The company released a pre-announcement of results, the first half of this year's profit: 65 million yuan - 70 million yuan, an increase of 78% -92%, in line with our previous expectations. Our analysis and judgment: 1. The performance growth was benefited from the expansion of production capacity and sales. The operating conditions in the first half of the year were good. The pre-increase was in line with our expectation, mainly due to the company's investment in super-raised funds to expand production capacity and technological transformation to improve efficiency last year. 2. The integrated industrial chain and technological advantages constitute the core competitiveness. The sales margin of the company in 2010 was 45.73%, up 0.51% from the same period of last year, and slightly up 0.10% from the mid-2010. The profitability was strong and stable, and the gross profit margin was much higher than the competition. opponent. We believe that the company's integrated industrial chain and technological advantages will constitute the company's long-term core competitiveness, and the company's product gross margin can continue to maintain high levels. 3. The future of the micro-cutting line project for the photovoltaic industry is far-reaching At present, governments of all countries are actively developing clean energy. With the decline of technology upgrade costs and the launch of active PV policies in various countries, the photovoltaic industry is expected to resume rapid development. According to EPIA, the PV market will maintain a rapid growth of 30%-40% in the next five years, and the growth rate will reach 20%-30% in the next 10 years. It is estimated that the global installed capacity of photovoltaics will be 15GW in 2010, an increase of 110% year-on-year, and the annual demand for photovoltaic-specific diamond lines will reach 3.87 million km. The market space is huge. At present, western countries such as Europe and the United States have widely used polysilicon micro-cutting line technology, and the domestic market is also widely promoted. It is expected to be replaced in a few years, and the market space is huge. Investment suggestion: The company's business has entered a high-speed growth period, and the downstream diamond product tool business broke out soon. We predict that the company's 2011-2013 compound compound growth rate will exceed 45%. Since our first major recommendation in July 2010, the share price has risen by more than 140%. According to the current share capital, we adjust the EPS of the company in 2011 and 2012 to 0.55 yuan and 0.8 yuan respectively. Taking into account the company's high growth, combined with industry valuation, we maintain the target price of 30 yuan unchanged, maintaining our previous "buy" rating.
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