HBC(SH:603077) Soochow Securities·2024-10-28 12:38Investment Rating - The report suggests a positive investment recommendation for HeBang Convertible Bonds, with an expected listing price range of 123.67 to 137.77 CNY on the first trading day, indicating a favorable market response [2][20][23]. Core Viewpoints - HeBang Bio is positioned as a leader in the glyphosate sector, leveraging its resource advantages in the Sichuan region to establish a robust industrial chain across chemicals, agriculture, and photovoltaic sectors [3][36]. - The company has shown steady revenue growth since 2019, with a compound annual growth rate (CAGR) of 10.27% from 2019 to 2023, despite a significant drop in revenue in 2023 [25][27]. - The convertible bond has a solid debt protection feature, with a current bond floor valuation of 97.55 CNY and a yield to maturity (YTM) of 2.41% [1][18]. Summary by Sections 1. Convertible Bond Basic Information - The total issuance scale of HeBang Convertible Bonds is 4.6 billion CNY, with net proceeds allocated to a glyphosate production project [1][15]. - The bond has a maturity period of 6 years, with a credit rating of AA/AA- from Zhongzheng Pengyuan [1][14]. 2. Investment Subscription Suggestions - The expected first-day trading price range for HeBang Convertible Bonds is between 123.67 and 137.77 CNY, with an anticipated subscription rate of 0.0214% [2][20][23]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - HeBang Bio's revenue is primarily derived from the chemical industry, with a significant portion of its income coming from products like sodium carbonate and glyphosate [24][29]. - The company has diversified its product offerings and has established a strong market position in the glyphosate sector, with a focus on sustainable growth [3][36]. 3.2 Company Highlights - HeBang Bio has developed a resource-circulating industrial chain, enhancing its competitive edge in the southwestern region of China [3][36]. - The company has maintained stable sales and gross profit margins, with a notable decrease in sales expense ratios [4][33].