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From the establishment of Zhengzhou “Sanmao†in 1958, to the establishment of the State Key Laboratory of Superhard Material Abrasives, the concentration of Henan superhard materials industry has been continuously improved. In the context of China's superhard material production accounting for 90% of the global total, Henan's synthetic diamond production has accounted for 80% of the national total, becoming the world leader.
However, under the pressure of the global economic downturn in recent years, the low value-added traditional industrial diamond products are also facing problems such as export reduction and overcapacity. The super-hard materials enterprises headed by Yu Diamond, Yellow River Cyclone, Sifangda, etc. are advancing through adversity by adjusting product structure and expanding production chain.
Doing China's Swarovski
On November 7, 2016, Yu Diamond announced that the company's fixed-issued 527 million shares have been listed, the issue price is 8.7 yuan / share, the actual net fundraising is 4.567 billion yuan, will be used for an annual output of 7 million carats of gems Grade diamond projects and supplementary liquidity.
The transformation from the industrial diamond king to the consumer-grade artificial gem has become an important means for Yu Diamond to seek new profit growth points.
As early as the successful landing of the GEM in 2010, Yu Diamond, which is mainly engaged in the research, development, production and sales of synthetic diamond and its raw and auxiliary materials, has achieved a net profit of 75.98 million yuan, a year-on-year increase of 44.8%. The following year, the company's performance reached a new high of 140 million yuan, an increase of 86.4%.
In 2012, the gross profit margin of industrial diamond products shrank, the competition in the superimposed market increased and the macroeconomic growth slowed down. The profits of Yu Diamond began to decline and expanded year by year. In 2014, the company achieved a net profit of 61.3 million yuan, a year-on-year decrease of 34.9%.
“Since 2014, the domestic diamond industry has begun to show the trend of transforming consumer-grade artificial gemstones. At that time, Yu Diamond faced a continuous decline in performance, and it is imperative to adjust the product structure and broaden the industrial chain.†The relevant person in charge of Yu Diamond declined to interview, but some industry sources revealed that in the face of the sluggish market of traditional industrial products, in 2014, Yu Diamond has begun to plan for new profit growth points in the consumer goods field, and has also achieved results.
In 2015, the company successfully achieved performance growth, with a net profit of 100 million yuan for the year, a year-on-year increase of 63.4%. In the first three quarters of 2016, Yu Diamond achieved a net profit of 110 million yuan, a year-on-year increase of 51%.
In this regard, the Minsheng Securities Research Report believes that Yu Diamond currently has mature synthetic diamond production technology. With the increase of funds in place, the company will accelerate its layout in the field of consumer-grade synthetic diamonds, and its performance is expected to maintain rapid growth.
The Industrial Securities Research Report also said that the fixed-income project is expected to start to increase in the next two years, which is expected to bring 216 million yuan and 540 million yuan of net profit for Henan Diamond, which will become a huge driving force for the company's future performance.
Attacking the field of consumption of artificial gemstones and doing China's Swarovski has become a breakthrough for traditional industrial diamond companies to achieve a gorgeous turn.
“The production of decorative jewellery-grade diamonds has always been a hot spot in the industry, but there are still a series of problems to be solved in commercial production, especially the more stringent processes and raw materials.†Director of Henan Xiuwu Xinrui Superhard Materials Co., Ltd. Chang Shishiyu once said that through continuous innovation and improvement of technology, the company is gradually transforming from industrial diamonds to jewelry-grade diamonds. Decorative artificial diamonds have become the company's main development direction.
“The transition from traditional industrial diamond to synthetic diamond production needs to overcome the uncontrollable nature of diamond blank growth environment and the irregularity of catalyst material selection in the production process. But since 2014, the wind of industry transformation has risen to 2015. Zhao Bo, secretary-general of the China Superhard Materials Association, believes that it is the extremely high added value of artificial diamonds that allows many companies to invest in research funding for product transformation and upgrading. It is reported that the gross profit margin of traditional industrial diamonds is about 30%, and the gross profit rate of diamond large single crystals that can be used as consumer goods can reach 60%. This is indeed a tempting cake for the traditional diamond companies that are in the market development bottleneck.
Multiple means to cope with the decline in performance
Through the transformation and upgrading to achieve performance growth, there is another diamond leading enterprise in Henan, the Yellow River whirlwind.
In 1998, the Yellow River cyclone successfully landed in A-shares and was the first listed company in Henan Province to engage in general-purpose equipment manufacturing. Benefiting from the increase in domestic demand, the company achieved a growth of up to 187% in 2010, but by 2014, the change in supply and demand structure caused the company's sustained high growth to fall directly from 24% to 7%.
In May 2015, Shanghai Mingshang Intelligent System Co., Ltd., which seeks breakthroughs in performance, announced that it has set a price of 420 million yuan to acquire Mingjian Intelligence at a premium rate of 20 times and cross-border investment in industrial high-end intelligent equipment manufacturing.
