Qilu Securities released the research report of Henan Diamond [13.09 2.75% stocks research report] (300064), giving the company an "overweight" rating. At present, all the company's presses are above the HJ-650 type, and the large-scale presses make the company's ratio of single-production scale and high-grade products relatively high. Since the beginning of this year, the company has improved the yield by 20%~30% and the proportion of high-grade single crystals to 45% through the technical transformation of the original equipment. In the future, the company will continue to achieve cost reduction through the improvement of technical processes and the purchase of larger presses. With the profitability maintained, the company's single crystal capacity will expand significantly to more than 1.8 billion carats in 2012. The rapid growth of the single crystal business will be a high probability event. In addition, the micro-powder business holds the throat of the industrial chain and creates a new profit growth point: the significance of the micro-powder business is reflected in its pivotal position in the entire diamond industry chain, and on the other hand by its technical barriers. High profitability. Since the micronized business can convert low value-added, type II single crystals into high value-added products, the company not only guarantees the future demand for single crystal materials, but also enjoys the growth of downstream tool products.
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