Antai Technology: Amorphous ribbon fairy tale becomes reality

Typical examples of new metal materials and new processes Antai Technology is one of the largest and most technologically advanced metal new materials and new technology research and production bases in China, and has a leading position in the domestic metal new materials and products industry. Effectively break through the bottleneck of ultra-hard materials capacity The company's high-speed tool steel has increased its production capacity to 40,000 tons in 2011, effectively solving the capacity bottleneck. The company introduced France's Erasteel as a strategic investor, using its sales channels to open up overseas markets, and the rapid growth of high-speed steel profit in the future is expected. The demand for diamond saw blades is in short supply. In 2011, the production capacity has increased by 30%. The company will further increase production capacity and increase market share by increasing capital and setting up factories overseas. The amorphous ribbon fairy tale became a subsidiary through the cooperation with the State Grid, and the company successfully opened the space for the promotion of amorphous ribbons. The increase in profit is due to the significant increase in production and sales; on the other hand, the gross profit margin of the product is expected to increase from 10% to 40%. Amorphous strips are expected to achieve a profit of 270 million in 2012, an increase of 800% year-on-year. Four projects under construction in 2013 released the performance LED supporting refractory materials, special welding materials, nanocrystalline ultra-thin belts and high-end powder metallurgy products. The four projects under construction will locate high-end new materials, which can be completed and put into production in 2013, which will greatly increase the company. The proportion of high-end products will enhance the company's comprehensive gross profit margin and further enhance the company's profitability. Earnings Forecast Estimates We expect the company's operating income in 2011-2013 to be 4.27 billion, 5.41 billion and 7.42 billion, respectively, EPS is 0.41 yuan, 0.62 yuan, 1.01 yuan, corresponding to dynamic PE of 45.2X, 29.6X and 18.2 respectively. X, the first time to give a "buy" rating, the target price of 27.9 yuan. The risk warning was not smooth with the State Grid, and the release of amorphous ribbon production capacity was lower than expected; the progress of the fundraising project was lower than expected.

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