From January to March 2012, the company achieved operating income of 116 million yuan, a year-on-year increase of 38.10%; operating profit of 33.59 million yuan, an increase of 5.84%; net profit attributable to owners of the parent company of 33.54 million yuan, an increase of 23.79%; basic per share The income is 0.11 yuan. Revenue continued to grow rapidly and overall gross profit margin declined. As the most complete synthetic diamond manufacturer with domestic technology and R&D capabilities, the company's production and sales of synthetic diamond ranks third in the country. As of the end of last year, the company's synthetic diamond production capacity is about 1.2 billion carats, and will further expand to 2.2 billion carats by 2014. The company's synthetic diamond production capacity is in a sustained release phase, overcoming international standards in the first quarter. financial Affected by unfavorable factors such as the crisis, operating income continued to grow rapidly, with a year-on-year increase of 38.10%, but a sequential decline in two consecutive quarters. The consolidated gross profit margin was 42.83%, down 2.92 percentage points year-on-year. During the period, the expense ratio increased significantly and the non-operating income increased significantly. The company's expense ratio during the period was 13.12%, an increase of 5.77 percentage points year-on-year. Mainly due to: R&D expenses and increase in stock option expenses led to an increase of 97.95% in administrative expenses and a management fee rate of 3.55 percentage points year-on-year to 11.73%; most of the raised funds have been used. bank The decrease in interest on deposits and the increase in interest on loans made the financial expenses for the current period only 1.7 million yuan, compared with -2.37 million yuan in the same period last year. The financial expense ratio increased by 2.88 percentage points year-on-year to -0.15%. The decline in comprehensive gross profit margin and the significant increase in the expense ratio during the period made the company's operating profit only increase by 5.84% year-on-year. On the other hand, due to the substantial increase in government subsidies received, non-operating income increased by 5.99 million yuan to 6.1 million yuan, and the earnings per share increased by 0.02 yuan. New projects contribute significantly, and capacity is continuously released to ensure growth. The 300 million carat fundraising project and the 340 million carat super fundraising project that the company produced last year achieved 9.54 million yuan and 11.02 million yuan respectively, and the 1.02 billion carat project is also steadily advancing. It is expected to be trial production in early 2013 and reach in 2014. Production. Despite the slowdown in downstream demand growth and the sharp expansion of industry capacity in the short term, the industry is facing the risk of overcapacity and price wars. However, we believe that the company has the advantages of technology and research and development, and the development prospects are better than the market. It is expected that the synthetic diamond compound growth rate can still be maintained at around 30%. The industrial chain extends to expand the growth space. In addition to actively expanding the production capacity of synthetic diamonds, the company's extension of the industrial chain of diamond cutting lines and diamond micropowder has brought more room for growth. These two businesses have not yet formed revenue in 2011 and are expected to contribute to the performance gradually this year. In addition, the annual output of 50,000 high-quality diamond grinding wheel projects is expected to be put into operation in August 2013 and reach production in July 2014. It is estimated that the annual average new sales income will reach 28.72 million yuan and the annual average new profit will be 8.29 million yuan. Forecast and investment rating. We expect the company's 2012-2014 earnings per share to be 0.66 yuan, 0.86 yuan and 1.15 yuan respectively, according to the latest closing price of 15.24 yuan, the corresponding dynamic price-earnings ratio levels are 23 times, 18 times and 13 times. The company's synthetic diamond production capacity is expanding rapidly and has high growth. The extension of the industrial chain will bring more points of view to the company's performance growth. We are optimistic about the company's long-term development prospects and maintain the investment rating of “overweightâ€.
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