东亚药业：东亚转债投资价值分析：正股小而美的平衡型转债

Investment Rating - The report assigns a rating of AA- to the convertible bond of Dongya Pharmaceutical [12] Core Views - The report highlights that Dongya Convertible Bond (111015.SH) is an attractive investment opportunity due to its low market price and low conversion premium, making it one of the few securities with excellent fundamentals and appealing valuations for both the underlying stock and the convertible bond [11] Company Overview - The company specializes in antibiotic raw materials, with a latest total market capitalization of 2.694 billion [8] - The actual controller holds 49.07% of the shares, and the Q124 net profit growth rate is +3.53% [8] - The current PE TTM is 21.9x, and the PB LF is 1.39x, which are at the lower end of the recent three-year range [8] Industry Insights - The antibiotic industry is expected to perform well in the long term, with the company holding approximately 50% market share in the domestic cephalosporin raw material market [8] - Factors such as population aging and increased health awareness are expected to drive stable demand and growth in the antibiotic market [8] Competitive Advantages - The company has mastered the production technology of the key intermediate 7-ACCA for cephalexin, making it one of the few companies capable of synthesizing cephalexin raw materials from the starting material penicillin [8] - The company has also developed a bio-enzymatic method for producing cephalexin, which reduces costs by 15-20% compared to traditional chemical synthesis [8] Production and Capacity - The company is currently in a full production state with ample orders for Q124 [9] - An IPO project completed in 2023 has led to high capacity utilization, and the company is expanding into the formulation sector, which is expected to increase revenue from both formulations and related raw materials [9] - The company is accelerating its overseas expansion, with nearly 20% of profits coming from international markets such as Japan, South Korea, Russia, and Europe [9]