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**Abstract**
Yellow River Cyclone (7.23, -0.050, -0.69%) (600172): The company's dynamic performance aligns with expectations, and fundraising projects are expected to drive high growth in the non-metallic building materials sector. Analysts from Great Wall Securities have issued a positive outlook, highlighting the company’s potential in the industry.
**Investment Recommendation**
Considering improved cost control and project efficiency, the firm has slightly upgraded its earnings forecasts for 2013-2015, projecting EPS of 0.43, 0.54, and 0.63 yuan respectively, with corresponding P/E ratios of 15X, 12X, and 11X. The valuation appears undervalued, and given the strong industry fundamentals and the company’s competitive edge, we maintain a "Recommended" rating.
**Key Highlights**
The first-quarter 2013 results were in line with expectations, with revenue reaching 373 million yuan, up 32% year-on-year, and net profit attributable to shareholders at 500 million yuan, an increase of 30.6%. Earnings per share stood at 0.09 yuan.
Gross margin improved by 0.3 percentage points compared to the same period last year, driven by increased production of polycrystalline composite sheets and pre-alloyed powders. As high-end products come online, profitability is expected to continue growing steadily.
Operating expenses decreased slightly, while asset impairment losses rose significantly due to higher provisions for bad debts. Accounts receivable increased by 90%, mainly due to product sales, and accounts payable rose by 92.29%, reflecting higher raw material purchases.
As a leading player in the super-hard materials industry, the company benefits from sustained demand growth, supported by diamond substitution needs and new energy exploration. With market concentration increasing, the company is well-positioned to grow its traditional business at around 2 carats per year.
**Fundraising Projects Outlook**
Polycrystalline composite sheets are expected to be a major growth driver in 2013, with output projected to reach 7 million units, contributing 0.06 yuan to EPS. The pre-alloyed powder business, which holds a near-monopoly position, is expected to generate 0.1 yuan per share.
However, risks include underperformance of fundraising projects and a potential slowdown in industry growth.
**Boshen Tools (002282): Navigating Challenges and Expanding Opportunities**
Boshen Tools recently received a report on U.S. anti-dumping cases, which could reduce 2012 net profit by approximately RMB 18 million. To mitigate this, the company plans to set up a factory in Thailand, where it can export to the U.S. and Europe with zero tariffs. This move is also aimed at tapping into the Indian market, supported by favorable tax policies.
Additionally, the company transferred equity in two subsidiaries, resulting in additional investment income of RMB 25.76 million in 2012. These actions are expected to boost net profits by about RMB 7.76 million.
Despite challenges, the firm remains optimistic about future growth, citing potential rebounds in real estate and infrastructure spending, as well as continued economic growth in Southeast Asia. We expect revenue growth of 10%, 15%, and 15% in 2012–2014, with EPS of 0.21, 0.25, and 0.30 yuan. The current valuation of 32 times 2012 earnings supports a “Neutral-A†rating.
**SFD (300179): Steady Growth Amid Challenges**
In Q1 2013, SFD reported revenue of 29.2961 million yuan, up 3.84%, but net profit fell by 18.8% year-on-year due to lower gross margins and reduced government subsidies. Gross margin dropped by 7.33 percentage points, while net profit margin declined by 6.96 percentage points.
Despite the decline, the company showed improvement in profitability compared to the previous quarter. Operating expenses remained stable, with slight increases in sales costs and decreases in management and financial expenses.
Several key projects are expected to start production in late 2013, but their impact on 2013 results will be limited. The company expects modest growth in 2013, with EPS forecasted at 0.31, 0.46, and 0.58 yuan for 2013–2015. While valuations are currently high, long-term growth potential justifies a cautious recommendation.
**Yu Diamond (300064): Growth Through Product Expansion**
Yu Diamond continues to expand its operations across graphite ore, synthetic diamonds, equipment, and micro-powder segments. Some equipment from the 1.02 billion carat high-grade diamond project is now in trial production, and 2013 earnings are expected to benefit from higher volumes and prices of single crystal and fine powder.
With amortization of option costs declining over the next few years, the company is positioned for stronger earnings. We forecast EPS of 0.37 and 0.49 yuan for 2013 and 2014, with PE ratios of 13.5X and 10.2X, supporting a “Strongly Recommended - A†rating.
**Risks to Consider**
Potential risks include slower-than-expected project progress, weak recovery in the construction and building materials sectors, and fluctuations in raw material prices.