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中兵红箭(000519):22H1归母净利润预计同比增长103%-119% 充分受益培育钻石行业爆发

Zhongbing Hongjian (000519): the net profit of 22H1 is expected to increase by 103% over the same period last year. Musi 119% fully benefited from the outbreak of diamond industry.

國信證券 ·  Jul 1, 2022 16:11  · Researches

22H1 realized a net profit of 6.65-715 million yuan, an increase of 103% over the same period last year. The company issued a semi-annual performance forecast for 2022. 22H1 expects to achieve a net profit of RMB 665-715 million, an increase of 103.41% to 118.71% over the same period last year. In the second quarter alone, it is expected to achieve a net profit of RMB 3.84-434 million, an increase of 67%, 89% and 37%, respectively, compared with the same period last year. The performance exceeding expectations is mainly due to the sustained high prosperity of the superhard material industry, the prosperous production and sales of industrial diamonds and cultivated diamonds, and the reasonable arrangement of production and delivery of special equipment, which is caused by the stable and controllable production and operation of the equipment.

To foster a sustained high boom in the diamond industry, with imports / exports from January to May 2022 compared with the same period last year + 78% and 86%. According to the latest import and export data of Indian nurturing diamonds, the import volume in May 2022 was 110 million US dollars, which was + 45.95% compared with the same month last year, and the month-on-month import value was 721 million US dollars from January to May 2022, which was + 78.41% compared with the same month last year. Exports in May 2022 reached a record high of US $177 million, year-on-year + 137.34%, month-on-month + 19.71%, and exports from January to May 2022 reached US $711 million, + 86.17% compared with the same period last year, with a penetration rate of 6.78%. The high prosperity of the industry has been continuously verified.

The company actively expands production and seizes the opportunity of high prosperity in the industry. As the leader of superhard materials, the company is in a leading position in diamond quality, technology, production capacity, market share and so on. In January 2022, the 120,000 carat production line project of cultivating Diamond was completed and put into production, with a total investment of 200 million yuan, corresponding to 160 new six-sided jacking machines. In February 2022, Henan Province Development and Reform Commission "2022 deficiency Board" 982 "Project implementation Plan", the total investment of the Central South Diamond high-grade industrial diamond and gem diamond series construction project is 1.15 billion yuan, and it is planned to complete an investment of 500 million yuan in 2022. The production capacity of the project will be further enhanced after landing.

The subsidiary Zhongnan Diamond CVD Diamond Project has made a new breakthrough. The news of June 21 of Zhongnan Diamond shows that the company's CVD diamond project has broken through the batch production technology of more than 10 carats of cultivated diamond blanks.

The repeated test results show that 14 single crystal blanks of more than 10 carats can be grown by single furnace MPCVD equipment with a growth rate of more than 11 μ m / h. After the inspection IGI appraisal, the product color grade Dmure E color, purity grade VS above, the quality has reached the world first-class level, the company's CVD preparation technology to a new level, long-term industrial application can be expected to have a larger market space.

Risk tips: increased competition in the industry; cultivation of diamond production capacity expansion is not as expected; downstream demand is not as expected.

Investment suggestion: as the leader of the superhard material industry, the company is in the leading position in the market position, product quality, production capacity and other aspects. Under the high prosperity of the industry, the company will fully benefit from the high outbreak of the industry, and the performance is expected to continue to be realized. We slightly increase our net profit for 2022-24 to 12.96Compact 16.25Universe 19.92 (the previous value is 11.72Compact 1527,899 million), corresponding to the PE value of 31-25-20, maintaining the "Buy" rating.

The translation is provided by third-party software.


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