Recent developments of the company: Yu Diamond announced that it has established a joint venture company with “Hengxiang Abrasives†Co., Ltd. to enter the production of diamond micropowder. The registered capital of the joint venture company is 50 million yuan, Yu Diamond is invested 80 million yuan, and the holding is 51%. The joint venture agreement Hengxiang abrasive supplies the fixed assets and inventory related to diamond powder, accounting for 49%, and the relevant trademarks and patents of the joint venture company are not paid. , production technology, production technology, etc. At the same time, Hengxiang Abrasives promised that the joint venture company's total net profit after tax from July 2011 to June 2014 reached RMB 132.7 million. If this commitment is not fulfilled, Hengxiang Abrasive will assume the liability for breach of contract by freely transferring the equity of the joint venture company. Comments: 1. The acquisition cost is low. It is estimated that the joint venture company's net profit in 2011 will be 30 million yuan. According to the investment and holding ratio of Yu Diamond, the valuation of this acquisition is only 5.33 times dynamic P/E ratio. Considering the strategic significance and growth prospects of the acquisition, the acquisition cost is lower. 2. The joint venture company will bring considerable profit contribution. We expect the joint venture company's 2011-2013 net profit to reach 30 million, 40 million, 50 million yuan, and in 2012 and 2013, it can contribute net profit of 20.4 million yuan and 25.5 million yuan respectively. 3. Fill in the blank of the diamond cutting line production industry chain. The diamond cutting line is to bond the diamond micropowder to the steel wire through electroplating and other techniques. Therefore, the acquisition of the micronized powder capacity is beneficial to the company to open the diamond wire industry chain and control the production process and cost. At present, diamond wire-cut monocrystalline silicon wafers have been successfully achieved in GCL-Poly, and we have seen trends in its worldwide promotion. The company is working with Wuxi Suntech to develop diamond wire-cut polysilicon wafers. We expect a breakthrough in July. According to our latest calculation, the price of diamond wire will be economical when it is priced at 1.75 yuan/m, and we expect that the price of diamond will be much lower than this, and it is expected to enter the leading enterprise supply chain with cost advantage. 4. Created the possibility of future development in the field of polycrystalline. Diamond micropowder is the primary link in the development of diamond to the polycrystalline industrial chain. The ability to manufacture micronized powder will create possibilities for the company to expand its broader downstream products in the future. Valuation and recommendation: Maintain the 2011 performance forecast of 0.50 yuan / share, increase the 2012/2013 earnings forecast by 9% / 8%, earnings per share of 0.82 / 1.12 yuan / share, an increase of 101%, 63%, 37% . The current stock price corresponds to 22.4 times P/E ratio in 2012. We judge that the technical replacement of diamond wire in the field of silicon wafer cutting will accelerate in the second half of the year and maintain recommendations.
 Garden Lamp
Garden Lamp is a kind of outdoor lighting lamps and lanterns, usually refers to the outdoor road lighting lamps and lanterns below 6 meters.The Garden Lamp is characterized by its diversity, beauty and decoration environment, so it is also called landscape courtyard lamp.Slow lane, narrow lanes and is mainly used in city residential areas, tourism scenic area, outdoor lighting, park, plaza and other public venues can prolong people's outdoor activities, improve the security of the property.
The Garden Lamp has many styles, each style has its own unique name.For example, Water,Moon,Diamonds,Lucky and UFO, these garden lights are not only elegant in name, but also artistic and elegant in appearance.
The Garden Lamp body is aluminium alloy profile is used for manufacturing, high strength, light pole electrostatic powder spraying process, anti graffiti proof, radiation stainless steel links, anti-corrosion ability, patent luminous light pole, the built-in LED light source, disassembling design is reasonable, easy to install and maintain, installation height is 3 to 5 meters.
Technical parameters
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Chip
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CREE/SAMSUNG/PHLIPS
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Initial luminous flux
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≥90LM
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Color temperature
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3800-6000K
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Level of protection
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IP65
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Power factor
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0.96
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Garden Lamp,Garden Lamp Post,Garden Lamps Solar,Garden Lamp Post Solar
Jiangsu chengxu Electric Group Co., Ltd , https://www.chengxulightings.com