Yu Diamond: Looking forward to the recommendation of single crystal micropowder

Abstract Affected by the increase in financial expenses and equity incentives and the decline in the price of single crystal prices, Yu Diamond's 2012 net profit fell 18.42% year-on-year, lower than market expectations. 13 years corresponds to PE13.7, 16 times lower than the industry average...
Affected by the increase in financial expenses and equity incentives and the decline in the price of single crystal prices, Yu Diamond's 2012 net profit fell 18.42% year-on-year, lower than market expectations. 13 years corresponds to PE13.7, which is lower than the industry average of 16 times, maintaining the “strongly recommended-A” investment rating.

Yu Diamond's 2012 net profit increased by -18.42% year-on-year, lower than our expectation. In 2012, the company achieved sales revenue of 551 million yuan, operating profit of 137 million yuan, and deducted non-net profit of 115 million yuan, up 18.52%, -16.86% and -18.42% respectively. Earnings per share were 0.20 yuan, 0.4 yuan per 10 shares (including tax); in the report period, the company achieved a net profit margin of 22.45% and a net asset-weighted rate of 9.50%, down 7.99pct and 2.39% respectively.

The decline in Q4 performance was the main reason for the lower-than-expected annual results. Q4 gross margin and net profit margin were 31% and 8%, respectively, down 18pct and 21pct respectively, which was the lowest since the 16th quarter. The production of single crystals was in line with expectations, and the production and sales of polysilicon-cut micron diamonds were lower than expected.

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