The income from fundraising projects increased rapidly year-on-year. The company's core business superhard materials in the first half of 2012 and two new fundraising projects, metal powder and super-hard composite materials, developed rapidly, with operating income increasing by 21.85%, 28.69% and 44.9%, respectively. However, compared with the income composition at the end of last year, the proportion of the two fundraising projects has slowed down, rising from 16.37% to 17.25%. The growth in the first half of this year is more steadily increasing with the overall revenue. There is room for further improvement in the future. Gross profit margin increased significantly, and profitability improved significantly. In the first half of 2012, the gross profit margin of metal powder of the company's fundraising project reached 44.94%, which was significantly higher than last year's gross profit margin of 31.22%; the gross profit margin of super-hard composite materials also reached 39.76%. It is nearly 4 percentage points higher than last year. At the same time, the gross profit margin of super hard materials, which accounted for 74.69% of the main business income, was 33.2%, a slight increase of one percentage point compared with last year. Overall, the company's gross profit margin has been in a continuous upward trend since the beginning of 2011, rising from 25.78% in the first quarter of 2011 to 33.89% in mid-2012, and the company's profitability has also improved significantly. Core business + fundraising project concentration increase In addition to core business super hard materials and metal powder and super-hard composite materials, the income of other main businesses such as super-hard materials products and construction machinery sales has experienced negative growth. The proportion of revenue from the three main businesses of hard materials, metal powders and super-hard composite materials has reached 91.94%, maintaining the trend of increasing concentration in the past two years. The company's long-standing “1+2†strategy is gradually becoming clear. In the future, the company will concentrate on seeking greater development on key products. Earnings forecast and rating companies' gross profit margins continue to rise, profitability continues to strengthen, and net profit growth will continue to exceed the growth rate of operating income. We forecast that the company's revenue growth rate from 2012 to 2014 will be 36.30%, 23.90% and 16.48%, respectively, EPS is 0.35 yuan, 0.48 yuan and 0.59 yuan, and the 6-month target price is 8.75 yuan, corresponding to 25 times PE in 2012. Maintain “overweight†rating.
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