Comments : Following graphene, hexagonal boron nitride will also occupy a place in the future semiconductor industry. In the A-share market, companies related to super-hard materials, such as Yu Diamond (300064, shares), Sifangda (300179, shares), the Yellow River Cyclone (600172, shares it), etc. can be properly concerned.
Yu Diamond: Diamond faucet with undervalued stock price
Investment points:
    Low performance forecast for 2012: The company's 2012 results were significantly lower than the previous 4 cents, mainly due to three reasons: 1) The micro-powder business did not bring about a thickening of the performance, basically did not contribute profits, lower than our previous forecast of 1 cent. Performance. Since the acquisition of the Micronized Joint Venture in the fourth quarter of 2011, the company has successively relocated, registered, and rationalized the import and export tariffs of products, which has laid a solid foundation for the recovery of the micronized business in 2013. . 2) Affected by the decline in the growth rate of fixed asset investment, the price of low-grade products in single crystals also declined, affecting part of the company's performance; 3) The company's equity incentive expenses were 10.67 million, affecting nearly 2 cents. In 2013, the cost will be amortized by 7.34 million, and in 2014 it will be 2.66 million. The impact will be gradually reduced.
    Looking forward to the company's main business in 2013: 1) Single crystal: The supply capacity of the industry continues to increase, but the three major suppliers are still able to maintain the influence of the middle and high-end grades, and the price of low-grade broken materials has bottomed out. With the gradual commissioning of the company's 1.02 billion carat project, the production of single crystal is expected to increase by 30% in 2013; 2) Micronized powder: After one year of rationalization, the company has significantly strengthened its emphasis on the micronized business, focusing on creating micronized powder to become new. The confidence of growth is very strong. We are also very optimistic about the expansion of the micro-powder business, which is mainly used for precision grinding and functional applications based on its thermal and optical properties, and has unlimited future prospects. 3) Wire saw: The photovoltaic industry is still difficult, and the company has suspended the construction progress of the wire saw business. However, due to the obvious signs of improvement in the PV industry and policies, the company will adjust the follow-up product progress according to the market.
    In the recent broad market rebound, the company's share price has only increased by 20% from the bottom. As a functional new material company with strong performance elasticity, the stock price is currently in the bottom area.
Investment suggestion: The EPS of 2012-2014 is expected to be 0.25 yuan, 0.33 yuan, 0.42 yuan respectively. The current stock price is 17 times that of 2013 PE, maintaining a strong recommendation rating.
Risk warning: macroeconomic growth rate fell more than expected
In detergents, detergents are mainly surfactants and are mixed with certain adjuvants. The addition of adjuvant not only reduces the cost of finished detergent, but also improves the detergent decontamination ability, improves the appearance of detergent, and makes the detergent more convenient for use. In addition, a small amount of functional auxiliary ingredients (additives) are usually added to improve the comprehensive properties of washing.
Auxiliaries refer to the auxiliary components in synthetic detergents, which are related to decontamination and can increase washing characteristics. Most of the auxiliaries are inorganic, mainly Phosphate, 4A zeolite, silicate and Carbonate. In addition, organic chelating agents also belong to the category of auxiliaries.
Auxiliaries can be divided into inorganic auxiliaries, according to their functions in detergents, they can be divided into mixtures, foaming agents, defoamers, thickening (viscosity) agents, solvents, pearlescent agents, preservatives, bleaching agents, bactericides (disinfectants), antioxidants, softeners, antistatic agents, friction agents, fluorescent brighteners (FWA), solvents, anti-fouling and re-deposition. Agents, enzymes, flavors, pigments, etc.
Disodium EDTA,Tetrapotassium Pyrophsphate,Trisodium Phosphate,Sodium Tripolyphosphate
Jiangsu Kolod Food Ingredients Co., Ltd. , http://www.kolodchem.com