Investment Rating - The report assigns a positive outlook for Wankai Convertible Bonds, with an expected first-day trading price range of 118.99 to 132.32 yuan [14][15] Core Views - Wankai Convertible Bonds are issued by Wankai New Materials, a leading company in the polyester materials sector, with a total issuance scale of 2.7 billion yuan [1] - The funds raised will be used for a new material project producing 1.2 million tons of MEG and 100,000 tons of electronic-grade DMC [1] - The bond has a 6-year maturity with a credit rating of AA/AA and a YTM of 2.41%, offering good bond floor protection [1][14] - The conversion premium is 3.53%, with a conversion price of 11.45 yuan per share and a current conversion parity of 96.59 yuan [14] - The bond terms are standard, with a total equity dilution rate of 31.40% and a circulating share dilution rate of 45.30% [14] Financial Performance - Wankai New Materials has shown steady revenue growth from 2019 to 2023, with a compound annual growth rate (CAGR) of 16.00% [2] - In 2023, the company reported revenue of 17.532 billion yuan, a decrease of 9.57% year-on-year, and net profit of 437 million yuan, a decrease of 54.38% year-on-year [2] - The company's sales net margin and gross margin have remained stable, with sales gross margins of 7.76%, 4.95%, 7.38%, 7.59%, and 4.00% from 2019 to 2023 respectively [2] Company Highlights - Wankai New Materials has a significant first-mover advantage in the polyester materials sector, with a diversified product portfolio including bottle-grade PET and high-brightness PET [2][32] - The company has developed key technologies such as hot-fill bottle-grade polyester resin, environmentally friendly high-energy-saving bottle-grade polyester resin, and food-grade polyester resin [2][32] - Wankai New Materials has established strong relationships with global brands like Nongfu Spring, Coca-Cola, and Wahaha, which require rigorous product certification processes [32] Industry Analysis - The company's main product, bottle-grade PET, accounts for over 90% of its main business revenue, with significant contributions from both domestic and international markets [19][22] - The company's production facilities are large-scale, with single-line annual production capacity exceeding 400,000 tons, which helps reduce unit product energy consumption [32]
万凯新材：万凯转债：聚酯材料领域领跑者