I. Overview of the event Recently, we have researched new and new materials and learned about the company's production and operation. Second, analysis and judgment of fundraising projects to help the company's performance growth sales in November have shown signs of stabilization. Judging from the cuttings market is now in the destocking stage, high stocks will stabilize after 3-6 months of digestion. With the reshuffle of the photovoltaic industry and the regulation of domestic environmental protection, some small-scale factories have been shut down and some medium-scale mortar recycling plants have been maintained. The company will benefit from domestic environmental protection as a mortar recycling leader. At the end of the year, the company has a production capacity of 73,000 tons of cutting blades and 30,000 tons of waste mortar. The company's investment capacity of 25,000 tons of solar cutting blades and 8,000 tons of semiconductor cutting blades have entered the trial production period. The waste mortar will be put into production in the first quarter of next year, and the fundraising project will help the company's performance growth. Short-term replacement of diamond wire does not occur. We believe that the diamond wire is currently not competitive, mainly because the cost of diamond wire is higher than that of steel wire + mortar. The company's downstream customers currently use a few diamond wires, and GCL-Poly is also mainly used for experimentation and improvement. In the next two to three years, the diamond cutting line will not be comparable to the cost of steel wire + cutting fluid. We measure the materials used in each wafer. At present, the cost of cutting each wafer is 1.88 yuan/piece, while the diamond wire cutting is 3.48 yuan. At present, there is still a big gap in cost, considering the recovery of mortar. Utilize, the current cost of cutting a piece is less than 1.5 yuan / piece, and the short replacement of diamond wire will not happen. Expecting the large-scale application of mortar recovery silicon powder technology For the mortar recovery ratio, 0.3 tons of silicon carbide micropowder and 0.4 tons of cutting liquid can be recovered per ton of waste mortar. At present, this recycling method is already a mature method, and the future improvement will not be too large. The core competition of the company lies in the recovery of silicon powder from mortar in research and development. If the recycled silicon powder reaches 3N level, it will increase revenue by 300 million, 4N level will increase by 720 million, and 5N level will increase by 1.17 billion. If the scale application will be extremely explosive, look forward to the company. Mortar recycling silicon powder scale application. III. Earnings Forecast and Investment Proposal The company's future performance will grow steadily. The use of new products to recycle waste mortar will contribute to the next year. If the company successfully recycles silicon powder, it will bring better returns to the company. The company's 2011-2013 EPS is expected to be 0.62 yuan, 0.84 yuan and 1.21 yuan, giving an investment rating of "cautious recommendation". Fourth, the risk suggests that the price of diamond wire has dropped sharply, and the uncertainty of the company's progress in recycling silicon powder exists.
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