On May 27th, a research report on Xindaxin Materials (300080) was released, highlighting the company's strategic moves and future growth potential. Following the restructuring with Yicheng, the company is expected to strengthen its position in the cutting blade industry, gaining more market influence and pricing power. The diamond wire business has already started generating sales and is seen as a high-growth area, with significant potential for expansion. Additionally, heat exchanger products, developed through collaboration with the Chinese Academy of Sciences, are anticipated to contribute meaningfully to the company’s performance starting next year.
The company's core business has reached a bottom, while new ventures are showing strong growth. After integrating its cutting blade operations, Xindaxin is expected to see improved profitability. With the rapid development of its photovoltaic power stations, diamond wire, and heat exchange pipe businesses, the company’s overall gross margin is projected to rise significantly. The continued injection of assets such as silver paste from major shareholders will further support its financial performance.
The report recommends an "overweight" rating for the company, with estimated EPS of 0.21, 0.45, and 0.63 yuan for 2013, 2014, and 2015 respectively. A target price of 10 yuan is set, reflecting confidence in the company’s long-term prospects.
By combining forces with Yichengqiang, Xindaxin is positioned to benefit from the global shift in PV demand and stable product prices, which are expected to help the industry recover from its recent downturn. As one of the top two blade suppliers in China, the merged entity can avoid price wars and enhance its bargaining power, leading to higher gross margins.
Xindaxin has a total of 580MW of power station construction plans, and revenue from these projects is expected to grow after completion. The company also has a production capacity of 1.2 million km/year for resin diamond wires, with initial sales already taking place in Japan. As the penetration of diamond wires increases, the business is likely to experience robust growth. The SiC-based heat exchangers developed in partnership with the Institute of Ceramics are expected to begin contributing to earnings in 2014, with broad industrial applications and energy-saving benefits.
Pingmei Group, the major shareholder, has made performance commitments and asset injection pledges. If Yicheng New Materials falls short of its targets, Pingmei will compensate with cash. Going forward, the group plans to use the listed company as a platform for new energy and materials, injecting high-quality assets like silver paste over the next three years, which will further boost the company’s growth trajectory.
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