The company's semi-annual performance forecast: attribution Listed company The profit of the parent company decreased by 0% - 10%, the net profit was 16.34 million yuan -18.16 million yuan, corresponding to EPS 0.13 yuan -0.15 yuan. Regardless of the change of government subsidies, the first half of the year was in line with our expectations. The increase in research and development expenses and the decrease in subsidies were the main reasons for the decline in performance: from January to June 2012, although the company's product sales revenue increased by more than 10% year-on-year, the company's research and development expenses increased by more than 20% year-on-year, and government subsidies decreased by about 40% year-on-year. Profits have fallen compared to the same period last year. However, the net profit after the subsidy removal increased by about 7%-25% year-on-year. Fully benefit the industry's high prosperity       The company's main business is diamond polycrystalline composite sheet, which is the most promising part of our diamond industry chain. The main reasons are as follows: 1. The upstream single crystal diamond expansion is rapid, with an annual growth rate of more than 20%, and the cost of raw materials in the middle reaches is decreasing. The demand for polycrystalline diamond products is broad. It is expected to grow at a rate of 20%-30% every year during the “Twelfth Five-Year Plan†period: the increase in oil exploration investment will be the biggest highlight ; Third, the production barriers will be higher. The entry threshold is high and the import substitution space is large. We believe that the company as a polycrystalline composite film leader will fully benefit from the high industry boom. The fundraising project is a fund-raising project for the growth of the new power company, which mainly includes “composite super-hard materials high-tech industry†and “composite super-hard material productsâ€. The former has started trial production last year, achieving a benefit of 7.69 million. After the project is put into production, it will have an annual production capacity of 542,280 pieces of polycrystalline diamond composite superhard materials, and the after-tax profit will reach more than 30 million yuan. The ultra-raised project “PCD/PCBN composite sheet for metal cutting†and “polycrystalline diamond composite sheet (PDC) pick and downhole drill bit†are optimistically estimated to be trial production early next year, and the company's performance is expected to achieve explosive growth after the completion of the project. The successful launch of the fundraising project will help to further expand the company's market share and further expand the proportion of high-end products, thereby greatly improving the overall profitability of the company. Risk warning: the fundraising project process was lower than expected; downstream demand was lower than expected.
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