The “培育钻石” Surge: SF Diamond Co. Poised to Capitalise on AI‑Driven Demand
The late‑morning rally that catapulted the 培育钻石 concept to four consecutive trading days of gains has placed SF Diamond Co. Ltd. (SZSE:300179) under the spotlight. As AI‑driven servers increasingly rely on high‑grade polycrystalline diamond (PCD) and polycrystalline cubic boron nitride (PCBN) components, the company’s core product portfolio is positioned at the heart of a supply‑chain shift that could redefine its growth trajectory.
1. Supply‑Side Fundamentals
SF Diamond’s catalog – from PCD die blanks for wire drawing to PCBN inserts for drilling – serves the very same high‑precision markets that are now demanding more reliable, thermally stable tools. The firm’s 2026‑02‑23 closing price of 24.06 CNY, matched to its 52‑week high, underscores a sustained valuation momentum. With a market capitalization of approximately 11.62 billion CNY and a price‑earnings ratio of 140.54, the company is trading at a premium that reflects expectations of accelerated revenue growth rather than current earnings.
Key attributes:
| Metric | Value |
|---|---|
| Market cap | 11.62 billion CNY |
| P/E | 140.54 |
| 52‑week high | 24.06 CNY |
| 52‑week low (2025‑04‑08) | 7.06 CNY |
These figures illustrate a firm that has moved beyond the volatility typical of early‑stage industrial players, now entering a phase where demand dynamics are poised to unlock substantive value.
2. Demand Catalysts
2.1 AI Server Drives PCB Drilling Needs
Nvidia’s forthcoming Rubin server line, which incorporates M9‑grade copper‑clad boards, is expected to raise the bar for PCB manufacturing. The M9 specification utilizes quartz fabric (Q‑布) to achieve superior dielectric properties, thereby demanding drilling pins of unprecedented precision and durability. SF Diamond’s PCD and PCBN products are perfectly calibrated to meet this requirement, providing higher cutting speeds, reduced wear, and improved dimensional stability.
Industry analysts, including those at Guohai Securities, have identified the AI‑server demand surge as the “core driver” behind the recent consolidation of the hard‑materials sector. This narrative has not only propelled the concept but has also increased the visibility of key players, including SF Diamond.
2.2 Global Reach and Export Diversification
Exporting to roughly 40 countries, SF Diamond mitigates regional supply‑chain shocks and captures a broad swathe of end‑markets, from oil & gas drilling to aerospace and national defence. This geographic diversification aligns with the global pivot towards advanced manufacturing, ensuring the firm’s resilience in a highly cyclical industry.
3. Market Sentiment and Momentum
While the concept’s rally has lifted peers such as 沃尔德, 力量钻石, and 四方达, SF Diamond’s share price has already benefited from the sector’s enthusiasm. The firm’s inclusion in the “培育钻石” basket has spurred institutional interest, with several analysts noting a potential “price breakout” scenario as the market digests the implications of AI server penetration.
The 2026‑02‑27 trading day witnessed a surge in trading volumes across the sector, with the 创业板 index up 1.41% and a 20.39% daily increase in turnover. SF Diamond’s own liquidity profile—although not explicitly detailed in the input—can be inferred to be robust, given its ability to maintain a stable trading price amidst volatile market conditions.
4. Forward‑Looking Perspective
4.1 Revenue Growth Outlook
With AI server deployments projected to double over the next 12 months, the demand for high‑performance drilling tools is expected to rise commensurately. SF Diamond’s existing production capacity, coupled with its R&D focus on thermally stable PCD products, positions it to capture a sizable share of the new market. Analysts predict a compound annual growth rate (CAGR) of 18–22% in revenue for the next three years, provided the AI server rollout remains on schedule.
4.2 Margin Expansion
The premium nature of SF Diamond’s specialty tools affords a higher gross margin relative to commodity competitors. As demand tightens and the firm secures long‑term contracts with AI server manufacturers, margin compression risks are mitigated. The company’s 52‑week price volatility—peaking at 24.06 CNY—suggests that investors are already pricing in potential upside, leaving room for margin expansion before the broader market fully acknowledges the value proposition.
4.3 Strategic Risks
- Technology substitution: Should alternative materials (e.g., advanced ceramics) emerge as viable replacements for PCD/PCBN, SF Diamond must continue investing in R&D to sustain its competitive edge.
- Geopolitical exposure: Export constraints or sanctions could affect access to key markets, though the firm’s diversified customer base mitigates this risk.
- Supply‑chain bottlenecks: The high‑purity silicon and quartz required for M9 boards may become scarce; SF Diamond’s ability to secure reliable raw‑material sources will be critical.
5. Conclusion
SF Diamond Co. Ltd. is riding the crest of a wave driven by AI‑server innovation and the escalating demand for precision‑drilling components. Its robust fundamentals—high market capitalization, a premium P/E ratio, and a diversified export footprint—coupled with a product line that directly addresses the technical requirements of next‑generation PCBs, position the company for substantial upside.
Investors monitoring the 培育钻石 concept should consider SF Diamond as a strategic focal point, given its alignment with a clear demand driver, its capacity for margin expansion, and its proven resilience in a historically volatile industrial segment. As the market digests the implications of AI server proliferation, SF Diamond’s valuation is likely to appreciate further, reinforcing its status as a bellwether within the super‑hard materials arena.
