Tin Lead Soldering Wire,Soldering Copper Wire,Soldered Wire Board Tin Lead,Flux Cored Welding Solder Wire NINGBO XIHAN TIN SOLDER CO.,LTD. , https://www.soldertop.com
In the first three quarters, the company's operating income and net profit reached 879 million yuan and 121 million yuan, respectively, an increase of 16.66% and 26.72%; basic earnings per share of 0.23 yuan. The gross profit margin was 34.41%, a sharp increase of 3.53 percentage points year-on-year; the expense ratio was 18.55%, down 0.21 percentage point year-on-year; the net profit margin was 15.57%, an increase of 1.54 percentage points year-on-year. In terms of quarterly, the operating income and net profit in the third quarter were 295 million yuan and 39.09 million yuan respectively, up 13.75% and 20.21% year-on-year, and the EPS in the third quarter was 0.07 yuan. The profitability continued to improve. The profitability of the first three quarters was in line with the market. It is expected that the continuous increase in the gross profit margin of PCD polycrystalline composite sheets and pre-alloyed metal powder will lead to the continuous growth of the company's performance, and it is the fastest growing company in the diamond industry chain. 2. Demand for pre-alloyed metal powder continues to grow, with typical imported alternatives and a blue ocean.
Metal powder refers to elemental (or alloy) powdery metal solid particles prepared by physical or chemical methods having specific particle size, shape and physicochemical properties. The metal powder for super-hard material products is mainly used for preparing a sintered body of super-hard material, and holding and holding super-hard material abrasive grains to form an effective cutting, grinding and drilling product unit (or composite). It can be divided into two categories: elemental powder and pre-alloy powder. The former (single powder) refers to a powdery solid particle with a single metal component prepared by physical or chemical methods, and is a diamond "binder" which is relatively traditional and widely used in China. The latter (pre-alloyed powder) refers to powder solid particles prepared by physical or chemical methods and having two or more metal component components. Currently, it is widely used in the field of high-end tools in developed countries, and is in the process of domestic sprouting. stage. Simply put, metal powder is a "binder" that bonds diamond single crystal particles to their matrix, or simply understands to be a special "superglue." The glue directly affects the ability of the diamond tool body to hold the diamond particles, thereby affecting the efficiency and life of the diamond tool. The pre-alloyed metal composite powder (metal alloy powder) is a new metal composite powder developed on the basis of the original elemental metal powder. Compared with the traditional elemental powder, it also has the characteristics of fine powder particles, uniform alloying composition, good cold forming property and high compactness of the sintered body. Metal composite powder products have been used and popularized for many years in foreign countries, but the domestic use ratio is still very low; the current domestic market penetration rate is not high and is mainly monopolized by foreign products. The price of imported products exceeds 100,000 yuan/ton, which is a typical high-margin product. . One of the company's 11-year fixed-income projects, “12,000 tons of alloy powder project†has become the largest pre-alloyed metal powder production enterprise in China. The domestic market share of the products is the first, and the company's 12-year sales revenue of metal powder is expected to reach 160 million yuan. about. In terms of market structure, in addition to the company, only two scientific research institutions in China are conducting experimental production and are far away from industrialization. In the future, the market pattern of the blue ocean guarantees the stability of the company's product prices. Compared with the imported pre-alloyed metal powder products, the company's pre-alloyed metal powder is “available for customersâ€. The price is only about half of the foreign price, about 55,000 yuan/ton, and the domestic tradition. The price of elemental powder is 45,000 yuan/ton, and the quality of diamond products of downstream customers is much better than that of traditional single powder. It has been recognized by many downstream customers, and it has a great substitute for traditional single powder in the future. space. Conservative calculations, the demand for metal powder in China in the past 12 years is about 4 billion yuan, an increase of 21% year-on-year. The space for pre-alloyed metal powder to replace traditional elemental powder is huge. With the gradual expansion of the company's production capacity, especially after the full investment of the fixed-income project, the capacity will be released quickly. At the same time, with the improvement of the process and the improvement of the yield, the metal powder gross profit rate will be further improved. Improvement. We expect the output of metal powder to reach 3,000 tons and 8,000 tons respectively in 12-13 years, which will bring the company revenue of 160 million yuan and 410 million yuan, contribution profit of 40 million yuan and 100 million yuan, and EPS increase of 0.08 yuan. And around 0.19 yuan, has become one of the company's new core profit growth point. 3. Diamond polycrystalline composite (PCD) opens the door to super hard new materials.
