The company has a wide range of products, which are divided into five categories, namely superhard and refractory materials (including diamond saw blades, high-speed tool steels and tungsten-molybdenum refractory products), and metal functional materials (including amorphous ribbons, rare earths). Permanent magnets, fine metal products (including welding materials, special welding alloys, etc.), biomedical materials and engineering equipment. From a product structure perspective, superhard and refractory materials companies are the main source of revenue and profitability. In the first half of 2011, superhard and refractory materials accounted for 43% and 51% of revenue and profit, respectively, followed by functional materials, accounting for about 20% of revenue and profit, followed by fine metal products, revenue and profit. The proportion is 20% and 17% respectively. Future income and profit growth points are as follows. First, the expansion of 40,000 tons of high-speed tool steel in super-hard refractory materials has been completed, and the production capacity will be gradually released, which is the main driving force for the growth of super-hard refractory materials. Second, once the problem of consistency and stability of amorphous ribbons in metal functional materials is solved, the output will be from 10,000 tons to 40,000 tons, and the expansion of rare earth permanent magnets of 1,000 tons will be reflected in 2012. Third, after the acquisition of Tianjin Sanying in fine metal products, the production capacity increased from 30,000 tons to 70,000 tons. In addition, four projects with an investment of 800 million at the end of 2010 will be completed in 2013, and the revenue will continue to be reflected. Profit forecast and valuation. We predict that the company's 2011-2013 earnings per share will be 0.39 yuan, 0.50 yuan, 0.61 yuan, corresponding to PE is 45, 35, 27 times. Taking into account the concept of the company's new materials stocks and future profit growth (the 2011-2013 net profit growth rate is 52%, 30% and 28% respectively), combined with our judgment on the bottom of the market, give "buy" Rating. Risk factors. The progress of the new project is not smooth--including Antai's super-hard expansion, magnetic material capacity expansion and the four major projects passed at the end of 2010, the broadband micro-aluminum strip project debugging effect is not satisfactory, and the high-speed tool steel and other products are not developing smoothly.
Liang metalworking Tools Co., Ltd. has more than 200 employees, who have undergone professional technical training and rich production technology experience. The company has self-supporting import and export rights, and more than 90% of its products are exported to Italy, More than 60 countries and regions, including Spain, the Netherlands, Poland, Russia, Nigeria, India, Iran, South Africa, Japan, Brazil, ELDOR, etc
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Henan Liangjin Tools Co.,Ltd , https://www.jtapemeasure.com