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The alloy powder business has become a new attraction. In the first half of 2013, the company's alloy powder achieved revenue of RMB 97 million, an increase of 84.60% year-on-year and a gross profit margin of 39.85%. The annual sales volume of alloy powder is expected to double from last year. It is expected that the contribution of the alloy powder business to EPS will reach 0.10 yuan this year, and it is expected to reach 0.20 yuan after full production. We believe that the pre-alloy powder business is already a high-growth star business of the company. At present, the high growth of this business has not yet fully reflected in the company's stock price.
Polycrystalline materials also have growth potential. In the first half of 2013, the company's polycrystalline materials achieved revenue of 97 million yuan, a substantial increase of 99.07%. Although the gross profit margin decreased, it was still as high as 34.27%. The company's polycrystalline materials revenue growth rate far exceeds the Quartet. Once the oil film market opens, the company will be among the first echelons in the industry. We believe that the company's polycrystalline business is worth continuing to be optimistic.
Single crystal continues to grow, and there are still points to watch. In the first half of 2013, the company's diamond single crystal business achieved revenue of 548 million yuan, a year-on-year increase of 25.63%. The gross profit margin was 30.14%, which was down from the previous month. The company's goal for the whole year is to maintain a 20% growth. The focus of the single crystal business is on the follow-up of high-grade production capacity. In addition, high-end products such as large single crystals and nano-diamonds have also been implemented in small batches, and the follow-up progress is worthy of attention.
Earnings forecast: The EPS of the company is expected to be 0.38, 0.47 and 0.57 yuan in 2013, 2014 and 2015, respectively, and the price-earnings ratio corresponding to the closing price of 6.51 yuan on September 17, 2013 is 17, 14 and 11 times respectively. The company's follow-up is still a point of view, and its performance is expected to grow steadily, so it maintains a rating recommended by the company.
Risk: If the domestic macroeconomic growth rate continues to rise, the company's performance will not meet the expected risks. The time interval between the writing time of this report and the actual research time.
Yellow River whirlwind: new products force performance to continue to grow
Abstract New products and steady growth in performance. In the first half of 2013, the company achieved a total operating income of 785 million yuan, a year-on-year increase of 34.36%; net profit of 98.43 million yuan, an increase of 20.16%. Although the company's performance growth rate is not very high, it is already worth...
In the first half of 2013, Huanghe Cyclone Co., Ltd. achieved a total operating income of 785 million yuan, a year-on-year increase of 34.36%; net profit of 98.43 million yuan, an increase of 20.16%. Although the company's performance growth rate is not very high, it is worthy of recognition.