In the 1970s, GE successfully developed PCD and PCBN, marking the beginning of a new phase of human application of superhard materials. With the development of polycrystalline material technology, its material properties are continuously improved, and the scope of application is also expanding to many fields of industrial processing and production. With the continuous upgrading of the performance of polycrystalline materials, its replacement trend for cemented carbide and traditional knives is becoming more and more obvious, and it has begun to be widely used in oil exploitation, geological mining, wire drawing dies and high-end window knives overseas. And other fields. The company developed the production technology of polycrystalline diamond compact (PCD) six years ago. After years of research and transformation, it has been mass-produced in 10 years and has become the fist product of the company's diamond deep processing products. It is understood that the company's mine PCD film has been tested in Shenhua and other coal fields and has begun to provide products to Shenhua. The product is ten times more efficient than conventional carbides, and the cost is only 1-2 times higher, which is very cost-effective. We expect the company's 12-year composite film output to increase by more than 70% over 11 years. The production of composite chips in 12-13 years will reach 5 million pieces and 8 million pieces (including oil tablets and picks), with sales revenue of 120 million yuan and 270 million. Around the yuan, the gross profit margin will increase to more than 40% with the new technology. The net profit of 12-13 years is conservatively estimated to reach 26 million yuan and 65 million yuan respectively. The 12-13 year thickening EPS is about 0.05 yuan and 0.12 yuan. According to public information, polycrystalline diamond compacts are currently used mainly in coalfield mines, oil and gas drills, and high-end machine tools, with a market size of more than 30 billion yuan. Compared with traditional single crystal materials, polycrystalline diamond compacts have the characteristics of good adhesion, large cutting area and high efficiency, and are potential substitutes for single crystal products. At the same time, diamond polycrystalline composite sheets are typical import substitutions. The price of the product is little affected by the decline in the price of diamond single crystal. The polycrystalline diamond composite sheets produced by the company are mainly divided into three categories: 1) polycrystalline diamond composite sheets for coal, the company's product price is about 20-25 yuan/piece; 2) petroleum drilling special diamond composite sheet, the company's product price is about 400. Yuan/Piece; 3) Shaped diamond composite sheet, the company's product price is about 930 yuan / piece; mainly used in mining equipment and other links. The price of the above products is 30%-60% lower than the price of imported similar products, which is a typical import substitute. 4. The gross profit rate of diamond single crystal products has rebounded, and the growth exceeds our expectation. The company's main products, diamond single crystal particles, achieved sales revenue of 437 million yuan in the first half of the year, an increase of 21.9% over the same period of last year, exceeding our previous forecast of 15% growth. The gross profit margin of the products was 33.2%, an increase of 0.88 percentage points from the previous quarter, and currently accounts for 75% of all products. It is still the main source of performance of the company (Figures 3 and 4). With the rapid growth of the number of polycrystalline composite sheets and pre-alloyed metal powders in the future, the proportion of traditional diamond single crystal particles will gradually decline, which is beneficial for the company to adjust the source of profits and ensure stable profitability. We have determined that the price of diamond single crystal particles has stabilized and rebounded in the first half of the year, and the company's performance growth is guaranteed in the future. Negative factors: 1. The risk of falling diamond monocrystalline particles. As of the first and second quarters of December, the price of diamond single crystal particles, especially the price of type I materials, has dropped considerably, from 0.2x yuan/carat at the beginning of the year to about 0.15 yuan/carat. While the demand side generally maintains a relatively stable growth of around 15-25%, although the concentration of diamond enterprises is currently high, if the capacity expansion is faster, it may bring about a continuous decline in the price of diamond single crystal particles. . Business Outlook: 1. The high-end shaped polycrystalline diamond