During the reporting period, the total assets were 2.3 billion yuan, an increase of 9.4% year-on-year. The growth rate of fixed assets was large, mainly due to the substantial increase in fixed assets and construction in progress; the company's R&D investment was nearly 12.5 million yuan, a year-on-year increase of 50%. Due to the technical development of wire saws, abrasive tools and diamond film; management expenses decreased by 35% year-on-year, mainly due to the cancellation of the stock option incentive plan during the reporting period; financial expenses increased by 9.65 million yuan, mainly due to the increase in interest charges on borrowings. The asset impairment loss increased by 613% year-on-year, mainly due to the increase in accounts receivable and the increase in provision for bad debts.
The main focus of the second half of the year: an annual output of 1.02 billion carats of high-grade diamond projects. During the reporting period, the company's annual output of 1.02 billion carats of high-grade diamond projects, synthetic diamond micropowder, large single crystal, micron diamond line projects are gradually progressing. With the further implementation of the project, the company will continue to improve the artificial diamond industry chain, the company's profit The ability will be fully improved. It is estimated that some equipment of the 1.02 billion carat high-grade diamond project has entered the trial production stage. At the same time, the price and price of single crystal and fine powder will rise in the second half of the year. In view of this, it is expected that the company's performance in the first half of the year will be a stage low, and the company's profitability will improve significantly in the second half of the year. In addition, the company's board of directors reviewed and approved the “Proposal on Termination of the Company's Stock Option Incentive Plan†at the end of June, which resulted in a significant reduction in the company's management expenses and a further improvement in profitability.
Maintain an investment rating of "strongly recommend -A" for the company. At present, the company's business has covered graphite ore, synthetic diamond and equipment, large single crystal, micro-powder, micro-diamond wire, resin wire, grinding wheel and other fields. The product line has expanded across the board and its profitability has been significantly enhanced. The EPS of the company is expected to be 0.3 yuan, 0.41 and 0.5 yuan respectively in 2013-2015, and the corresponding PE is 15.5X, 11.1X and 9.2X. Maintain a "strongly recommended -A" rating.
Risk factors: The recovery process of the building materials industry and the progress of new projects are lower than expected.
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