The Yellow River Cyclone (hereinafter referred to as "the company") products involve the entire diamond industry chain, and its operating income has grown steadily. The company is the second largest diamond production base in China. The products are mainly made of upstream synthetic diamonds, and some middle and downstream products such as cubic boron nitride, drilling grade composite sheets, tool composite sheets, and pre-alloy powders. During the period 1995-2010, the company's operating revenue grew at a compound annual growth rate of 11.58%. In 2010, the operating income was 822 million yuan, a year-on-year increase of 37.29%. The company implements the “1+2†strategy, which is based on the artificial diamond business and actively extends to the downstream sector. It has completed two fundraising projects (annual production of 12,000 tons of alloy powder production line project and annual production of 12 million geological minerals drilling). Grade superhard composite material production line project). Annual production of 12 million geological mineral drilling grade super-hard composite material production line projects: With the optimization of product structure and the scale advantage, the gross profit margin of the company is expected to increase to over 40%. We expect that the company's composite film business structure optimization and market development may take time. The revenue in 2011-2013 is RMB 75 million, RMB 140 million and RMB 240 million respectively. According to the net interest rate of 15%, the net profit is RMB 11 million. 0.21 billion yuan and 0.36 billion yuan, respectively, increased EPS by about 0.04 yuan, 0.07 yuan and 0.11 yuan. The annual production capacity of 12,000 tons of alloy powder production line project is very profitable. It is expected to be put into use by the end of this year. The gross profit margin of the project is expected to be around 30%, and it is likely to reach 40% or more in the future. It is estimated that the company's pre-alloy powder production in 2011-2013 will reach 2000 tons, 5,000 tons and 8,000 tons respectively, with an increase of 100 million yuan, 250 million yuan and 400 million yuan respectively. According to the net interest rate of 15%, the net profit will be 15 million respectively. Yuan, 37.5 million yuan and 60 million yuan, respectively, increased EPS by about 0.05 yuan, 0.12 yuan and 0.19 yuan. Considering that the company's business is relatively complete in the diamond industry chain, it is worthy of medium and long-term attention. We expect the company's operating revenue growth rate to be 34%, 34%, 30% in 2011-2013, respectively, and EPS is 0.42 yuan, 0.66 yuan, 0.92 yuan. . The company was given 27 times PE in 2012, and the reasonable stock price was 17.8 yuan. For the first time, the investment rating of “Overweight-A†was given.
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