compact (PCD) will gradually increase the proportion of high-end products. Due to the demanding and difficult manufacturing process, the special-shaped picks have been monopolized by several foreign polycrystalline composite companies. The price of the products has reached about 2,000 yuan per piece, which is expensive. The mining picks of one of the company's special-shaped polycrystalline composite sheets are currently priced at 950 yuan per piece. The demand for various types of geotechnical excavation equipment is rapidly increasing, and the proportion of polycrystalline composite sheets is also rapidly increasing. For a long time, China's shaped polycrystalline diamond composite sheets rely on imports and are one of the core consumable parts for high-end tunneling equipment. After cutting into the field of polycrystalline diamond compacts in recent years, the company has actively developed heterogeneous polycrystalline diamond compacts. In the first half of the year, it has mass-produced such products in the first half of the year. It is expected that such products will increase with the recognition of customers in 12 years. Market demand will gradually open. 2. High-end micro-powder has been exported, and nano-scale micro-powder continues to grow. The company's micro-powder business unit began trial production of high-end nano-scale diamond micro-powder (about 100nm in diameter) in the past 10 years. After several years of technical transformation and upgrading, the current technology is mature, and the product quality has been recognized by overseas customers and orders are sufficient. With the gradual expansion and release of the company's micronized powder capacity in the future, its high-end micronized powder will gradually contribute to the company's performance. It is estimated that the company's annual output in 12 years will reach 1.2-2.4 million carats, and the price is 5 yuan / carat. Due to high technical barriers, the current gross profit is as high as 80%, which has become a new bright spot for the company. The low-end and high-end of the diamond micro-powder industry products vary greatly, and the application fields are different. The low-end diamond micropowder is produced using the type I material (the lowest grade in the grade) produced in the diamond production. The price is only 0.4 yuan/carat, which is mainly concentrated in the production of Henan Yucheng and other regions. The low-end micro-powder technology has a low threshold, and the processing costs in these areas are relatively low, mainly in the lower-end applications, such as stone processing, floor tile cutting, and runway construction. The high-grade micro-powder of nanometer scale has complex production process, strict requirements on particle size distribution and particle shape, high difficulty, and application field is different from low-grade micropowder. Nano-sized micropowders are often used in the semiconductor industry; they can also be used to polish the micropores in the middle of the wire drawing die; in addition, the polishing of the LED sapphire (Al2O3) substrate requires more diamond micropowder. The high-end nano-scale micro-powder market has a large space. Through research, we are more optimistic about its future market. In the high-end precision grinding field using traditional SiC abrasives, the future will gradually be replaced by more efficient and cost-effective diamond micropowder. 3. “There is no diamond drill, how to make porcelain workâ€: High grade PCD drill bit is a must for shale gas mining. Compared with traditional oil extraction, shale gas rich reserves have attracted more and more attention. Overseas shale gas mining has entered the commercial stage, but shale gas mining is much more difficult than traditional oil exploration, and the formation encountered during the mining process is more complicated, which in turn has spawned high-end polycrystalline diamond composite drill bits. Applications. According to relevant information in the industry, the depth of traditional oil exploitation is generally less than 1000 meters, and the depth of shale gas drilling wells needs to reach 1500 meters even in places with good geological conditions overseas, such as the United States. Due to the complicated geological structure in China, The shale gas has an average mining depth of about 2,500 meters, and in many cases, it has to pass through a variety of bottom layers. The traditional carbide drills are pale, weak, and inefficient. If high-grade polycrystalline composite sheets are used as drill bits, efficiency can be effectively improved and costs can be reduced. We expect the shale gas field to become a new application field for polycrystalline composite sheets. We have judged that as one