2021-10-29國信證券股份有限公司吳雙對力量鉆石進(jin)行研究(jiu)并發(fa)布了(le)研究(jiu)報告《2021年三季報點評(ping)(ping)：培(pei)育鉆石新星，充分(fen)受益行業超高景氣》，本(ben)報告對(dui)力量鉆石給出(chu)增持(chi)評(ping)(ping)級，當前股價(jia)為(wei)267.09元。

力量(liang)鉆石(301071)

專注于人造金剛石，盈利能力大幅提升

公司主業分為培育鉆石、金剛石微粉、金剛石(shi)(shi)(shi)單晶(jing)三大業(ye)務板(ban)塊，21H1培(pei)(pei)育(yu)鉆(zhan)石(shi)(shi)(shi)/金剛石(shi)(shi)(shi)微粉/金剛石(shi)(shi)(shi)單晶(jing)收(shou)入占比(bi)40.78%/29.61%/28.14%，培(pei)(pei)育(yu)鉆(zhan)石(shi)(shi)(shi)是最大板(ban)塊。2020年營收(shou)2.45億元，歸母(mu)(mu)凈利(li)潤0.73億元，2017-2020年收(shou)入/歸母(mu)(mu)凈利(li)潤CAGR分(fen)別(bie)20.01%/19.86%。21Q1-Q3營收(shou)3.44億元，同(tong)(tong)比(bi)+106.89%；歸母(mu)(mu)凈利(li)潤1.61億元，同(tong)(tong)比(bi)+271.21%，營收(shou)業(ye)績(ji)高(gao)增(zeng)長主(zhu)要系培(pei)(pei)育(yu)鉆(zhan)石(shi)(shi)(shi)業(ye)務爆發式(shi)增(zeng)長且(qie)工業(ye)金剛石(shi)(shi)(shi)呈現供不應求逐步漲價趨(qu)勢。公司21Q1-Q3毛利(li)率/凈利(li)率分(fen)別(bie)63.05%/46.81%，同(tong)(tong)比(bi)+22.73/+20.72個(ge)pct，盈利(li)能力大幅提升(sheng)。

培育鉆石(shi)行業方興未艾，中(zhong)國企業占據優勢地位

培(pei)育(yu)(yu)鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)是模擬天然鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)生(sheng)長(chang)環(huan)(huan)境(jing)培(pei)育(yu)(yu)出(chu)(chu)來(lai)的(de)(de)鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)，作(zuo)為(wei)(wei)(wei)可媲美(mei)天然鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)的(de)(de)新(xin)興珠寶飾品，兼(jian)具性價比(bi)（約為(wei)(wei)(wei)天然鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)價格的(de)(de)三(san)分之(zhi)一(yi)）、符合環(huan)(huan)保趨勢（不(bu)會造成(cheng)環(huan)(huan)境(jing)破壞、碳(tan)排放(fang)量極低）、款式(shi)多(duo)樣(yang)化等優(you)勢，契合新(xin)生(sheng)代消費(fei)(fei)者輕奢悅己的(de)(de)個(ge)性化需(xu)求，當前供給端看(kan)技術(shu)成(cheng)熟，產(chan)能正在(zai)快(kuai)速爬坡，需(xu)求端得益(yi)于消費(fei)(fei)者接受(shou)度(du)(du)提升已呈(cheng)現快(kuai)速增長(chang)趨勢，未來(lai)培(pei)育(yu)(yu)鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)行(xing)業(ye)(ye)有望持續較快(kuai)成(cheng)長(chang)，迎來(lai)黃(huang)金發展期(qi)。我國(guo)企(qi)業(ye)(ye)在(zai)鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)品質(zhi)、技術(shu)、產(chan)能規(gui)模、市場份(fen)額等方面均(jun)具備領(ling)先優(you)勢，力量鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)作(zuo)為(wei)(wei)(wei)行(xing)業(ye)(ye)領(ling)先企(qi)業(ye)(ye)，有望深(shen)度(du)(du)受(shou)益(yi)行(xing)業(ye)(ye)爆(bao)發。印(yin)(yin)度(du)(du)是全球(qiu)鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)加工(gong)集散地，占據(ju)全球(qiu)主要鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)加工(gong)份(fen)額，其進(jin)出(chu)(chu)口(kou)(kou)(kou)數據(ju)可充分反映培(pei)育(yu)(yu)鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)需(xu)求情(qing)況。根據(ju)印(yin)(yin)度(du)(du)進(jin)出(chu)(chu)口(kou)(kou)(kou)數據(ju)顯示，2021年1-9月印(yin)(yin)度(du)(du)培(pei)育(yu)(yu)鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)毛坯進(jin)口(kou)(kou)(kou)額/裸(luo)鉆(zhan)(zhan)(zhan)(zhan)(zhan)出(chu)(chu)口(kou)(kou)(kou)額為(wei)(wei)(wei)8.10/8.08億美(mei)元，同比(bi)+210.13%/+155.41%；9月培(pei)育(yu)(yu)鉆(zhan)(zhan)(zhan)(zhan)(zhan)石(shi)毛坯進(jin)口(kou)(kou)(kou)額/裸(luo)鉆(zhan)(zhan)(zhan)(zhan)(zhan)出(chu)(chu)口(kou)(kou)(kou)額為(wei)(wei)(wei)1.02/0.96億美(mei)元，同比(bi)+37.11%/20.22%，行(xing)業(ye)(ye)呈(cheng)現超高景氣態勢。