力量钻石(301071)：募投项目陆续投产产量稳步增长

　　力量钻石发布2022 年年度业绩预告：

　　2022 年，公司预计实现归母净利润4.5-4.8 亿元，同比增长85.8%-98.3%，预计实现扣非归母净利润4.3-4.5 亿元，同比增长87.6%-96.4%。单拆Q4 来看，公司预计实现归母净利润1.0-1.3 亿元，同比增长21.1%-59.4%，预计实现扣非归母净利润0.9-1.1 亿元，同比增长23.7%-51.3%。

　　募投项目陆续投产，产能稳步扩张。

　　2022 年9 月4 日，公司披露定增落地，共募集39 亿元用于培育钻石和工业金刚石的产能扩张，根据募集说明书，将合计采购六面顶压机1800 台，其中1500 台用于培育钻石生产，项目达产后培育钻石和金刚石产能将分别达到341.3 万克拉/年、24.9 亿克拉/年。报告期内，公司在疫情背景下实施闭环管理、保障稳定生产，募投项目陆续投产，产量快速增长。

　　培育钻石渗透率提高，拉动公司业绩增长。

　　根据GJEPC，2022 年12 月印度培育钻石毛坯进口额1.11 亿美元，同比-15.5%，环比+44.2%，进口额渗透率为6.8%/+0.9pct，下游补库存需求带动毛坯进口环比改善明显；裸钻出口额1.02 亿美元，同比-0.9%，环比-2.8%，出口额渗透率为7.5%/+1.9pcts，随着美国高通胀下消费者趋于理性，培育钻石渗透率有望持续提高。

　　因此，公司有望受益于培育钻石景气度提升。此外，2022 年8 月16 日公司披露与潮宏基共同投资设立生而闪曜科技（深圳）有限公司，创建并运营培育钻石饰品品牌，打通产业链上下游，有望贡献业绩新增量。

　　投资建议：

　　增持-A 投资评级。由于公司2022 年业绩受到疫情以及下游需求和价格波动影响，结合业绩预告，我们调整盈利预测，预计公司2022-2024 年实现归母净利润 4.7/8.3/12.1 亿元，同比+94.5%/+77.1%/+47.0%。给予2023 年30xPE，对应6 个月目标价170.89 元。

　　风险提示：培育钻石需求不及预期；募投项目不能达到预期效益；六面顶压机供应不足等。

　　力量钻石发布2022 年年度业绩预告：　　2022 年，公司预计实现归母净利润4.5-4.8 亿元，同比增长85.8%-98.3%，预计实现扣非归母净利润4.3-4.5 亿元，同比增长87.6%-96.4%。单拆Q4 来看，公司预计实现归母净利润1.0-1.3 亿元，同比增长21.1%-59.4%，预计实现扣非归母净利润0.9-1.1 亿元，同比增长23.7%-51.3%。　　募投项目陆续投产，产能稳步扩张。　　2022 年9 月4 日，公司披露定增落地，共募集39 亿元用于培育钻石和工业金刚石的产能扩张，根据募集说明书，将合计采购六面顶压机1800 台，其中1500 台用于培育钻石生产，项目达产后培育钻石和金刚石产能将分别达到341.3 万克拉/年、24.9 亿克拉/年。报告期内，公司在疫情背景下实施闭环管理、保障稳定生产，募投项目陆续投产，产量快速增长。　　培育钻石渗透率提高，拉动公司业绩增长。　　根据GJEPC，2022 年12 月印度培育钻石毛坯进口额1.11 亿美元，同比-15.5%，环比+44.2%，进口额渗透率为6.8%/+0.9pct，下游补库存需求带动毛坯进口环比改善明显；裸钻出口额1.02 亿美元，同比-0.9%，环比-2.8%，出口额渗透率为7.5%/+1.9pcts，随着美国高通胀下消费者趋于理性，培育钻石渗透率有望持续提高。　　因此，公司有望受益于培育钻石景气度提升。此外，2022 年8 月16 日公司披露与潮宏基共同投资设立生而闪曜科技（深圳）有限公司，创建并运营培育钻石饰品品牌，打通产业链上下游，有望贡献业绩新增量。　　投资建议：　　增持-A 投资评级。由于公司2022 年业绩受到疫情以及下游需求和价格波动影响，结合业绩预告，我们调整盈利预测，预计公司2022-2024 年实现归母净利润 4.7/8.3/12.1 亿元，同比+94.5%/+77.1%/+47.0%。给予2023 年30xPE，对应6 个月目标价170.89 元。　　风险提示：培育钻石需求不及预期；募投项目不能达到预期效益；六面顶压机供应不足等。

