Abstract On May 27th, the research report of Xindaxincai (300080) was released. It will increase the bargaining power in the cutting blade industry after reorganization with Yicheng; the diamond wire has begun to realize sales and has high growth potential; heat exchanger products It is expected to contribute next year; silver paste of major shareholders...
The research report on the release of Xindaxin Materials (300080) on May 27th said that the reorganization of Yicheng will increase the bargaining power in the cutting blade industry; the diamond wire has begun to achieve sales and has high growth potential; Contributions will begin next year; assets such as silver paste from major shareholders will continue to be injected into expectations. The company's cutting edge business bottomed out and the new business grew rapidly. After the integration of the company's cuttings business, the profitability will improve, and the photovoltaic power station, diamond wire and heat exchange pipe business will grow rapidly, and the company's comprehensive gross profit margin will increase significantly. The injection of major shareholders such as silver paste will provide more driving force for the company's performance growth. The first coverage gives the company an “overweight†rating. It is estimated that the EPS will be 0.21, 0.45, and 0.63 yuan from 2013 to 2015, and the target price will be 10 yuan.
Combine with Yi Chengqiang to improve the right to speak. With the global PV demand structure switching and product prices stabilizing, the industry will gradually step out of the bottom; as the blade industry of photovoltaic consumables, sales and profit levels are expected to pick up properly. Yicheng and Xinda are the two largest blade suppliers in China (40% market share). After the combination, they can avoid price competition and enhance bargaining power, which is conducive to improving the gross profit margin of the cutting edge industry. The company has a total of 580MW of power station construction plan, and the transfer can be properly increased after completion.
The sales of new products are imminent, and the high-growth business contributes to the performance. Xinda has a capacity of 1.2 million km/year of resin diamond wire, and its products have begun to be sold in Japan. As the penetration rate of the diamond wire market increases, the company's business will enjoy a high growth rate. Yi Cheng cooperated with the Institute of Ceramics of the Chinese Academy of Sciences to develop SiC high-performance heat exchangers. It is expected to contribute to the company in 2014. The products can be widely used in the industrial field and have the significance of energy saving.
Pingmei Group has performance commitments and asset injection commitments. The major shareholder Pingmei Group promised the performance of Yicheng New Materials, and the shortfall will be supplemented by cash. Subsequent major shareholders will use listed companies as a platform for new energy and new materials. They will continue to inject high-quality project assets such as silver paste within three years, which will further enhance the company's future growth prospects.
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