of the best companies in the domestic PCD polycrystalline composite sheet technology, we will actively carry out research and development of high-grade PCD products for shale gas opening, taking into account the company's consistent style of “being better than wordsâ€, future imagination space. huge. Earnings forecast company earnings forecast: The company's 12-13 EPS is expected to be 0.37 yuan and 0.65 yuan, corresponding to PE 20 times and 11.5 times, maintaining a "strongly recommended" rating. Investment suggestion: The company's 12-year and third-quarter results are in line with market expectations: 1) The price of diamond single crystal particles is currently 0.44 yuan / carat, the price is "maintained"; the gross profit rate is derived from the optimization of the process, the improvement of personnel efficiency, etc.; 2) As the pre-alloyed metal powder yield has increased significantly to over 80%, the gross profit margin has increased significantly; 3) the gross profit margin of PCD polycrystalline composite sheet has been rising with the improvement of technology and process; we have judged with the company's high-grade PCD. The technology of polycrystalline composite sheet is continuously improved and mature, and its future will replace traditional hard alloys and enter new fields such as shale gas mining, opening up a new growth space. Without considering the high-grade PCD market, it is expected that the company's 12-13 EPS will be 0.37 yuan and 0.65 yuan, corresponding to PE 19.6 times and 11.2 times, maintaining a "strongly recommended" rating. We suggest that when the price of diamond single crystal particles stabilizes and rebounds, we will actively pay attention to such enterprises that have sustained strong growth in performance through the increase in gross profit margin of intrinsic new products and the increase in volume, which will surely become the pillar of China's economic transformation. The preferred choice of value investors. Investment risk 1. The amount of PCD and pre-alloyed metal powder was lower than expected; 2. The price of diamond single crystal fell;
Huanghe Cyclone Company released its 12-year and third-quarter report. In the first three quarters, its operating income and net profit reached 879 million yuan and 121 million yuan, respectively, an increase of 16.66% and 26.72% respectively; the basic earnings per share was 0.23 yuan. The gross profit margin was 34.41%, a sharp increase of 3.53 percentage points year-on-year; the expense ratio was 18.55%, down 0.21 percentage point year-on-year; the net profit margin was 15.57%, an increase of 1.54 percentage points year-on-year. In terms of quarterly, the operating income and net profit in the third quarter were 295 million yuan and 39.09 million yuan respectively, up 13.75% and 20.21% year-on-year, and the EPS in the third quarter was 0.07 yuan. The profitability continued to improve. The profitability of the first three quarters was in line with the market. It is expected that the continuous increase in the gross profit margin of PCD polycrystalline composite sheets and pre-alloyed metal powder will lead to the continuous growth of the company's performance, and it is the fastest growing company in the diamond industry chain. The future investment highlights of the Yellow River Cyclone: ​​1) The price of diamond single crystal particles is currently 0.44 yuan / carat, the price is "maintained"; the gross profit rate is derived from the optimization of the process, the improvement of personnel efficiency, etc.; 2) along with the pre-alloyed metal The primary powder yield has increased significantly to over 80%, and the gross profit margin has increased significantly. 3) The gross profit margin of PCD polycrystalline composite sheet has been rising with the improvement of technology and process; we have judged the company's high-grade PCD polycrystalline composite sheet process technology. Continuous improvement and maturity, its future will replace traditional hard alloys, enter new areas of shale gas mining, etc., opening up a new space for growth. Without considering the high-grade PCD market, it is expected that the company's 12-13 EPS will be 0.37 yuan and 0.65 yuan, corresponding to PE 19.6 times and 11.2 times. We suggest that when the price of diamond single crystal particles stabilizes and rebounds, we will actively pay attention to such enterprises that have sustained strong growth in performance through the increase in gross profit margin of intrinsic new products and the increase in volume, which will surely become the pillar of China's economic transformation. The preferred choice of value investors. Positive factors: 1. The comprehensive net interest rate has increased by 1.52 percentage points.