Yu Diamond: Actively expand the industrial chain

The company announced that it has signed a "Joint Venture Agreement" with Zhengzhou Diamond Abrasive Co., Ltd. in Zhengzhou. The two parties agreed to establish a joint venture company. The company invested 80 million yuan with its own funds, accounting for 51% of the registered capital of the joint venture company.

Northeast Securities (000686) pointed out that Hengxiang Abrasives mainly produces and sells synthetic diamond micropowder, which is a kind of superhard material obtained by crushing diamond single crystal material under special process conditions. The company established a joint venture with Hengxiang Abrasives. After the diamond line, the company has taken another step towards the middle and lower reaches of the diamond superhard material industry chain, which is of great significance to the company's future expansion into the middle and lower reaches of the industrial chain.

Due to the advantages of Yu Diamond in the field of single crystal, the profitability of the joint venture company will be more secure. Northeast Securities raised its earnings per share from 2011 to 2013 to 0.45 yuan, 0.65 yuan and 0.96 yuan respectively, corresponding to the closing price of 18.23 yuan on June 16, 2011, the price-earnings ratio was 40.51 times, 28.04 times and 18.99 times. In view of the high level of short-term valuation of the company, Northeast Securities maintained the company's short-term “cautious recommendation” and long-term “recommended” rating.

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