Xin Lang Cai Jing·2025-10-14 15:00Core Insights - The superhard materials industry is transitioning from a niche market to a strategic necessity, driven by demand in photovoltaic, semiconductor, and high-end manufacturing sectors [1][3] - The article analyzes the profitability of 27 companies in the superhard materials sector, focusing on 10 core companies based on their comprehensive profitability [1][4] Industry Dynamics - Superhard materials, including synthetic diamonds and cubic boron nitride (CBN), are essential for supporting key industries such as photovoltaics, semiconductors, and advanced manufacturing [3] - Three main demand drivers are identified: - Photovoltaics: Increased demand for diamond wire saws due to larger silicon wafer sizes and thinner wafers [3] - Semiconductors: Diamond substrates are seen as critical materials for the post-silicon era, with potential market sizes reaching hundreds of billions [3] - High-end manufacturing: Demand for precision tools and wear-resistant components is growing, with superhard materials offering significantly longer lifespans compared to traditional tools [3] Company Analysis - Zhongtung High-tech (000657.SZ): Leading in hard alloy tools with a stable ROE of 12.53% and a gross margin of 22.07%, benefiting from a comprehensive industry chain and high technical barriers [4][5] - Guojijiang Precision (002046.SZ): Dual-driven by superhard materials and equipment, with a gross margin of 35.27% and a rising ROE of 8.31% [5][6] - Xinxin Co., Ltd. (688257.SH): Global presence with over 40% of revenue from overseas, showing a gross margin of 31.81% and a ROE of 8.40% [6][7] - World (688028.SH): High-end tool manufacturer with a gross margin of 46.10% and a strong market position in diamond tools [7][8] - Meichang Co., Ltd. (300861.SZ): Dominates the diamond wire market with over 60% market share, benefiting from the photovoltaic sector's growth [8][9] - Zhongbing Hongjian (000519.SZ): Military and superhard materials dual business model, with significant potential for growth as demand increases [9][10] - Oke Yi (688308.SH): Focused on CNC tools with a gross margin of 22.66%, benefiting from strong customer relationships [10] - Tongyu Heavy Industry (300185.SZ): Wind power components and hard alloy business, with a gross margin of 12.73% [10] - Fuliwang (688678.SH): Cross-industry growth with a focus on precision components and diamond wire, showing a gross margin of 24.41% [10] - Yujing Co., Ltd. (002943.SZ): Potential in diamond wire products, with a focus on synergy between equipment and materials [10]