Investment Rating - The investment rating for the company is "Increase" based on the expectation that the industry index will outperform the benchmark by more than 5% in the next six months [83]. Core Viewpoints - The company is a comprehensive service provider for modern medical purification systems, focusing on solving medical infection issues and providing clean, safe, and intelligent medical environments for various hospitals [13][63]. - The main business includes the research, design, implementation, and operation of medical purification systems, as well as the sale of related medical equipment and consumables [63]. - The company has shown steady revenue growth since 2019, with a compound annual growth rate (CAGR) of 27.71% from 2019 to 2023, achieving a revenue of 1.602 billion yuan in 2023, a year-on-year increase of 34.71% [16][39]. - The company's net profit attributable to shareholders has also fluctuated, with a CAGR of 16.29% from 2019 to 2023, reaching 107 million yuan in 2023, a year-on-year increase of 4.72% [39]. Summary by Sections 1. Basic Information of Convertible Bonds - The current bond floor valuation is 84.26 yuan, with a yield to maturity (YTM) of 3.12%. The bond has a maturity period of 6 years and is rated A+/A+ by China Chengxin International Credit Rating Co., Ltd. [55][56]. - The bond's face value is 100 yuan, with coupon rates of 0.20%, 0.40%, 0.80%, 1.50%, 2.00%, and 2.50% over the six years [55]. - The total issuance scale is 750 million yuan, with a dilution rate of 24.01% on total share capital [56]. 2. Investment Subscription Suggestions - The expected listing price for the convertible bond on the first day is estimated to be between 113.34 and 126.27 yuan, with an expected subscription rate of 0.0029% [15][36]. - The initial conversion price is set at 22.48 yuan per share, with the underlying stock closing at 21.53 yuan on December 19, 2024, leading to a conversion parity of 95.77 yuan and a premium rate of 4.41% [14][31]. 3. Fundamental Analysis of the Underlying Stock - The company's revenue primarily comes from the integration of medical purification systems, with the proportion of project operation revenue in the main business increasing from 81.19% in 2021 to 84.32% in 2023 [2][73]. - The company has received recognition for its projects, including participation in the design and construction of the Wuhan Huoshenshan Hospital, which has enhanced its brand reputation [63][64]. - The company has a strong R&D team with 185 authorized patents and 41 software copyrights, contributing to its competitive advantage in the industry [67].
华康医疗：华医转债：医疗净化行业标杆