteristics of good adhesion, large cutting area and high efficiency. The market in the future is huge and is a potential substitute for single crystal products. The polycrystalline diamond composite sheets produced by the company are mainly divided into three categories: 1) polycrystalline diamond composite sheets for coal, the company's product price is about 20-25 yuan/piece; 2) petroleum drilling special diamond composite sheet, the company's product price is about 380. Yuan/Piece; 3) Shaped diamond composite sheet, the company's product price is about 930 yuan / piece; mainly used for shield equipment, special tunneling equipment and other links. The price of the above products is 30%-60% lower than the price of imported similar products, which is a typical import substitute. At present, domestic large-scale industrialization is still very rare; most markets are controlled by foreign elements 6, GE, etc. The release of pre-alloyed metal composite powder in the second half of the year has increased, and the gross profit margin has increased rapidly. The pre-alloyed metal powder achieved sales revenue of 40.62 million yuan in the first half of the year, an increase of 84.21% year-on-year, and a gross profit margin of 26.78%, an increase of 2.1 percentage points year-on-year. With the implementation of the company's fixed-income projects and the availability of relevant equipment in the third quarter, it is expected that the company's metal powder sales volume will reach more than 1,300 tons in the second half of the year, bringing sales revenue and net profit of about 73 million yuan and 11 million yuan. 0.04 yuan (after full dilution). The pre-alloyed metal composite powder (metal alloy powder) is a binder for diamond production; it is a new metal composite powder developed on the basis of the original elemental metal powder. Compared with the prealloyed metal composite powder, the conventional elemental powder has a high oxygen content and a poor adhesion to the metal particles; the prealloyed powder has a low oxygen content and a good adhesion. In addition, compared with the conventional elemental powder, it has the characteristics of fine powder particles, uniform alloying composition, good cold forming property, and high compactness of the sintered body. Pre-alloyed metal composite powder products have been used and popularized for many years in foreign countries, but the domestic use ratio is still very low; at present, the pre-alloy and metal powder in the domestic market are mainly monopolized by foreign products, and the price exceeds 100,000 yuan/ton, which is a high-margin product. . The company's refinancing project “12,000 tons of alloy powder project†has a production capacity of more than 1,000 tons in 10 years and contributed more than 57 million yuan. The domestic market share has reached the first place, and many downstream customers including MCC, Canglang, Jieyuan, etc. Recognition. In terms of market capacity, domestic diamond pellets have a production capacity of 5.9 billion carats per year, corresponding to a demand for pre-alloyed metal powder of about 60,000 tons, and a market size of about 3 billion yuan. As the domestic pre-alloyed metal composite powder is gradually applied and replaces the traditional elemental powder, the market size of the pre-alloyed metal composite powder will be rapidly opened. At the same time, with the improvement of the product yield, the company's gross profit margin in the first half of the year has reached 26.78%, an increase of nearly 2 percentage points over 10 years. In the future, with the establishment of equipment for the fixed-income project, the production capacity will increase rapidly and the yield will be rapidly improved, and its gross profit margin can be rapidly increased to over 40%. We have judged that the company's production of metal powder in 11-12 years will reach 2,000 tons and 12,000 tons respectively, which will bring the company revenue of 110 million yuan and 650 million yuan, and conservatively estimate profits of 18 million yuan and 130 million yuan. It is about 0.05 yuan and 0.41 yuan thick. The increase in the price of diamond single crystal particles has led to some performance improvements. The sales volume of diamond single crystal pellets reached 358 million yuan in the first half of the year, up 34.7% year-on-year. The gross profit margin was 30.14%, down about 8.5 percentage points year-on-year, and down about 1.73 percentage points from the second half of the year. The main reason is that the company has increased the environmental protection of the production process of diamond single crystal particles and the increase in part of the cost of rising employee wages. It is estimated that the company's diamond single crystal production in the first half of the year is about 850 million carats. It is expected that the annual output of diamond single crystal particles will reach 1.7-1.8 billion carats, and the sales income will be 750 million yuan. The profit will be about 140 million yuan. 0.4 yuan or so. The company is the industry standard for traditional single crystal superhard materials (diamond single crystal particles). The product quality is benchmarked in the industry, and the premium of similar products is over 10%. In the future, the company will continue to maintain the first quality through technological transformation and technological progress, reduce the low cost, enhance the company's profitability, maintain the production capacity between 1.5 and 2 billion carats, and maintain the steady growth of the main business of diamond single crystal particles. The company's 700 sets of equipment will be in place in 11-12 years, and the company will focus on the combination of large and small models, using a variety of models and features, to achieve high quality, low cost coverage of all particle size segments, forming a full range of products. It is estimated that the company's diamond production capacity will reach 1.8 billion carats, 2 billion carats and 2.2 billion carats in 11-13 years. It is estimated that the company will realize income of 750 million yuan, 840 million yuan and 870 million yuan; realize profits of 140 million yuan and 160 million yuan. About 160 million yuan, the thickening EPS is about 0.4 yuan, 0.51 yuan and 0.51 yuan. Negative factors: Whether the company's polycrystalline composite sheet and pre-alloyed metal composite powder can be released in time; Business prospect: 52mm super large diameter polycrystalline diamond composite sheet realizes industrialization. The production process of polycrystalline diamond composite sheet mainly includes four parts: diamond particle-diamond micropowder-large diameter polycrystalline diamond composite sheet-polycrystalline diamond cutter. The company is the first company in China to develop polycrystalline diamond compacts and to achieve mass production in large quantities. With nearly a decade of technological accumulation, breakthroughs have been made in large diameter diamond composite sheets. According to the survey, we found that the company has further developed large-diameter diamond composite sheets with a diameter of more