Sifangda: Huayuan consolidated performance growth

In the first quarter of 2014, revenue increased by 17% and net profit increased by 14%. In the first quarter of 2014, the company achieved operating income of RMB 34 million, a year-on-year increase of 16.83%; operating cost of RMB 0.06 billion, an increase of 8.80% year-on-year; realized net profit attributable to owners of the parent company of RMB 0.08 billion, an increase of 13.90% over the same period; The corresponding EPS is 0.04 yuan, and the EPS in the 4th quarter of 2013 is 0.04 yuan. The main reason for the increase in revenue and profit is that Huayuan has consolidated its income on the one hand; on the other hand, the gradual production of composite superhard materials industrialization projects has increased the proportion of the company's high-margin varieties.

High-value-added products, oil-opening, use composite sheets to increase the company's gross profit margin. In the first quarter of 2014, the company's gross profit margin reached 44.18%, an increase of 4.12 percentage points year-on-year. The 13-year gross profit margin was 42.3%, an increase of 2.72 percentage points from the 39.30% in 12 years. Among them: super-hard composite materials were 44.22%, up 2.15 percentage points year-on-year, mainly due to the high value-added petroleum composite sheet; super-hard composite products were 35.38%, a significant increase of 14.27 percentage points year-on-year, due to the consolidation of Zhengzhou Hua The source product has a high added value.

In 2014, the company's performance growth was relatively certain. The main reason is that the acquisition of Zhengzhou Huayuan is consolidated in half a year in 2013, and will be consolidated throughout the year in 2014, with performance commitments. As the integration progresses, the performance improvement is more secure.

The growth in performance in 2015 will depend on the market advancement of the company's new products. The PCD/PCBN composite sheet industrialization project for metal cutting of the company's over-raised project and the PDC pick and bite drill bit industrialization project for mining are 21.95% and 22.08% respectively at the end of 2013, as these products belong to the domestic and international markets. The new product requires the process of step-by-step trial and acceptance by the customer. The progress of the project needs to look at the market development. At present, the infrastructure project has been completed, and the company will promote the investment progress as the new product market expands.

Profit forecast and valuation. It is estimated that the company's dynamic PE in 2014-2016 is 37 times, 31 times and 27 times respectively. The company's valuation level is high, but the company has long-term growth potential in the field of shale gas development, and needs to pay close attention to the market development of the project, combined with the company. Industry status and growth, giving a “buy” rating.

Risk factors. The construction of the project was slower than expected, and the initial operating rate of the new capacity was not up to expectations.

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