Henan Diamond Maori High net profit year after year decline performance deviated from the industry

July 15, Henan Diamond (300064. SZ) issued a plan, the company intends to 5 specific investors targeted additional 80 million shares, raising capital of 325 million yuan to the annual output of 350 million m micron Diamond line expansion projects and supplementary liquidity. Henan Diamond 2010 When the market, because of its gross profit margin year after year, a large increase, different from peer companies and widely questioned, once reported that the company falsely increase income. Since the listing of the following 2011, the company's net profit and gross margin of the year has fallen significantly, but also with the relative stability of the company's performance of the scene formed a strong contrast. "The performance of the company from 2007 to 2013, the basic is a inverted V-shaped, the listing of three years before the rising, 2010 after the listing of the U-turn downward." In the artificial diamond industry has no obvious downside, if not before the performance of the market has water, then the net profit after the listing is difficult to understand. Financial analyst Long Yuliang bluntly. Diamond industry people to the 21st century economic reporting reporter, Yu Diamond's traditional main product man-made diamond by the Yellow River cyclone (600172. SH) and the middle-South Diamond and other industries leading the squeeze, had to open up the Micron Diamond Line and other new products, "but the degree of industrialization is still poor, the future is still to be seen." Henan Diamond March 2010 Landing Gem, the company's main business for the production of synthetic diamond sales. A few years before the IPO, the company's performance showed an explosive growth. Earnings showed that from 2007 to 2010, the company's net profit was 24.6509 million yuan, 41.2874 million yuan, 52.461 million yuan, 75.9848 million yuan, the annual composite growth rate of more than 50%. 2010 Henan Diamond listed, after the company's operation in the next year to reach the peak: 2011, the company's revenue and net profit of 465 million yuan, 142 million yuan, respectively, increased by 81.75%, 86.39%. With the performance of the hurricane accompanied by, in the 2007 to 2009 before the diamond Market, the company's main business gross margin from 40.72% to 45.1%, the net sales rate from 26.31% to 28.58%. However, Henan Diamond counterparts leading the Yellow River cyclone in the same period of the main business gross profit margin, sales net interest rate has been declining year by month: its main business gross margin from 2007 to 29.8% to 2009 years of 28.81%, net sales rate from 8.33% to 5.36%. Compared with the Yellow River Whirlwind, the gross profit margin and net sales rate of Henan Diamond in 2009 years were 16.29 and 23.22% higher than the former. The financial data of Henan Diamond, which is different from the industry leader, was once a question of market, and there were media reports that the company had increased revenue through related transactions. "The domestic artificial diamond industry has been very mature, not a new industry, as the raw material industries can not have any profiteering, product prices are highly transparent, such a high margin of diamond is difficult to understand." "People with superhard materials are outspoken. After the listing of the diamond achievements in 2011 after the summit, and did not continue to writeMyth of sustainable growth. An untenable paradox is that, while the company retains a high margin, its performance has turned downward since 2012 and its profitability is weakening. Earnings show, 2012, 2013, 2013 1-March, Henan Diamond Revenue is 551 million yuan, 524 million yuan, 126 million yuan, the net profit is 122 million yuan, 94.2621 million yuan, 15.9565 million yuan, respectively, down 13.52%, 23.04%, 40.93%. The same time, Henan Diamond two of the same industry listed companies of the Yellow River Cyclone and Sifang Tatsu (300179. SZ), the performance trend is very different. From 2012 to 2014 January-March, the Yellow River Whirlwind net profit was 171 million yuan, 210 million yuan, 61.2193 million yuan respectively, the year-on-year increase of 30.77%, 22.49%, 22.94% respectively, the square net profit is 34.3298 million yuan, 32.9029 million yuan, 8.3374 million yuan, year-on-year growth of 3.5%,-4.1%, 13.89%. Henan Diamond Revenue in 2013, a 4.74% decline in the company's superhard materials, Superhard materials products Inventory of 367.38 million carats, 18,140-kilometer, the year-on-year increase of 108.41% and 560.6% respectively. "Henan Diamond, such as man-made diamond products in recent years by the middle-South Diamond, the Yellow River cyclone and other industries leading the squeeze, in the competitive advantage gradually lost." "The above superhard materials industry to the 21st century economic reporting reporter disclosed." "The size of the north-south diamond and Yellow River cyclones is much larger than that of the diamond, which is shrinking and has to be moved into new product business areas." said the industry personage. Yu Diamond set up the plan revealed that the company's 325 million-yuan additional fund-raising, will have 285 million yuan to 350 million m micron Diamond line expansion project, the project construction period of 20 months, to achieve an annual revenue of 164 million yuan, annual after-tax net profit of 41.44 million yuan, investment recovery period of 5.4 years. Additional plans show that the Micron Diamond line of the industry is mainly in the solar photovoltaic industry silicon battery slicing, silicon rod root, silicon rod truncation and other fields, as well as the sapphire industry led lining film, epitaxial films and other fields. "As we all know, the PV industry is in the trough of the current situation, the diamond is a nasty Touyi, will be a huge increase in funding to raise funds to the upstream of such an industry, hope to save the performance of Fire and fire, this is tantamount to a big gamble blur the future." "The above superhard materials industry insiders said." Perhaps out of the view of the future, July 15, the forecast of the diamond on the day of the announcement, the company's shares fell 2.81%, after the stock price also continued to slump. As of the press day, the stock fell 6.79% to 5.63 yuan.