Recently, we conducted research on the cyclone of the Yellow River, conducted in-depth exchanges with company executives, and visited the company's production site.
The main points of the survey are as follows:
At present, the company is mainly engaged in diamond products and is one of the three giants in China's diamond field. According to the statistics of the Diamond Industry Association in 2009, the global production of synthetic diamonds is 5.5 billion carats, while China accounts for about 80% of the total. The Cyclone of the Yellow River is located in Henan Province. It is the main production base of synthetic diamonds in China, accounting for 80% of the total output of synthetic diamonds in China. In terms of Henan, the three companies, including the Yellow River Cyclone, Yu Diamond, and the Zhongnan Diamond, which is about to IPO, account for about 80% of Henan's total production.
The company will control the diamond production capacity and suspend the previous 22,000 tons of super-hard material production line investment. The company's 22,000 tons of super-hard materials production line originally planned to invest 700 units, and has invested more than 160 units. The company plans to suspend further investment in the project. The company mainly hopes to control the production capacity of synthetic diamonds to about 1.5-20 billion carats, and focus on new projects with more promising prospects instead of blindly expanding existing production capacity. The production capacity of Yu Diamond will be 300 million carats before the IPO. After the listing, the capacity will increase to 1 billion carats per year. The current capacity of Zhongnan Diamond will be around 2 to 2.5 billion carats, and its IPO will further increase its production capacity. Although the use of synthetic diamonds is expanding, the rapid increase in production capacity of domestic manufacturers will further worsen the diamond competition environment.
The company's non-public offering of fundraising projects has broad prospects. The company's non-public offering information has been submitted to the Securities and Futures Commission and is expected to be approved in early 2011. The company plans to issue a total of no more than 110 million shares, and the issue price is not less than 6.41 yuan / share.
The total amount of funds to be raised by the company is not more than 650 million yuan, which is used for the annual production of 12,000 tons of alloy powder production line project and the annual production of 12 million geological mineral drilling grade super-hard composite material production line projects.
The company has already started to produce alloy powder and super-hard composite materials in small batches. In the first half of the year, the income of super-hard composite materials was 15.37 million yuan, and the income of alloy powder was 22.05 million yuan. However, due to the lack of scale, the gross profit margin is only 20%. However, the company has now completed the technical reserves and market reserves for the production of these two types of products. As long as the company's production equipment investment is completed, it can rapidly expand the two types of products. The company plans to complete 50% of its production capacity in 2011. The corresponding main income is 500-600 million yuan. It will be fully realized in 2012. The main income of these two types of products will be around 1.2 billion yuan. The corresponding gross profit margin will also increase to about 40% with the scale effect. In terms of pre-alloyed powder, the company's technology mainly comes from its own experimental development. At present, there is no large-scale production in China, mainly relying on imports.
In terms of superhard composite materials, it is mainly a polymer composite sheet, which is a new material produced by mixing diamond particles with alloy powder. Mainly used to replace the original cemented carbide, its advantages are: high efficiency and more durable. The polymer composite film is the field of higher technical content developed by international diamond manufacturers after gradually withdrawing from the artificial diamond field. In 2006, the Yellow River Cyclone has developed a production technology for polymerized composite sheets. At present, it has overcome the defects of previous fragility and can achieve mass production.
The company's non-public offering will effectively reduce the company's financial expenses. The company's current financial costs remain high. In 2009, it was 49.05 million yuan. In the first half of 2010, it reached 30.24 million yuan, while the corresponding net profit was only 29.88 million yuan and 26.08 million yuan. Obviously, the company's previous financial expenses greatly consumed the company's net profit. After the company's non-public offering, it will be able to effectively reduce financial expenses.
The main points of the survey are as follows:
At present, the company is mainly engaged in diamond products and is one of the three giants in China's diamond field. According to the statistics of the Diamond Industry Association in 2009, the global production of synthetic diamonds is 5.5 billion carats, while China accounts for about 80% of the total. The Cyclone of the Yellow River is located in Henan Province. It is the main production base of synthetic diamonds in China, accounting for 80% of the total output of synthetic diamonds in China. In terms of Henan, the three companies, including the Yellow River Cyclone, Yu Diamond, and the Zhongnan Diamond, which is about to IPO, account for about 80% of Henan's total production.
The company will control the diamond production capacity and suspend the previous 22,000 tons of super-hard material production line investment. The company's 22,000 tons of super-hard materials production line originally planned to invest 700 units, and has invested more than 160 units. The company plans to suspend further investment in the project. The company mainly hopes to control the production capacity of synthetic diamonds to about 1.5-20 billion carats, and focus on new projects with more promising prospects instead of blindly expanding existing production capacity. The production capacity of Yu Diamond will be 300 million carats before the IPO. After the listing, the capacity will increase to 1 billion carats per year. The current capacity of Zhongnan Diamond will be around 2 to 2.5 billion carats, and its IPO will further increase its production capacity. Although the use of synthetic diamonds is expanding, the rapid increase in production capacity of domestic manufacturers will further worsen the diamond competition environment.
The company's non-public offering of fundraising projects has broad prospects. The company's non-public offering information has been submitted to the Securities and Futures Commission and is expected to be approved in early 2011. The company plans to issue a total of no more than 110 million shares, and the issue price is not less than 6.41 yuan / share.
The total amount of funds to be raised by the company is not more than 650 million yuan, which is used for the annual production of 12,000 tons of alloy powder production line project and the annual production of 12 million geological mineral drilling grade super-hard composite material production line projects.
The company has already started to produce alloy powder and super-hard composite materials in small batches. In the first half of the year, the income of super-hard composite materials was 15.37 million yuan, and the income of alloy powder was 22.05 million yuan. However, due to the lack of scale, the gross profit margin is only 20%. However, the company has now completed the technical reserves and market reserves for the production of these two types of products. As long as the company's production equipment investment is completed, it can rapidly expand the two types of products. The company plans to complete 50% of its production capacity in 2011. The corresponding main income is 500-600 million yuan. It will be fully realized in 2012. The main income of these two types of products will be around 1.2 billion yuan. The corresponding gross profit margin will also increase to about 40% with the scale effect. In terms of pre-alloyed powder, the company's technology mainly comes from its own experimental development. At present, there is no large-scale production in China, mainly relying on imports.
In terms of superhard composite materials, it is mainly a polymer composite sheet, which is a new material produced by mixing diamond particles with alloy powder. Mainly used to replace the original cemented carbide, its advantages are: high efficiency and more durable. The polymer composite film is the field of higher technical content developed by international diamond manufacturers after gradually withdrawing from the artificial diamond field. In 2006, the Yellow River Cyclone has developed a production technology for polymerized composite sheets. At present, it has overcome the defects of previous fragility and can achieve mass production.
The company's non-public offering will effectively reduce the company's financial expenses. The company's current financial costs remain high. In 2009, it was 49.05 million yuan. In the first half of 2010, it reached 30.24 million yuan, while the corresponding net profit was only 29.88 million yuan and 26.08 million yuan. Obviously, the company's previous financial expenses greatly consumed the company's net profit. After the company's non-public offering, it will be able to effectively reduce financial expenses.
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