Adjustable modular circular formwork for the construction of curved walls. This is a high-strength durable circular formwork, with fast curving system and excellent concrete finishes. Optimised for energy sector constructions, such as water tanks, gas tanks, etc.
- Quickly erection and dismantlement. 20 minites complete a column formwork including all fastening work. Adjustable Formwork,Formwork System,Special Shape Formwork,Metal Adjustable Formwork Anshan Lijian Engineering Group Co. LTD , https://www.lijianformwork.com
- Modular design, be suitable for any different shap and dimension vertical concrete body.
- Needn't re-assembly when change the working place. Wheel set moving formwork only by manpower is enough.
- All operation by hammer is enough
The whirlwind of the Yellow River: ensuring the rapid growth of polycrystalline composites business
Investment Recommendation: The company is expected to report earnings per share (EPS) of 0.43 yuan in 2013, 0.53 yuan in 2014, and 0.64 yuan in 2015, with a corresponding dynamic P/E ratio of 14X, 12X, and 10X respectively. The polycrystalline composite business is set to become the main driver of profit growth, offering significant upside potential at the current valuation level. We continue to maintain our "Recommended" rating.
Key Highlights: The polycrystalline composite sheet segment is anticipated to outperform expectations in 2013. The company maintains a strong position in the domestic super-hard materials market, with stable orders and smooth development of new products. In its traditional diamond monocrystal business, the impact of slower economic growth has been limited, and expansion continues steadily. Growth in 2013 is expected to come from the polycrystalline composite sheet and pre-alloyed powder segments of the fundraising project, with the former likely to exceed projections.
Polycrystalline composite sheets represent one of the most valuable investment opportunities within the diamond industry chain. The upstream diamond monocrystal sector is expanding in an orderly manner, ensuring a steady supply of raw materials. China’s single crystal diamond output grew rapidly from 2001 to 2011, with a compound annual growth rate of 21.3%. Major manufacturers plan to increase supply by 10%–20% over the next three years, supporting stable material prices and availability.
The demand for these products is vast, especially with the growing need for natural gas. China is facing a rising demand gap, which is expected to expand from 40 billion cubic meters in 2012 to 75 billion by 2015, and reach 90 billion by 2020. Given the harsh conditions of gas field mining, PDC bits are increasingly replacing cemented carbide bits. It is estimated that the market for polycrystalline composite sheets in oil and gas exploration in China will reach 890 million yuan by 2015.
High entry barriers and significant import substitution potential make this sector attractive. Technical and certification challenges limit competition, with nearly 70% of PCD composites used in petroleum drilling currently dominated by foreign firms such as American Synthetic, DI Company, and Element Six. Domestic companies hold only a 3% market share.
The polycrystalline composite business is growing rapidly, while the traditional monocrystalline segment continues to expand steadily. With increased production capacity and higher-end orders coming online, we expect the polycrystalline composite segment to contribute approximately 0.07 yuan to EPS in 2013. Traditional monocrystalline products are also expected to deliver steady growth, adding around 0.03 yuan to EPS.
Risk Factors: 1) A decline in the diamond market cycle; 2) Slower-than-expected progress in the investment project.