Enpower(300681) Minsheng Securities·2024-10-23 10:38Investment Rating - The report gives a positive investment rating for Yingbo Convertible Bonds, suggesting active participation in the new bond subscription with an expected listing price of around 127 yuan, reflecting a 25% premium on the first day of trading [2][7]. Core Viewpoints - Yingbo is positioned as a core component supplier for electric drive systems in the new energy vehicle sector, with a focus on integrated technology solutions that enhance efficiency and reduce costs [10][26]. - The company has demonstrated significant growth in revenue and profitability, with a notable increase in net profit by 218.48% year-on-year in the first half of 2024 [20][25]. - The report highlights the competitive advantages of Yingbo, including core technology, certification, R&D capabilities, and a strong customer base, which includes major automotive manufacturers [26][27]. Summary by Sections 1. Convertible Bond Basic Terms and Subscription Value Analysis - The issuance scale of Yingbo Convertible Bonds is 817 million yuan, with a bond and issuer rating of AA/AA. The conversion price is set at 17.57 yuan, with a conversion value of 101.94 yuan as of October 21, 2024 [4][6]. - The average annual coupon rate is 1.23 yuan, with a maturity compensation rate of 10%, indicating a standard level for newly issued convertible bonds [4][6]. - The dilution pressure on total share capital is 18.43%, and on circulating share capital is 26.88%, indicating significant dilution risk [4][6]. 2. Yingbo's Fundamental Analysis 2.1 Industry and Supply Chain Analysis - Yingbo has been a leader in the new energy vehicle power system sector for nearly two decades, offering a range of products including motor controllers and DC/DC converters [10][12]. - The company is positioned in the midstream of the supply chain, with upstream suppliers providing electronic components and downstream customers being automotive manufacturers [10][12]. 2.2 Shareholding Structure Analysis - As of October 21, 2024, the top three shareholders hold a combined 41.37% of the shares, with Jiang Guibin as the controlling shareholder [18][19]. 2.3 Company Operating Performance - In the first half of 2024, Yingbo achieved a revenue of 1.023 billion yuan, a year-on-year increase of 42.06%, driven by strong sales of A00-class vehicles [20][25]. - The gross profit margin for the same period was 14.02%, with a net profit margin of 3.39%, reflecting operational efficiency improvements [20][25]. 2.4 Peer Comparison and Competitive Advantages - Yingbo's revenue growth rate and gross profit margin are higher than the average of comparable companies, indicating a strong competitive position in the market [25][26]. 3. Fundraising Project Analysis - The total amount raised from the convertible bond issuance is 817 million yuan, with the majority allocated to the construction of a production base for key components in new energy vehicles [29][30]. - The project is expected to yield a post-tax internal rate of return of 17.97% and an average annual revenue of 2.619 billion yuan, indicating strong economic benefits [29][30].