利扬芯片：利扬转债：集成电路测试领域领先企业

Investment Rating - The investment rating for the company is suggested to be "actively subscribe" based on the expected first-day listing price of the convertible bond being between 108.51 and 120.89 yuan, with a predicted subscription rate of 0.0024% [26][67]. Core Viewpoints - Guangdong Liyang Chip Testing Co., Ltd. is recognized as a leading independent third-party integrated circuit testing service provider in China, offering services such as integrated circuit testing solution development, 12-inch and 8-inch wafer testing services, and finished chip testing services [8][68]. - The company has shown steady revenue growth since 2019, with a compound annual growth rate (CAGR) of 21.35% from 2019 to 2023, achieving a revenue of 503 million yuan in 2023, which is an 11.19% increase year-on-year [3][68]. - The company's main business revenue accounted for 95.69%, 95.91%, and 96.42% of total revenue from 2021 to 2023, indicating a strong focus on its core operations [9][50]. Summary by Sections Company Overview - Guangdong Liyang Chip Testing Co., Ltd. has developed into one of the largest independent third-party integrated circuit testing bases in China, serving well-known chip design companies [8][84]. - The company has been recognized as a private technology enterprise, a national high-tech enterprise, and a new rising company in the China IC industry in 2019 [68]. Financial Performance - The company has experienced a steady increase in revenue since 2019, with a CAGR of 21.35% from 2019 to 2023. The revenue for 2023 was 503 million yuan, reflecting an 11.19% year-on-year growth [3][68]. - The net profit margin and gross profit margin have declined from 2019 to 2023 but remain above the industry average, with net profit margins of 26.22%, 20.55%, 27.06%, 7.15%, and 4.92% respectively [4][74]. Investment Highlights - The current conversion price is 91.69 yuan, with a premium rate of 9.06%. The initial conversion price is set at 16.13 yuan per share, with the underlying stock closing at 14.79 yuan on July 2, 2024 [2][62]. - The bond's terms are considered standard, with a dilution rate of 13.86% on total share capital due to the issuance of 520 million yuan in convertible bonds [8][43].