The performance of the Yellow River whirlwind, which achieves the dual main business, is now growing at a high rate. In 2015, the company achieved a net profit of 270 million yuan, a year-on-year increase of 22.9%. Among them, the master craftsman contributed more than 30 million yuan in revenue. In the 2016 semi-annual report, the Yellow River whirlwind achieved a 72.7% growth in performance with a net profit of 180 million yuan. Among them, Mingshi Intelligent Master's main business income during the reporting period was 270 million yuan, net profit was 79.09 million yuan, and the contribution rate to listed companies was 44%.
However, the road to performance growth is not always so smooth.
On November 26, 2016, Sifangda re-released a routine announcement on the planning of major asset restructuring matters. Since the restructuring in July this year, the company's stock has been suspended for nearly five months. According to the announcement, the target assets to be purchased by Sifangda Restructuring are Yangling Meichang New Materials Co., Ltd., which is mainly engaged in the R&D, production and sales of diamond cutting lines, which is the downstream of Sifangda's existing business.
In the winter of the industry, Sifangda was not spared. The company's third quarterly report showed that the net profit for the first nine months of this year was 14.28 million yuan, down 53.7% year-on-year, of which more than 4 million yuan was government subsidies. In the context of continued decline in performance, expanding the scope of business and strengthening the industrial chain are the path for Quartet to seek self-salvation.
Jiangnan Red Arrow, which used to spend 4 billion yuan in 2014 to swallow the world's largest manufacturer of superhard materials, Henan Zhongnan Diamond Company, is also experiencing a decline in performance. In the first three quarters of this year, Jiangnan Red Arrow achieved a net profit of 46.5 million yuan, down 78% year-on-year. In 2015, the company's net profit fell by 37.4% year-on-year.
Although the diamond business has just been launched for less than two years, Jiangnan Red Arrow, which can't resist the decline in performance, has refocused on the main business of military industry. In May 2016, the company announced a new round of asset restructuring, and planned to acquire the equity of six companies under the controlling shareholder Yuxi Industrial Group for 2.412 billion yuan, in order to inject large caliber shells, rockets, missiles, submunitions, etc. for listed companies. Military product research and development manufacturing business, strengthen profitability.
Technological innovation in the industry under winter
"In the context of the sustained slowdown in China's economic growth, the pressure of transformation and upgrading in the manufacturing sector continues to increase, and the operation of the super-hard materials industry is becoming increasingly difficult." Talking about the major changes in leading domestic enterprises in recent times, Zhao Botan said that the current output of major products in the industry is falling across the board, the total profit is deep, and the production and production stoppage of SMEs continues to expand. According to statistics, in 2015, the total industrial output value of the whole industry decreased by 7.6% year-on-year, the total profit decreased by 7.8%, and the total export value was US$1.02 billion, a decrease of 6.6%. The domestic and foreign trade of industrial products were inferior to the overall situation of the country.
However, she showed that in the context of the overall slowdown in market demand, the unit price of foreign trade products in super-hard materials mostly increased, which indicates that the high-end product market was firm during the economic downturn, mainly due to the low-end products. The innovation and upgrading of products is a good way for enterprises to seek performance growth in the winter.
With the success of Yu Diamond in the field of high-end products, more and more companies have accelerated the pace of product innovation and upgrading.
Although it has not yet contributed to the company's profit, Sifangda's high-end product investment projects are still steadily advancing. It is reported that the company's investment in metal cutting PCD / PCBN composite sheet industrialization project, polycrystalline diamond composite sheet (PDC) picks and downhole drill bit industrialization projects have been completed more than half, to achieve post-production products will fill the gaps at home and abroad Very competitive in the market.
In addition, Jiangnan Red Arrow also announced on July 11 this year that the subsidiary company Zhongnan Diamond Co., Ltd. declared the “direct conversion method for synthesizing large-scale polycrystalline diamond project†to pass the scientific and technological achievements appraisal of Henan Province. The project also filled the domestic gap and reached the international leading level in terms of grain size and color regulation.
“As a local advantageous industry and a technology-intensive industry, the innovative development of super-hard materials has been supported by Henan's multiple policies.†Zhao Bo introduced that in order to promote scientific and technological progress, the Henan Provincial Government recently issued “Supporting Intellectual Property Rights in Henan Provinceâ€. The implementation plan of the pilot provinces of strong provinces pointed out that the construction of the patent navigation industry development mechanism will be established with the construction of the national patent navigation (superhard materials) industrial development experimental zone, and it is planned to build a strong intellectual property province within five years.
Henan diamond enterprise transformation and survival industry's technological innovation under the cold winter
Abstract Diamond industry, the world looks at China, and China looks at Henan. From the establishment of Zhengzhou “Sanmao†in 1958, to the establishment of the State Key Laboratory of Superhard Material Abrasives, the concentration of Henan superhard materials industry has been continuously improved. The production of superhard materials in China accounts for 90% of the global total...
Diamond industry, the world looks at China, China looks at Henan.