Sifangda: Super-hard material composite sheet market has a large capacity

Abstract Sifangda is the largest PCD (polycrystalline diamond) R&D and production enterprise in China. The products are in the middle of the synthetic diamond industry chain; the super-hard material composite sheet has a large capacity and strong profitability, but the company's hair in the short term. Interest rates may fall in Anxin...

Sifangda is China's largest PCD (polycrystalline diamond) R&D and production enterprise. The products are in the middle of the synthetic diamond industry chain; the super-hard material composite sheet has a large capacity and strong profitability, but the company's gross profit margin in the short term. May drop

Essence Securities reported on September 26 that The company is the largest PCD (polycrystalline diamond) R&D and manufacturing company in China, and its products are in the middle of the synthetic diamond industry chain. The company's composite superhard material products are divided into oil/natural gas composite sheets, mining composite sheets, tool composite sheets and wire drawing blanks. Products have entered the global procurement system. The company's operating income grew steadily. From 2007 to 2010, the company's annual growth rate of operating income and net profit was 18.64% and 28.12%, respectively. In 2010, the operating income was 112 million yuan, a year-on-year increase of 32.43%.

The super-hard material composite sheet has a large market capacity and strong profitability. 1) In 2012, China's PCD tool market will reach 9 billion yuan. The global PCD composite film market has a capacity of more than 10 billion yuan. 2) In the future, the annual market capacity of global PCD mines and oil tablets will exceed 10 billion yuan. Due to the high technical content of the composite sheet, the entry barrier is relatively high, and the profitability in the industrial chain is the strongest. The composite sheet for petroleum and the composite sheet for tools are relatively more profitable. The company will focus on the future development of oil tablets and blades, and believe that the company's strategy is correct.

The company's gross profit margin may decline in the short term. The company will focus on expanding production this year, and personnel training and equipment debugging will take some time. The mining tablets are in-stock sales, while the oil tablets are produced by way of order. In response to such a method, combined with the relatively low technical content of the mining sheet, it is speculated that the company may produce more mine pieces during the transition period, resulting in changes in the structure of the composite sheet product. Since the gross profit margin of the mining film is about 20% lower than that of the oil film and the blade, and the development of the petroleum film customer takes a long time and is discontinuous, the company's oil film may not release its performance in the short term. It is expected that the company's gross profit margin may decline in the short term.

Considering that the company's profitability may be lower than expected this year, but its growth is good, it is worthy of attention in the medium and long term. It is expected that the company's operating income growth rate in 2011-2013 will be 30%, 37%, 53%, and EPS will be 0.60 yuan and 0.87 yuan respectively. , 1.4 yuan. Given the company's 33 times PE in 2012, the reasonable stock price is 29 yuan.

Risk Warning: The risk of a temporary decline in gross profit margin brought about by the expansion of production. Exploit the unfavorable risks of the market. Accounts receivable accounted for a large proportion of the main business income.
 

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