Abstract Yu Diamond announced the results of the first three quarters of the forecast, and the profit has increased significantly. Our analysis is based on the logic that has been strongly recommended before. The revenue and profit of large single crystals have begun to increase, which has become the new engine for the company's performance growth. At the same time, the company’s major assets planned for suspension of trading were heavy...
Yu Diamond announced the results of the first three quarters of the forecast, the profit has increased significantly, we analyze, the reason is still the logic that has been strongly recommended before, the large single crystal revenue and profit began to increase, becoming the new engine of the company's performance growth. At the same time, the company's major asset restructuring process, which was previously suspended, has been suspended due to various reasons. The company plans to re-advance at a suitable time in the future and resume trading today. Still optimistic about the company's business transformation consumer market, maintaining the "strongly recommended -A" investment rating. The company's third-quarter results forecast net profit is between 70 million and 80 million, with a year-on-year growth rate of 40%-60%. The main reason is still the big logic that we strongly recommended before. The company's strategy of actively transforming luxury consumption has achieved initial results. The revenue and profit of large single crystal products still maintain rapid growth.
In May, it signed a contract for the purchase and sale of large single crystal diamonds with Shenzhen Kangtai Shengshi Jewelry Co., with a total contract value of 70.56 million US dollars. According to the current exchange rate, the contract amount is as high as 430 million yuan. The contract period is June 2015 and the contract performance period is 2 years. Roughly calculated, affected by this contract, according to the two-year average income, this year can contribute about 210 million new income, calculated according to the net interest rate of 50%, it is expected to increase the company's performance of 0.16 yuan.
The company expects net profit in 2015 to reach more than 100 million yuan, with revenue exceeding 1 billion yuan. At present, the company's main sales direction for large single crystals is for export to India. According to the company, the sales revenue of large single crystals exported to the Indian market can reach 30-40 million yuan, and the gross profit margin is about 60%, compared with the level growth in the fourth quarter of last year. More than doubled. It is estimated that the composition of sales revenue this year will be 400-500 million for micro-powder and wire saw (including the capacity of diamond wire saw will be expanded to 500 million meters/year after the increase of major shareholders), 1-2 billion diamond single crystal, large single crystal (Gem grade + industrial grade) 2-3 billion. Large single crystal and diamond wire saws will officially become the new engine of the company's transformation focus and performance growth. The production unit of the company's headquarters will be relocated from Zhengzhou High-tech Zone (which has already developed large-scale real estate around Huajing headquarters) to Fuyang. It is expected that the company will receive a considerable relocation income. Although the income is non-recurring profit and loss, it can be significantly thickened. Current performance.
Maintain “strongly recommended-A†investment rating. We are strongly optimistic about the company's gem-quality single crystal in the future to open the downstream consumption of the blue ocean market, estimated 2015-2016 earnings per share of 0.26 and 0.35 yuan, this year will achieve a larger product direction transformation.
Risk warning: The new business is lagging behind and the capacity release is lower than expected.
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