Abstract Matters: The company announced that it plans to adjust the investment progress of the “micro-diamond line project for photovoltaic industry†that uses super-raised funds to invest. The total investment and construction scale of the project remain unchanged, but the time to reach the scheduled usable status is postponed. the Lord...
Matters : The company issued an announcement to adjust the investment progress of the “micro-diamond line project for photovoltaic industry†that uses super-raised funds to invest. The total investment and construction scale of the project remain unchanged, but the time to reach the expected usable status is postponed. Main point of view : The downturn in the photovoltaic industry has caused the project to be put into production. The company's “Micron Diamond Line Project for Photovoltaic Industry†was developed in October 2011 using a super-raised fund investment project. The main products are electrodeposited micro-diamond lines for wafer cutting. At the peak of the photovoltaic industry, the project will bring 155 million yuan of revenue to the company every year according to the planned project, accounting for 37.62% of the revenue in the first three quarters of 2012. However, since the second half of 2011, the “double-reverse†policy in the US and Europe has caused the price of polysilicon to fall sharply, and the domestic PV giants have stopped production. The rapid changes in the PV market have brought a big impact on the expected revenue of the company's projects under construction, resulting in the company’s original The project, which was put into operation in January 2013, was postponed to September. Because the depreciation amount of the fixed assets investment in the highest year of the project is 17.2 million yuan, the company's delay in production can avoid the impact of poor product production on the company's performance in the short-term market downturn, and it can also be obtained under the gradual warming of PV support policies. Waiting for a restart of demand.
Capacity expansion in the next 2-3 years is still a driving force for profit growth. The company's revenue in the first three quarters increased by 21.24% year-on-year, mainly due to the increase in the annual production of 300 million carats and 340 million carats of high-grade diamond projects in April and September 2011. Since the beginning of 2011, the company's profitability has been stable. The worst year's gross profit margin was 42.12% in the first half of 2012. The gross profit margin in the third quarter showed a rebound trend, mainly due to the oligarchic pattern and scale advantage of the synthetic diamond industry. At present, there are still 1.02 billion carats of high-grade diamond capacity under construction. It is expected to be put into production in the first quarter of 2014. The future scale expansion is still the main driving force for profit growth. In 13 years, the company will benefit from the expansion of micronized capacity and diamond large single crystal and resin. The new business area of ​​wire saws is expanding.
Earnings forecast . The company's 12-14 year EPS is expected to be 0.24, 0.3 and 0.4 respectively, corresponding to the current market earnings of 23.2X, 18.6X and 13.8X respectively. The industry's oligarchy and scale expansion power determine the company's growth is better, it is recommended to pay attention.
One-hole Basin Faucets are much more user-friendly than the rest basin faucets. Installation is simple and requires the drilling of only one hole.
One-Hole Basin Faucets,Chrome Sink Basin Faucet,Multifunctional Bathroom Basin Faucet,Bathroom Single Handle Basin Faucet
Kaiping Jenor Sanitary Ware Co., Ltd , https://www.jenorsanitary.com