转债个券研究系列 华辰转债 江苏华辰：变压器出海赛道的成长力量 glmszqdatemark | 分析师 | 徐亮 | | --- | --- | | 执业证书： S0590525110037 | | | 邮箱： | xliang@glms.com.cn | | 分析师 | 林浩睿 | | 执业证书： S0590525110039 | | | 邮箱： | linhaorui@glms.com.cn | 相关研究 中国变压器行业在过去十年经历了由稳步增长转向加速腾飞的强势发展历程，其 增长轨迹与全球能源转型和电网投资浪潮高度共振。在 2016-2020 年间出口额从 28.44 亿美元增长到 32.64 亿美元，在此期间，2018 年受全球工业复苏影响取得 9.5% 的较快增长，但 2020 年受公共卫生事件影响出现 2.1%的微幅下滑，整体表现平稳。 从 2021 年开始出口额进入了快速增长的阶段，从 36.72 亿美元上升 至 2025 年的 90.36 亿美元，五年间规模扩张近 2.5 倍，增长势头逐年增强，特 别是 2024-2025 年，在 26.6%的高基数上进一步跃升至 34.9%的惊人增速，显示 ...

Group 1 - The company's stock price experienced a significant decline on February 13, 2026, with a drop of 4.57%, closing at 35.12 yuan [1] - The decline was influenced by the announcement of the controlling shareholder, Zhang Xiaojin, and his concerted actions, who reduced their holdings of "Huachen Convertible Bonds" by 565,140 units, accounting for 12.28% of the total issuance [2] - This marked the third round of concentrated share reduction by the controlling shareholder within a month, leading to heightened market sentiment concerns [2] Group 2 - The company has received increased attention on social media platforms, although some discussions have overly interpreted the "Solid State Transformer" (SST) technology, which the company clarified is still in the experimental stage and has not yet generated industrial revenue [3] - During the performance vacuum period, with the annual report scheduled for April 24, 2026, market sentiment is susceptible to short-term news fluctuations, compounded by a general decline in the power equipment sector, which fell approximately 1.06% [3] - As of February 13, 2026, there was a net outflow of approximately 17.98 million yuan in main funds, with both large and super-large orders showing net outflows, likely linked to the controlling shareholder's reduction and concerns over high valuations [4]

Group 1 - The company issued 4,600,000 convertible bonds with a total value of RMB 46,000 million, each with a face value of RMB 100, and the bonds are set to mature in 6 years [2] - The controlling shareholder and actual controller, Zhang Xiaojin, along with his associates, subscribed to 3,132,640 bonds, accounting for 68.10% of the total issuance [2] - From January 19 to January 23, 2026, Zhang Xiaojin reduced his holdings by 600,000 bonds, bringing his total to 2,532,640 bonds, which is 55.06% of the total issuance [3] Group 2 - From January 26 to February 3, 2026, Zhang Xiaojin and his associates further reduced their holdings by 560,000 bonds, resulting in a total of 1,972,640 bonds held, or 42.88% of the total issuance [3] - From February 4 to February 11, 2026, they reduced their holdings by 565,140 bonds, which is 12.28% of the total issuance [4] - The initial total issuance of the convertible bonds was 4,600,000 bonds [4]

江苏华辰变压器股份有限公司 关于债券持有人可转债持有比例变动达到 10%的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 可转债配售情况 经中国证券监督管理委员会证监许可〔2025〕988 号文同意注册，江苏华辰变压器 股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日向不特定对象发行 4,600,000 张可转换公司债券，每张面值为人民币 100 元，发行总额为人民币 46,000.00 万元，期 限 6 年。经上海证券交易所自律监管决定书〔2025〕155 号文同意，公司发行的 46,000.00 万元可转换公司债券于 2025 年 7 月 10 日起在上海证券交易所上市交易，债券简称"华 辰转债"，债券代码"113695"。 | | | 2026 年 1 月 26 日至 2026 年 2 月 3 日期间，控股股东、实际控制人张孝金及其一致 行动人通过上海证券交易所系统以集中竞价方式合计减持"华辰转债"560,000 张，占 发行总量的 12.17%。减持后，控股股东、实际控制人张孝金及其一致行 ...

Core Viewpoint - Jiangsu Huachen (603097.SH) announced a significant reduction in its convertible bonds by its controlling shareholder Zhang Xiaojin and his concerted parties, indicating a strategic shift in ownership structure [1] Group 1: Company Actions - The controlling shareholder Zhang Xiaojin and his concerted parties will reduce their holdings of "Huachen Convertible Bonds" by 565,100 units [1] - This reduction represents 12.28% of the total issuance of the convertible bonds [1] Group 2: Timeline - The reduction will take place from February 4, 2026, to February 11, 2026 [1]

格隆汇2月12日丨江苏华辰(603097.SH)公布，近日公司收到控股股东、实际控制人张孝金及其一致行动 人通知，自2026年2月4日至2026年2月11日期间，控股股东、实际控制人张孝金及其一致行动人通过上 海证券交易所系统以集中竞价方式合计减持"华辰转债"56.51万张，占发行总量的12.28%。 ...

江苏华辰涨7.45%，报38.49元/股，股价再创新高，总市值突破63.56亿元，成交额达1.18亿元。（AI生 成） ...

格隆汇2月11日丨江苏华辰(603097.SH)涨7.45%，报38.490元，股价创历史新高，总市值63.57亿元。 ...

Core Viewpoint - The company emphasizes the importance of expanding into overseas markets as a key strategic direction for achieving medium to long-term growth [1] Group 1: International Expansion Strategy - The company is steadily advancing its internationalization efforts [1] - It aims to establish localized production capabilities to better serve regional markets and enhance global competitiveness [1] - Currently, the company is engaged in in-depth discussions with potential partners regarding multiple overseas capacity cooperation projects [1]

Core Viewpoint - Jiangsu Huachen (603097) has achieved certain performance in the data center power supply business and has gained market recognition [1] Group 1: Company Developments - The company has established a special task force led by senior management to focus on expanding the data center power supply market [1] - The company is actively engaging with relevant domestic and international customers [1]