On May 27th, a research report on Xindaxin Materials (300080) was released, highlighting the company's strategic moves and growth potential. Following the restructuring with Yicheng, the company is expected to strengthen its position in the cutting blade industry, gaining more bargaining power. The diamond wire business has started generating sales and shows strong growth potential. Additionally, heat exchanger products are anticipated to contribute significantly to revenue next year. Moreover, assets such as silver paste from major shareholders are expected to be injected into the company, further supporting its future performance.
The company’s core business has reached a bottom, while new ventures are growing rapidly. After integrating its cutting blade operations, profitability is expected to improve. The photovoltaic power station, diamond wire, and heat exchanger businesses are all set for strong growth, which should significantly boost the company’s overall gross margin. The injection of high-quality assets from major shareholders, including silver paste, will provide additional momentum to its financial performance.
The report gives Xindaxin Materials an "overweight" rating, with estimated EPS of 0.21, 0.45, and 0.63 yuan for 2013, 2014, and 2015 respectively. The target price is set at 10 yuan.
By combining forces with Yicheng, the company aims to enhance its market influence. With the global solar demand shifting and product prices stabilizing, the industry is gradually recovering. As a key supplier of photovoltaic consumables, the cutting blade sector is expected to see improved sales and profit levels. Yicheng and Xindaxin together hold a combined 40% market share in China, and their merger is expected to reduce price competition and increase pricing power, ultimately improving gross margins.
Xindaxin has a total of 580MW of power station construction plans, and once completed, these projects could generate additional revenue. The company also has a production capacity of 1.2 million km/year for resin diamond wires, with initial sales already underway in Japan. As diamond wire adoption increases, the business is expected to grow at a rapid pace. Meanwhile, Yicheng has partnered with the Chinese Academy of Sciences’ Institute of Ceramics to develop advanced silicon carbide heat exchangers, which are expected to start contributing to the company’s revenue in 2014. These products have broad industrial applications and offer significant energy-saving benefits.
Pingmei Group, the major shareholder, has made performance commitments and asset injection pledges. It has guaranteed Yicheng New Materials' performance, with cash compensation provided if targets are not met. Going forward, Pingmei Group plans to use the listed company as a platform for new energy and materials projects, with continued injections of high-quality assets like silver paste over the next three years. This strategy is expected to further strengthen the company’s long-term growth prospects.
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