Abstract Yu diamond positioning is a differentiated competitive strategy, focusing on the development of diamond wire saws and large single crystals. The company's layout in these two blocks is significantly ahead of other competitors. The monthly production capacity of micron diamond line is 1.4-1.6 million kilometers. The current monthly sales volume has reached 1-1.3 million kilometers,...
Yu Diamond is positioned as a differentiated competitive strategy, focusing on the development of diamond wire saws and large single crystals. The company's layout in these two blocks is significantly ahead of other competitors. The monthly production capacity of micron diamond line is 1.4-1.6 million kilometers, and the monthly sales volume has reached 1-1.3 million kilometers, which is close to full production. Therefore, the company has issued an additional project to expand its production capacity of 350 million meters of micron diamonds to Huajing Precision Investment. We believe that the company's capacity digestion problem is not big. (1) The industry space is huge. Our space measurement for the diamond wire saw for photovoltaic cutting, the micro-diamond wire required for LED sapphire underlay, and the demand for diamond wire saw for apple are 75, 4.7, and 2.7 billion meters, respectively. The company that owns the diamond wire saw technology, the company's 500 million meters micron diamond line can be digested. (2) Due to the high cost performance of the products, the demand for diamond wire saws of many potential customers cannot be met, and the new capacity will meet the needs of these potential customers after it is put into production. (3) Sapphire uses micron diamond wire as an emerging market. With the pull of Apple's smart watch and iPhone7, the market space is huge. After we forecast that the micron diamond line will be put into production, the revenue corresponding to the capacity of 500 million meters will reach 300 million yuan, and the net profit will reach 60 million yuan, equivalent to the company's full year 2014 profit.
Compared with industrial-grade large single crystals, we are more optimistic about the market of gem-quality large single crystals. The gem-quality large single crystal is expected to become a new army in the field of jewelry. After the technical transformation of the furnace, the company's headquarters has already converted one-third of the single-crystal production capacity into a large single crystal, which will be put into operation at the end of March. If the company's downstream market develops smoothly and can cooperate fully with large jewelers, it will open up a vast space of jewellery luxury goods (carat diamonds) or jewelry accessories (alternative rhinestones). On the one hand, the company's profitability will be significantly improved, the company also Will be more similar to the attributes of consumer goods.
It is predicted that the EPS of 2014-2016 will be 0.11, 0.15, and 0.19 yuan respectively. As the company's large single crystal project and diamond wire saw are undergoing positive changes, this year's performance is expected to usher in an inflection point and give an investment rating of “overweightâ€. .
Risk warning: sapphire screen and gem-quality large single crystal project advance lower than expected
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