Sifangda's fundraising capacity is affluent, waiting for downstream recovery
June 30 02:07:53, 2023
The cost increased and the gross profit margin decreased by 9.62% year-on-year. The overall gross profit margin of the company's products decreased by 9.62% year-on-year. The main reason was that the company's main raw materials such as diamonds, alloys and top hammers continued to rise since 2010, and the labor costs continued to rise. Factors such as depreciation expenses and commissioning fees caused by the investment in equipment have led to a decline in the overall gross profit margin. The cost of raw materials of the company's products accounts for about 70%. The change in raw material prices will have a greater impact on gross profit margin. We believe that the company will continue to have the risk of fluctuations in gross profit margin in the future. Non-operating income increased significantly, reducing net profit declines. The company's non-operating income was 9,913,500 yuan, an increase of 492.76% over the same period last year. The increase in non-operating income was mainly due to government subsidies. In 2009, the Zhengzhou Economic and Technological Development Zone Finance Bureau allocated the company's support enterprise development fund of 5 million yuan in the current year, and was transferred to non-operating income. In addition, the company received a listing incentive of 2 million yuan. The large increase in non-operating income reduced the decline in the company's net profit. The company increased investment in R&D. R&D expenses increased the company's management expenses by RMB 9.6681 million over the previous year, an increase of 77.49%. In addition to the increase in administrative expenses due to listing expenses, the increase in R&D expenses is also a major reason. The company's research and development expenses in 2011 was 8,966,300 yuan, accounting for 7.92% of the revenue, an increase of 2.16 percentage points over the previous year. In 2012, the company will continue to increase R&D investment to improve R&D. We believe that the improvement of R&D expenses for technical enterprises will benefit the long-term development of the company. The investment project has ample production capacity. The company has no capacity bottleneck in the past two years. After the project is put into production, the company will increase the annual production capacity of 542,280 pieces of polycrystalline diamond composite superhard materials and the annual production capacity of 186,650 pieces of composite superhard materials. The press time was 168,700 hours, an increase of 167.75% compared to the previous capacity. Affected by the weak downstream demand, the company's new capacity release has slowed down, and the current progress of fundraising projects is around 70%. The launch of the fundraising project has enabled the company to break through the capacity constraints in one fell swoop. We expect that the company's development in the next two years will no longer be constrained by capacity. Waiting for the recovery of downstream demand In 2011, affected by the global economic climate, downstream demand fell, and the company's operating income did not reach the expected growth. After getting rid of the capacity bottleneck, the growth of downstream demand will quickly improve the company's performance. In the past three years, the company's operating income in the domestic market has been relatively stable. The income growth mainly comes from the overseas market. At present, the overseas operating income accounts for nearly 50%. Recently, the US economy has shown a recovery trend, and the situation in Europe is gradually improving. It is expected to bring about a recovery in downstream demand from overseas industries, waiting for the opportunity for the recovery of downstream demand to bring about a chance for the company to break out. The profit forecast and the rating of the fundraising project have enabled the company to break through the capacity constraints, but the weak downstream demand has limited the company's performance growth. Under the expectation of overseas economic recovery, we expect the company's operating income to increase by about 30% in 12 years. We predict that the company's EPS for 2012~2014 will be 0.69 yuan, 0.85 yuan and 1.00 yuan respectively, and the target price for 6 months will be 26 yuan, corresponding to 38 times PE in 2012, giving the first "overweight" rating.
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