力量钻石:培育钻石助力业绩增长,产能释放未来可期

（以下内容从天风国际证券《力量钻石:培育钻石助力业绩增长,产能释放未来可期》研报附件原文摘录）
　　Henan Liliang Diamond (301071 CH) 培育钻石助力业绩增长，产能释放未来可期 Lab-grown diamond business raises earnings growth; we expect incremental capacity releases ahead BUY(maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 人造金刚石行业代表企业， 22年营收、利润实现较快增长 公司实控人行业经验丰富，主要产品包括培育钻石、金刚石微粉、金刚石单晶三大类。22年实现营业收入9.1亿元，同比+81.8%，归母净利4.6亿元，同比+92.1%，归母净利率50.8%，同比+2.7pct，盈利能力突出。23Q1公司实现收入1.6亿元，同比-14.2%，归母净利0.7亿，同比-26.2%，归母净利率45.4%，同比-7.4pct，经营短期承压。 Lab diamond representative company: revenue and profit growth spiked in 2022 Liliang Diamond’s controller has rich industry experience. Its three core product lines are cultivated diamonds, diamond micron powder and monocrystalline diamonds. Profitability shot up in 2022: revenue hiked 81.8% to RMB910m and net profit lifted 92.1% to RMB460m; net margin was 50.8%, up 2.7ppt. In 23Q1, short-term operating pressure led to revenue of RMB160m, down 14.2% yoy, and net profit of RMB70m, down 26.2% yoy; with net margin at 45.4%, narrowing 7.4ppt yoy. 三大产品体系协同发展，培育钻石业务占比提升 分产品，22年公司培育钻石收入为3.9亿元，同比+97.1%，营收占比42.9%；金刚石微粉收入3.2亿元，同比+103.1%，营收占比34.9%；金刚石单晶收入1.7亿，同比+27.0%，营收占比19.2%。分地区，22年公司内销、外销收入分别为6.2、2.9亿元，同比+44.7%、+311.8%，公司海外客户主要为培育钻石客户，随着培育钻石业务扩展，海外收入占比提升至31.5%。 Growing 3 major product categories in tandem; higher mix of cultivated diamonds Products: cultivated diamond revenue in 2022 was RMB390m, +97.1% yoy, accounting for 42.9% of revenue; diamond micropowder revenue was RMB320m, +103.1% yoy, accounting for 34.9% of revenue; Diamond single crystal revenue was RMB170m, +27.0% yoy, accounting for 19.2% of revenue. Market regions: Chinese and export market revenues came to RMB620m (up 44.7%) and RMB290m (up 311.8%) in 2022. Its export customers mainly buy cultivated diamonds. With the expansion of its cultivated diamond business, its foreign business also expanded in revenue proportion to 31.5%. 培育钻石市场前景广阔，工业金刚石市场需求稳定增加 全球钻石市场需求稳定增长，21年全球钻石市场需求为870亿美元，同比+27.9%，天然钻石产量减少为培育钻石市场打开增长空间，22年印度毛坯培育钻进出口渗透率为6.8%，培育钻石出口渗透率达5.7%。多品牌下场布局提升培育钻石认知度，价格优势加速终端市场推广。 工业金刚石下游应用领域广泛，传统加工领域对工业金刚石需求长期保持稳定增长，先进制造领域中光伏新能源和半导体或将带来新兴需求。2022年，我国光伏累计装机量为392.4GW，同比+28.1%，随着光伏发电行业市场需求扩大，有望带动线锯用微粉行业快速发展。 Lab diamond market: wide growth prospects; rising industrial diamond demand Global demand growing steadily: global diamond market demand amounted to USD87bn in 2021, up 27.9% yoy. Shrinking production of natural diamonds has expanded growth headroom for lab-grown ones. India’s penetration of the semi-finished cultivated diamonds import and export market was 6.8% in 2022, while its export penetration of cultivated diamonds was 5.7%. A wide multi-branded product market has enhanced the awareness of cultivated diamonds and their price advantage drives their promotion in end-markets. Industrial diamonds’ wide downstream applications: demand for industrial diamonds in the traditional processing market has kept growth stable for a long time. Emerging markets like advanced manufacturing, photovoltaic new energy and semiconductors could expand demand. PV cumulative installed capacity in China amounted to 392.4GW in 2022, up 28.1%. As PV power generation demand grows, we expect the micronized powder market to grow faster, driven by wire saws. 掌握核心技术体系，产能补齐稳固行业地位 公司技术储备丰富，产品质量突出高于行业水平。截止2022年末，公司六面顶压机数量达977台，同比+57.8%。近三年，公司产能利用率均维持高水平，为解决产能不足问题，公司22年发布定增，计划采购1800台六面顶压机，届时将大幅提升公司的生产能力。 Master core tech system; supplement production capacity; stable positioning The company has rich tech resources with premium product quality above the industry average. It has 977 cubic diamond presses as of end-2022, up 57.8% yoy, and has maintained production capacity utilization at high levels over the past 3 years. To deal with insufficient production capacity, Liliang Diamond issued a private placement in 2022, by which it plans to purchase 1,800 cubic presses, which would greatly increase production capacity. 上游提升原材料自供比例，下游布局终端市场。 外购金刚石单晶价格持续走高，公司逐步提升金刚石单晶自产比例，2022年公司自产金刚石单晶占比为63.6%，控制原材料成本，提升公司盈利能力。2022年，公司与潮宏基合资设立生而闪耀科技有限公司，推出全新培育钻石品牌，稳步布局终端市场。 Up/downstream: raised raw material self-sufficiency ratio; end-market deployment Purchase prices of monocrystalline diamonds keep rising. Liliang is expanding the proportion of its own monocrystalline diamond production, which is 63.6% as of 2022. This high degree of self-sufficiency has aided raw material cost control and improved profitability. Liliang formed a JV with Chao Hongji in 2022 to establish Shenger Shining Technology and they launched a new brand of cultivated diamonds, which will be gradually rolled out in end-markets. 投资建议/Investment Ideas 调整盈利预测，维持“买入”评级。 力量钻石专注人造金刚石赛道，三大产品矩阵协同发展，多细分领域技术优势突出。公司产能利用率维持高水平，生产设备先进，积极扩产补足产能，随着行业规模持续扩大，产能陆续释放有望为公司带来稳定增量。考虑到23年行业中游库存较高，终端消费复苏节奏存在不确定性，我们调整盈利预测，预计23-25年归母净利分别为5.1/5.9/7.3亿元，（23/24/25年原值分别为7.8/9.8/11.2亿元），对应PE 22x/19x/15x，维持“买入”评级。 Valuation and risks Liliang Diamond’s business focus is on lab-grown diamonds. Synergistic development of its three major product lines has led to strong tech advantages in multiple market segments. The company maintains high capacity utilization and its advanced production equipment fulfills supplemental production capacity. As the industry continues to expand, successive production capacity releases would allow the company to grow steadily. Considering relatively high midstream inventory in 2023 and an uncertain recovery pace in end-market consumption, we adjusted our net profit forecasts for 2023/24/25E to RMB508m/591m/731m (previously RMB780m/980m/1.12bn), corresponding to PE of 22x/19x/15x. We maintain our BUY rating on the stock. 风险提示：宏观经济和市场需求波动，技术更新，募投项目不及预期，汇率波动风险等。 Risks include: macroeconomic and market demand volatility; technological updates or fund-raising projects falling short of expectations; and FX fluctuations. 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