than 52mm and commercial supply to customers. The import price of such composite sheets is calculated according to per square millimeter, and the price is as high as 2 yuan/mm 2 . The price of each piece is as high as 4,200 yuan. It is understood that such ultra-large-diameter diamond composite sheets have not yet been commercially produced in China, and are typical high-gate-type imported substitute products. To this end, the company has now combined with the original micronized business unit and polycrystalline diamond composite sheet business unit to further organize the establishment of the polycrystalline diamond composite sheet tool business unit, to open the entire process from diamond particles to the final giant crystal diamond tool, and actively promote Production of large diameter polycrystalline diamond compacts and their tools. Taking the super-large-diameter polycrystalline composite sheet as an important development direction of the company, it has cultivated a new profit growth point for the company. According to the relevant data, the high-precision machine tool made of super-large-diameter polycrystalline composite sheet has high processing precision and good surface quality, which can be used for cutting and grinding, saving process. Gem-quality large single crystals already have the basic conditions for industrial production. The company has made technological breakthroughs in the field of gem-quality large single crystals, and has the basic technological conditions for producing gem-quality large single crystals. We have seen that the company's R&D center produces large-diameter gem-quality single crystals of 14mm or more and weighs 9 carats; the diamond jewelry developed on the basis of it has no difference in atomic arrangement and composition. At present, there is no major introduction to the introduction of such products for the promotion of artificial gem-quality large single crystals; there are no relevant regulations and guidelines in China to distinguish and process artificial gemstones and natural gemstones; once this aspect is clear, artificial gemstones will be opened. A new world of single crystals. According to reports, the artificial gem-quality single crystal can truly realize the dream of "Diamonds are long-lasting, a long-term pass": we can extract the substances of the human body, such as the baby's fetal hair, to use the carbon inside, the synthesis belongs to The baby's unique baby diamond in the world, truly "diamond long-lasting, a long-term pass." Once the similar marketing model is opened, it will open a new world of artificial gem-quality single crystals. In addition, according to relevant information, the current large-size gem-quality diamond single crystal can be directly applied not only in the fields of civilian jewelry and tools, but also has great application space in the field of high-power laser equipment manufacturing, new laser beam weaponry and other aerospace military fields. . The shaped polycrystalline diamond compact is gradually released. China's special-shaped polycrystalline diamond composite sheet, which has long relied on imports, is one of the core consumable parts for high-end geological and excavation equipment. After cutting into the field of polycrystalline diamond compacts in recent years, the company actively developed heterogeneous polycrystalline diamond compacts, and finally made breakthrough progress. At present, it can mass produce such products and supply them to downstream customers. The price of such shaped polycrystalline diamond composite sheets is as high as 800 yuan. It is understood that the price of mining picks has reached 930 yuan/piece. The demand for various types of tunneling equipment is huge and the market prospect is broad. Actively use its own advantages and regional advantages to get involved in the new energy field. In the future, the company will combine its own advantages in micro-powder technology, integrate domestic and foreign resources, and increase research and development of new energy products; strive to achieve major breakthroughs in the near future. We judged that compared with other companies in the industry, Huanghe Cyclone can actively use the resources advantages of its overseas shareholders and combine the latest hot products of the domestic new energy industry chain to make a strong layout. At the same time, taking into account the product characteristics and layout of the relevant companies in the region where the company is located, it is likely to form alliances with relevant enterprises in the region in the future, forming a strong alliance and jointly developing new energy products. We have judged that the company's related projects are closely preparing for R&D. Considering the principle of “doing more and less talkâ€, the company has many bright futures and breakthroughs, and the imagination is huge. Earnings Forecast We predict that the EPS for 11-13 years is estimated to be 0.5 yuan, 1.22 yuan and 1.77 yuan, corresponding to PE 35 times, 14 times and 9.7 times, and the 6-month target price is about 36 yuan. We are strongly optimistic about the company and give a “strongly recommended†rating. Investment suggestion: The company's performance in the first half of the year reached 1.8 times growth, far exceeding expectations. With the help of the refinancing project - pre-alloyed metal composite powder and polycrystalline diamond composite sheet project, the profitability will be continuously improved, and a Yellow River whirlwind will be rebuilt in the future. It will become the main performance source of the company in the future; 54mm super large diameter polycrystalline diamond composite sheet and shaped sheet will become the company's new high-end polycrystalline composite sheet products in the future, bringing considerable economic benefits to the company; large monocrystalline single crystals of 14mm or more have been With the basic conditions for large-scale production; at the same time, the company will take advantage of its own diamond micro-powder, and will seize the opportunity of the development of new energy and new materials industry, and actively cut into relevant fields. We believe that through the company's polycrystalline composite sheet and metal powder volume, the company will usher in a new development period, maintaining its performance for 100 consecutive years of 100% growth. Considering only the company's current refinancing of metal alloy powder and PCD film, the 11-13 year EPS is 0.5 yuan, 1.22 yuan, 1.77 yuan, corresponding to PE 35 times, 14 times and 9.7 times. As a company that spans both the new energy and new materials industries, it is conservatively given 30 times PE, and its target price for 12 years is 36 yuan, which is more than double the space, giving a “strongly recommended†rating. As a company that consistently releases performance and has a certain growth potential, we recommend long-term value investors to actively intervene in the recent market volatility. Risk warning: The release rate of polycrystalline composite sheets and metal powders has not reached the expected level.
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