information:
The company announced its 2011 annual report, 11 main operating results:
1. The company achieved operating income of 465 million yuan, an increase of 81.75% over the same period of last year;
2. Realized operating profit of 165 million yuan, an increase of 92.28% over the same period of last year;
3. The net profit attributable to shareholders of listed companies was 142 million yuan, a year-on-year increase of 86.39%;
4. Realize basic earnings per share of 0.47 yuan.
Profit distribution plan: It is planned to send RMB 1 yuan (including tax) for every 10 shares; at the same time, to increase 10 shares for every 10 shares of all shareholders by capital reserve.
The company is mainly engaged in the research and development, production and sales of synthetic diamond and its raw and auxiliary materials, as well as the research and development of diamond synthesis equipment. The company's performance growth was mainly due to the company's capacity release and comprehensive competitiveness, resulting in sales growth. The investment of 300 million carats and 340 million carats of synthetic diamonds will be produced. In 2011, the total production capacity of synthetic diamonds will be 1.06 billion carats.
The gross profit margin of the company's sales in 2011 was 46.44%, an increase of 0.71 percentage points over the same period last year. Mainly due to the company's core advantages in large-scale cavity size in synthetic diamond synthesis, and long-term focus on research and development investment. In February 2012, the company and the Zhengzhou Abrasives Grinding Research Institute jointly completed the "catalyst synthesis of high-grade diamond key equipment and complete process technology development" project, won the "2011 National Science and Technology Progress Award second prize." By the end of 2011, the company had been authorized or accepted 360 domestic patents (299 granted patents), including 31 domestic invention patents (7 authorized). Three fees analysis. The company's 11-year expense ratio was 9.69%, down 1.68 percentage points from last year. Mainly the management expense ratio fell by 2.21 percentage points year-on-year.
The company's 11-year inventory was 134 million yuan, a year-on-year increase of 169.10%, which was due to the expansion of the company's scale and the increase in reserves of materials and spare parts. The company welcomes the opportunity of industry development. First, in the key product catalogue of the “12th Five-Year Plan for New Materials Industryâ€, high-grade diamonds and high-efficiency precision superhard materials as new inorganic non-metallic materials are also planned; second, in November 2011, Zhengzhou City The announcement of "Zhengzhou New Material Industry Development Plan" proposes that by 2015, the new material industry will achieve sales revenue of over 100 billion yuan, which will become an important support for Zhengzhou's strategic emerging industries. Among them, the super-hard materials and products industry strives to achieve sales revenue of over 10 billion yuan.
The company's future highlights: First, in May 2011, the company announced a 1.02 billion carat synthetic diamond project, with a total production capacity of 2.08 billion carats after full production, which will form a three-pronged trend with the Central South Diamond and the Yellow River whirlwind; The line project, designed and produced special micro-diamond lines of 0.33mm and 0.12mm, with annual production capacity of 14,400km/year and 132,000km/year respectively, and increased capital of 170 million in September using supermodel funds. Third, the company actively extended the synthetic diamond industrial chain and extended to the downstream sector.
Earnings forecast and investment suggestion: The forecast EPS of 2012 and 2013 is 0.67 yuan and 0.87 yuan respectively. According to the closing price of 17.30 yuan on March 23, the corresponding PE is 25.96 times and 19.85 times respectively. The current valuation is relatively reasonable relative to the industry, maintaining the company's “overweight†investment rating.
Risk warning: fluctuations in the economic climate; the rapid expansion of the industry's production capacity caused the phase of the single crystal diamond to decline.
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