1. Leading enterprise in composite super-hard materials industry, based on high-profit chain of industrial chain The company is the largest polycrystalline diamond research and development and production enterprise in China, and also the manufacturer with the most complete varieties and specifications. It has advanced technology and strong product competitiveness. The comprehensive performance advantages of polycrystalline diamond are outstanding, and the replacement of cemented carbide is the trend. The continuous technological breakthrough makes the import substitution progress steadily. The company is located in the middle and lower reaches of the industrial chain, benefiting from the adequacy and price reduction of single crystal raw materials, large import substitution space, outstanding technical advantages, market share in the domestic first and downstream industries with low concentration. The leading products of composite superhard materials are still expected in the future. Maintain a higher gross margin relative to single crystals and articles. Second, capacity and growth rate and profitability determine the future development of oil and tool composite film market capacity and growth rate and profitability to determine the company's future focus will be on the development of oil and tool composites: (1) petroleum Composite film: In 2011, the global capacity is about 8-140 billion yuan, and China's capacity is 400-700 million yuan. It is expected that the demand growth rate will remain above 20% in the next few years. (2) Composite blades for tools: In 2015, global capacity may reach US$3.6-7.2 billion. In 2012, China's capacity will reach 2.2 billion yuan, and it may reach 4.3-4.8 billion yuan in 2015. The demand growth rate in the next few years may reach 25%-30%. (3) Composite sheets for mines: In 2012, the global capacity will reach 13 billion yuan, but the growth rate in the future is only about 5%. (4) Drawing die blank: It is estimated that China's capacity will be 2.3 billion yuan in 2012, and the future growth rate will be about 10%. The profitability of the company's oil and tool composites and drawing die blanks is significantly stronger than that of mine composite sheets. The gross profit margin of composite sheets for petroleum and cutting tools is about 40%, the high-grade drawing blanks are about 70%, and the mining composite sheets are about 30%. . Third, the high-end oil and large-diameter cutting tools with high volume, is expected to bring high performance growth In 2012, the company focused on promoting high-end petroleum composite sheet - HR tooth, is the highest-end product of petroleum composite film, mainly used for import substitution, The gross profit margin of petroleum composite sheets will be further improved. The composite sheet for large-diameter tools is the focus of future development. At present, the 50.8mm tool composite sheet has been supplied in small quantities, and the product quality has been comparable to the world advanced level. With the continuous marketing of high-end composites for petroleum and large-diameter tools, the company's performance is expected to usher in a period of rapid growth. IV. Earnings Forecast and Investment Proposal : The EPS of the company is expected to be 0.320.42 yuan and 0.58 yuan respectively in 2012-2014. According to the latest stock price on September 28, 2012, the dynamic PE for 2012-2014 is 40.69 times, 31.21 times and 22.68 times. In the previous period, the company's share price was driven by the shale gas concept. The relative yield was obvious. The space for continued rise in the short term was relatively limited. We temporarily gave the company a “hold†rating, but we are optimistic about the company's technological advantages in the composite film market and high-end oil. And the increase in the number of composite sheets for the tool gives the company a significant increase in performance. It is recommended to continue to focus on the company's development. V. Risk warning: The market promotion progress of high-end petroleum and tool composite sheets is lower than expected; the increase in single crystal prices has led to a sharp decline in product gross profit margin; macroeconomic growth rate continues to decline, and downstream demand continues to be sluggish.
Our 8-person hot tub is a perfect choice for those seeking a spacious and accommodating relaxation experience.
Tub Hot Spa Outdoor,Outdoor Hot Tub Spa,Outdoor Whirlpool,Luxury Spa Hot Tub
Foshan Nanhai Halo Sanitary Ware Co., Ltd. , https://www.halospas.com