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Cyclone of the Yellow River: The rapid growth of single crystal particles exceeding the expected metal powder and PCD
The price of the Cyclone Diamond Single Crystal Particles of the Yellow River stopped falling and stabilized, and sales exceeded expectations. The pre-alloyed metal composite powder project has a large amount of heavy volume. Polycrystalline composite sheets (PCD) products continue to double their volume. The shaped polycrystalline diamond compact is gradually released. Nano-sized micro-powder is getting better and better, and it will continue to increase in the future. Dongxing Securities gave the "strongly recommended" rating to the Yellow River whirlwind. Dongxing Securities Research Report on January 18 pointed out that the average price of diamond single crystal particles in the Yellow River Cyclone (600172:10.65, -0.01, ↓-0.09) increased from 0.41 yuan/carat at the end of 10 years and early 11 years to the third quarter. At the annual high, the fourth quarter gradually fell back to 0.46-0.48 yuan / carat. This increase is mainly due to the fact that the diamond single crystal grain grade I material (low end waste material) replaces the conventional SiC abrasive in the field of ceramic cutting, thereby raising the average price of the diamond single crystal particles. The pre-alloyed metal composite powder project has a large amount of heavy volume. The pre-alloyed metal composite powder (metal alloy powder) is a binder for diamond production; it 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. Polycrystalline composite sheets (PCD) products continue to double their volume. The company successfully developed the production technology of polycrystalline diamond compact (PCD) five 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, Xishan, Huainan 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. The shaped polycrystalline diamond compact is gradually released. 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. Nano-sized micro-powder is getting better and better, and it will continue to increase in the future. In the past 10 years, the company's micro-powder business unit began trial production of high-end nano-scale diamond micro-powder (about 100nm in diameter). After several years of technical transformation and upgrading, the company is now mature in technology, and its 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. Create a "lithium single crystal particle - micro powder - PCD" industry chain, and do "all-round champion." Based on its own diamond single crystal particles, the company actively develops into the diamond industry chain, enters the traditional high-end micro-powder field and the field of polycrystalline composite sheets with huge “import substitution†space, and strives to build a full-process industrial chain and become an “all-round championâ€. . Actively use its own advantages and regional advantages to get involved in the new energy field. In the future, the company will combine its own micro-powder technology advantages and increase the research and development of new energy products. Compared with other companies in the industry, Huanghe Cyclone utilizes its overseas shareholder resource advantages, combined with the latest hot products of China's new energy industry chain, and joint related enterprises in the region, will carry out strong layout, strong alliance and development of new energy products. Investment suggestion As the price of diamond single crystal pellets gradually stabilizes, the company's diamond single crystal pellet business will remain relatively stable and achieve steady growth; the company as a full-industry chain enterprise in the diamond industry has strong resistance to risks. The company's future highlights are: 1) Pre-alloyed metal powders increase rapidly, and the gross profit margin will increase significantly with the increase of the finished product rate; 2) The structure of polycrystalline composite sheet products is constantly changing, PCD for high value-added petroleum and The proportion of high-end shaped PCD films continues to rise; 3) Nano-scale diamond micro-powders are getting better and better, and gradually bring performance to the company. The company's 11-12 year EPS is expected to be 0.45 yuan and 0.88 yuan, corresponding to PE 21 times and 10.6 times. We suggest that in the absence of confidence in the market and the large adjustment of small and medium-cap stocks, we will actively pay attention to such enterprises that have strong growth in output through new products (polycrystalline diamond compacts and pre-alloyed metal powders), which will have strong performance guarantees in the future. After the market stabilizes, it will take the lead in gaining revenue. Risk warning The risk of small-cap valuation adjustment, the possibility of delay in the release of the company's super-raised project capacity