Investment Rating and Valuation: 2010-2012 is the key period for the development of the company's petroleum composite film market and the launch of new tool composites. We predict that Sifangda's revenue in 2010-2012 will be 108 million, 151 million and 1.43 billion, respectively. They are 0.48 yuan, 0.72 yuan and 1.20 yuan respectively. Give the company a 32-fold PE in 2012 and a target price of 39 yuan in 6 months, giving an overweight rating. Key hypothesis: The market demand for petroleum composite sheets is picking up; the 50mm tool composite sheet is successfully put into operation in mid-2011. Different from the public's understanding: the market believes that the diamond industry chain is a mature industrial chain, and has been fully transferred to China, representing companies such as the Yellow River whirlwind , Yu Diamond in the industry's market share in the forefront, Sifangda such a small company It is difficult to obtain too much development prospects. We believe that superhard composite materials are an extension of the diamond industry chain and have certain technical barriers. The leading companies in this segment are concentrated in foreign countries. The quality of most domestic companies is not up to the international advanced level, and the application fields are also concentrated in the low-end tools field. Based on its own technology and domestic raw material advantages, Sifangda can obtain excess profits beyond the rest of the industry chain. In recent years, the diamond industry chain has been completely transferred to China, and super-hard composite materials are still in the early stage of transfer. The output value of domestic super-hard composite materials is still small. 2010-2012 is a key period for Sifangda Petroleum Composites to enter the international drilling giants' procurement list and new products for tool composites. The company's revenue has the potential to increase significantly, which is worthy of close attention. The stock performance catalyst: the oil composite film entered the international drill merchant giant's purchase list; the 50mm tool composite sheet sales exceeded expectations. Core hypothetical risks: Customer development progress was lower than expected, new product production progress and yield rate were lower than expected.
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