Ginlong Technologies(SZ:300763) Zheng Quan Zhi Xing·2025-08-21 11:18Core Viewpoint - Jinlong Technologies Co., Ltd. is issuing convertible bonds to raise funds for capacity expansion, research and development, and working capital, while maintaining a stable dividend policy and addressing potential risks associated with the issuance and market conditions [1][2][3]. Group 1: Convertible Bond Issuance - The issuance of convertible bonds complies with relevant laws and regulations, and the company has received a credit rating of AA for the bonds, indicating stable outlook [1][2]. - The bonds are not secured, which may increase risk if significant negative events impact the company's management and repayment ability [1][2]. - The company aims to ensure effective use of raised funds and mitigate the dilution of immediate returns for investors through various measures [19][20]. Group 2: Dividend Policy - The company has a stable dividend distribution policy, committing to distribute at least 10% of the distributable profits as cash dividends annually, with a cumulative cash distribution of no less than 30% of the average annual distributable profits over three years [1][2]. - Recent dividend distributions include cash dividends of 4 yuan per 10 shares in 2022, 2 yuan in 2023, and 2 yuan in 2024, totaling approximately 31.84 million yuan over the last three years [4][5]. Group 3: Financial Performance - The company reported revenues of approximately 588.96 million yuan in 2022 and 610.08 million yuan in 2023, with net profits of 104.26 million yuan and 78.60 million yuan respectively [6]. - The company's gross profit margins have shown fluctuations, with overall gross margins of 33.52%, 32.38%, and 31.78% in recent years, indicating potential challenges in maintaining profitability [9][10]. Group 4: Investment Projects - The funds raised will be allocated to new projects, including the construction of high-voltage power inverters and distributed photovoltaic power stations, which are expected to enhance production capacity significantly [14][16]. - The company anticipates that the new projects will generate substantial annual profits, with expected net profits of approximately 7.73 million yuan and 12.38 million yuan from the new inverter projects [18]. Group 5: Market Risks - The company faces risks from fluctuating market conditions, including potential changes in trade policies and competition in the photovoltaic industry, which could impact sales and profitability [6][7]. - The company must navigate the challenges posed by global market dynamics and domestic policy changes that could affect the demand for its products [9][10].