领益智造：领益转债：精密制造领域的先锋

Investment Rating - The report suggests a positive investment outlook for Lingyi Technology's convertible bonds, with an expected listing price range of 125.10 to 138.88 CNY on the first trading day, indicating a favorable market reception [2][31][32]. Core Insights - Lingyi Technology has a strong market position in precision manufacturing, particularly in the consumer electronics sector, and has been recognized in various rankings, including the "2023 Fortune China 500" [3][38]. - The company's revenue has shown a compound annual growth rate (CAGR) of 9.29% from 2019 to 2023, despite a slight decline in 2023 [3][41]. - The convertible bond has a solid debt protection feature, with a current bond floor valuation of 97.14 CNY and a yield to maturity (YTM) of 2.01% [29][30]. Summary by Sections 1. Convertible Bond Basic Information - The total issuance scale of Lingyi's convertible bonds is 21.37 billion CNY, with a maturity period of 6 years and a credit rating of AA+/AA+ [26][29]. - The bond's coupon rates for the first six years are 0.20%, 0.40%, 0.60%, 1.50%, 1.80%, and 2.00% [29]. 2. Investment Subscription Recommendations - The expected first-day trading price range for the convertible bond is between 125.10 and 138.88 CNY, with an anticipated conversion premium of around 35% [2][31][32]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - Lingyi Technology's revenue primarily comes from precision functional and structural components, with a stable growth trajectory since 2019 [3][41][43]. - The company achieved a revenue of 341.24 billion CNY in 2023, reflecting a year-on-year decrease of 1.05% [3][41]. 3.2 Company Highlights - Lingyi Technology is recognized as a leading global manufacturer of precision functional components, maintaining a strong market share and quality standards [54].