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Huatai United: Excellent under the “stress test†of Yu Diamond
SMM News: 3 The quarterly report has excellent performance and maintained rapid growth. Under the pressure of many factors in the industry, Yu Diamond's 3 quarterly results are still outstanding. Our industry research confirmed that the overall capacity of the single crystal industry has expanded significantly since 2010; the sales price of Zhongnan Diamond has been loose since July and August; the cost of raw materials such as carbide top hammer has increased year-on-year. However, the company's gross profit margin for single crystal products remained stable at 46.5% in the third quarter, and net profit for the quarter was up 79.3% year-on-year, or earnings per share was 0.14 yuan. Looking forward to the 4th quarter and future challenges and opportunities. The challenges in the fourth quarter will not only come from the expansion of supply, the pressure of costs, and the slowdown in demand orders. Under the assumption that the overall demand is more pessimistic, we judge that the new industrial production capacity formed by simple outsourcing of several presses in the early stage will face the pressure of being shuffled out. However, leading enterprises such as Yu Diamond will benefit from the leading independent patent equipment, complete industrial chain layout and scale advantages, and will further consolidate its dominant position in the new round of survival of the fittest. We are more cautious about the company's short-term performance growth than the market. At present, the market generally expects the company to maintain the 1.2 billion carats at the end of 2011 and the capacity expansion of 1.8 billion carats in 2012. Based on the cautious expectation of overall demand growth, we predict that the company's expansion in 2012 will be slower than planned, and the output will be about At 1.5 billion carats, although the absolute growth rate is still high. Optimistic about the long-term prospects of the industry, research and development capabilities will be the key to building competitive advantage. Diamond materials are still in the product introduction period, and the growth space is broad, but the high cost is the biggest obstacle. Therefore, to find the target with a long time window, its characteristics should be to have the ability to develop and innovate, to achieve breakthrough progress in a certain application field, so as to achieve explosive growth. At present, industry leaders such as Yu Diamond, Yellow River Cyclone and Sifangda have this potential. The biggest point of the diamond is still in the possible breakthrough of the diamond cutting line. The cutting line product EcoMEP of Japanese competitor Asahi Diamond has entered a large-scale promotion stage. In the second half of 2010, EcoMEP used a strategy of cutting prices to open up the market. In fiscal year 2010, EcoMEP sales reached 8.9 billion yen (or 740 million yuan), which was 3.59 times that of 248 million in 2009. In fiscal year 2010, the company invested a total of 4.4 billion yen for the expansion of EcoMEP (approximately three times more than in previous years). Currently EcoMEP is mainly used for single crystal silicon and sapphire cutting. The company is developing and looking forward to the future of EcoMEP for cutting polysilicon, further stimulating demand growth.