旭升集团：升24转债：新能源轻量化领域领跑者

Investment Rating - The report suggests an active subscription for the Sheng 24 convertible bond, with an expected listing price range of 115.31 to 128.46 yuan, and a predicted subscription rate of 0.0102% [9][42]. Core Viewpoints - The report highlights that Xusheng Group is a leader in the lightweight field of new energy vehicles, focusing on the research, production, and sales of precision aluminum alloy automotive parts and industrial aluminum components, primarily serving the new energy and traditional automotive industries [2][49]. - The company has established partnerships with numerous international automotive manufacturers and first-tier suppliers, earning recognition as a "Distinguished Partner" from Tesla due to its rapid product development capabilities and quality control [2][49]. - Xusheng Group's revenue has shown steady growth, with a compound annual growth rate (CAGR) of 44.88% from 2019 to 2023, achieving a revenue of 4.834 billion yuan in 2023, which is an 8.54% year-on-year increase [10][50]. Summary by Sections 1. Convertible Bond Basic Information - The Sheng 24 convertible bond has a total issuance scale of 2.8 billion yuan, with a maturity period from June 14, 2024, to June 13, 2030, and a credit rating of AA-/AA- [1][33]. - The bond's face value is 100 yuan, with coupon rates increasing from 0.20% in the first year to 2.00% in the sixth year [1][36]. 2. Investment Subscription Suggestions - The expected listing price range for the Sheng 24 convertible bond is between 115.31 and 128.46 yuan, with a predicted conversion premium rate of approximately 25% [9][39]. - The report compares the bond with similar instruments, indicating that the conversion premium rates of comparable bonds range from 35.83% to 44.55% [38]. 3. Fundamental Analysis of the Underlying Stock 3.1. Financial Data Analysis - Xusheng Group's sales net profit margin and gross profit margin have remained stable, with net profit margins ranging from 13.65% to 20.45% from 2019 to 2023 [11][62]. - The company has seen a decrease in financial expenses in 2023 due to a reduction in debt levels, while management expenses have increased due to investments in talent and digitalization [62]. 3.2. Company Highlights - Xusheng Group is one of the few companies in the industry that possesses mass production capabilities across die-casting, forging, and extrusion processes, providing comprehensive lightweight solutions for automotive clients [67]. - The company has outperformed its peers in terms of revenue growth over the past three years, establishing a strong competitive position in the precision aluminum alloy parts sector [67].