Power Diamond issues annual results forecast for 2022: In 2022, the company is expected to achieve a net profit of 4.5-480 million yuan, an increase of 85.8 percent over the same period last year, and a deduction of 4.3-450 million yuan, an increase of 87.6 percent over the same period last year. From the perspective of dismantling Q4 alone, the company expects to achieve a net profit of 1.0-130 million yuan, an increase of 21.1%, 59.4% over the same period last year, and an estimated deduction of 0.9-110 million yuan, an increase of 23.7% over the same period last year. Fund-raising projects have been put into production one after another, and production capacity has expanded steadily. On September 4, 2022, the company announced that it would increase its production capacity and raise a total of 3.9 billion yuan for diamond and industrial diamond production expansion. according to the prospectus, it will purchase a total of 1800 six-sided jacking machines, of which 1500 will be used to cultivate diamond production. after the project reaches production, the production capacity of cultivated diamond and diamond will reach 341.3 million carats per year and 2.49 billion carats per year, respectively. During the reporting period, the company implemented closed-loop management under the background of the epidemic situation to ensure stable production, fund-raising projects were put into production one after another, and the output increased rapidly. Cultivate diamond penetration to improve the company's performance growth. According to the GJEPC,2022 December, India cultivated diamond blank import value of 111 million US dollars, year-on-year-15.5%, month-on-month + 44.2%, import permeability is 6.8%/+0.9pct, downstream replenishment demand led to significant improvement in blank import month-on-month The export value of bare diamonds is 102 million US dollars, which is-0.9% from the same period last year and 2.8% from the previous year. The export penetration rate is 7.5%/+1.9pcts. As consumers in the United States tend to be rational under high inflation, the penetration rate of cultivated diamonds is expected to continue to increase. Therefore, the company is expected to benefit from the cultivation of diamond prosperity. In addition, on August 16, 2022, the company disclosed that it and Chao Acer jointly invested in the establishment of Sheng and Shengyao Technology (Shenzhen) Co., Ltd., to create, operate and cultivate diamond jewelry brands, open up the upper and lower reaches of the industrial chain, and is expected to contribute to a new increase in performance. Investment advice: Increase holdings of-An investment rating. As the company's performance in 2022 is affected by the epidemic and downstream demand and price fluctuations, combined with the performance forecast, we adjust our profit forecast. It is estimated that the company will achieve a net profit of RMB 4.7 billion in 2022-2024. + 94.5%, + 94.5%, 77.1%, 47.0%. Give 2023 30xPE, corresponding to the 6-month target price of 170.89 yuan. Risk tips: cultivating diamond demand is not as expected; fund-raising projects can not achieve the expected benefits; six-sided jacking press is in short supply and so on.

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力量钻石(301071)：募投项目陆续投产 产量稳步增长

力量钻石(301071)：募投项目陆续投产 产量稳步增长Power Diamond (301071): Fundraising projects have been put into operation one after another, and production has been growing steadily

力量钻石(301071)：募投项目陆续投产产量稳步增长

力量钻石(301071)：募投项目陆续投产产量稳步增长
Power Diamond (301071): Fundraising projects have been put into operation one after another, and production has been growing steadily