投资要点
公司实现2022 年归母净利润4.6 亿元，符合市场预期：公司于2023 年3 月10 日披露2022 年年报，2022 年公司实现收入9.1 亿元，同比增速82%，实现归母净利润4.6 亿元，同比增速92%。实现扣非归母净利润4.37 亿元，同比+90.5%。单拆Q4 来看，公司实现收入2.3 亿元，同比增速50%，实现归母净利润1.1 亿元，同比+41%。
培育钻石和金刚石微粉下游景气度较高，主要驱动业绩增长，其中培育钻石已经成长为公司的第一大业务。分版块业务来看，2022 年金刚石单晶实现收入1.74 亿元，同比+27%，金刚石微粉实现收入3.2 亿元，同比+103%，培育钻石实现收入3.9 亿元，同比+97%。培育钻石仍处于渗透率快速提升的发展阶段，公司上市后产能陆续落地，实现业绩兑现。
目前公司定增资金已经到位，新增设备陆续投产，我们预计后续产能将继续稳步释放，拉动业绩高增。
受益于下游高景气，金刚石微粉毛利率同比有一定增长，整体毛利率基本维持稳定。毛利率拆分来看，2022 年公司整体毛利率为63.3%，同比下滑0.8pct。其中金刚石单晶毛利率52.7%，同比下滑5.23pct，金刚石微粉毛利率54%，同比+4pct，培育钻石毛利率79.25%，同比下滑2.13pct，主要因为出厂价有一定波动。
公司下游品牌端零售也开始布局。在下游品牌端，公司也在陆续布局，2022 年公司在深圳成立了全资子公司深圳科美钻科技有限公司，与潮宏基等合作参与创建并运营培育钻石饰品品牌，成立了生而闪曜科技（深圳）有限公司，同时成立了孙公司LI LIANG DIAMOND USA INC，主要负责美国业务的拓展，我们预计未来公司在下游品牌端也将持续发力，有望打通上下游产业链，直接实现线下培育钻石零售端门店销售。
盈利预测与投资评级：培育钻石行业景气度高，公司定增进展顺利，募集资金已经到位，产能稳步扩张，2022 年业绩受下半年疫情的影响有一定扰动，我们下调公司2023 年-2024 年归母净利润从8.3 亿元/12.5 亿元至7.6 亿元/12.1 亿元，预计2025 年归母净利润为14.8 亿元，最新收盘价对于2023-25 年PE 分别为24/15/12 倍，维持“买入”评级。
风险提示：培育钻石扩产不及预期，海外需求不及预期等
Main points of investment
The company achieved a net profit of 460 million yuan in 2022, in line with market expectations: the company disclosed its annual report on March 10, 2023, that the company's revenue in 2022 was 910 million yuan, an increase of 82 percent over the same period last year, and a net profit of 460 million yuan, an increase of 92 percent over the same period last year. Realized deduction of non-return net profit of 437 million yuan, + 90.5% compared with the same period last year. From the perspective of dismantling Q4 alone, the company achieved an income of 230 million yuan, a year-on-year growth rate of 50%, and a net profit of 110 million yuan, + 41% over the same period last year.
The upstream prosperity of nurturing diamond and diamond powder is relatively high, which mainly drives the growth of performance, in which cultivating diamond has become the company's first major business. According to the sub-block business, the revenue of diamond single crystal in 2022 was 174 million yuan, + 27% compared with the same period last year, the income of diamond powder was 320 million yuan, + 103% compared with the same period last year, and the income of cultivating diamond was 390 million yuan, + 97% compared with the same period last year. Nurturing diamond is still in the development stage of rapid increase in permeability, and the company's production capacity has been landed one after another after listing, and the performance has been realized.
At present, the company has fixed additional funds in place, new equipment has been put into production, we expect the follow-up production capacity will continue to be steadily released, driving the performance to increase.
Benefiting from the high prosperity downstream, the gross profit margin of diamond powder has increased to a certain extent compared with the same period last year, and the overall gross profit margin has basically remained stable. According to the split, the company's overall gross margin in 2022 was 63.3%, a year-on-year decline of 0.8pct. Among them, the gross profit margin of diamond single crystal is 52.7%, which is down 5.23pct from the same period last year. The gross profit margin of diamond powder is 54%, which is + 4pct compared with the same period last year. The gross profit margin of cultivated diamonds is 79.25%, which is down 2.13pct from the same period last year, mainly due to certain fluctuations in ex-factory prices.
The downstream brand-end retail of the company also began to lay out. In the downstream brand end, the company is also in the layout one after another. In 2022, the company set up a wholly-owned subsidiary Shenzhen Komei Diamond Technology Co., Ltd., in cooperation with Chao Hongji and others to participate in the establishment and operation of diamond jewelry brands, the establishment of Sheng and Shengyao Technology (Shenzhen) Co., Ltd., and Sun Company LI LIANG DIAMOND USA INC, which is mainly responsible for the development of American business. We expect that the company will continue to develop its downstream brands in the future. It is expected to open up the upstream and downstream industrial chain and directly realize the offline cultivation of diamond retail stores.
Profit forecast and investment rating: cultivate a high degree of prosperity in the diamond industry, the company is making smooth progress, raising funds has been in place, and production capacity has expanded steadily. The performance in 2022 has been disturbed to a certain extent by the epidemic in the second half of the year. We downgrade the company's 2023-2024 net profit from 830 million yuan / 1.25 billion yuan to 760 million yuan / 1.21 billion yuan, and the net profit is expected to be 1.48 billion yuan in 2025. The latest closing price for 2023-25 PE is 24-15-12 times, maintaining the "buy" rating.
Risk tips: cultivating diamonds to expand production is not as expected, overseas demand is not as expected, and so on.
