Yinbang Clad(SZ:300337) Huajin Securities·2025-01-07 12:23Investment Rating - The report assigns a rating of AA-/AA- to the company and its convertible bond issuance [5][6]. Core Viewpoints - The company is a leading player in the aluminum rolling materials industry, focusing on the research, production, and sales of aluminum-based products and composite materials [10][14]. - The company has a strong emphasis on innovation and green development, with a significant portion of its revenue derived from aluminum thermal transmission materials [10][11]. - The report highlights the company's financial performance, noting a 15.92% year-on-year increase in revenue for the first nine months of 2024, reaching 3.811 billion yuan, and a 58.59% increase in net profit [28]. Summary by Sections Convertible Bond Analysis - The issuance scale of the convertible bond is 785 million yuan, with a term of 6 years and a conversion price of 12.52 yuan [5][6]. - The bond features a high compensation interest rate of 10.7% and market-oriented adjustment clauses [5][6]. - The pure bond value is calculated at 95.41 yuan, with a corresponding yield to maturity (YTM) of 2.81% [5][6]. Company Overview - The company is primarily engaged in the development and production of aluminum-based series products and composite materials, with a focus on lightweight material solutions [10][11]. - The major products include aluminum-based series products, aluminum-steel composite materials, and multi-metal composite materials, with aluminum-based products accounting for over 92% of revenue in recent years [10][11][13]. Industry Analysis - The aluminum rolling processing industry is characterized by a high demand for high-end aluminum materials, which are still largely imported due to domestic production limitations [16][19]. - The report notes that the aluminum rolling materials market in China has been growing, with a compound annual growth rate of 6.17% from 2017 to 2022 [18][19]. Financial Analysis - The company's liquidity ratios improved significantly in 2023 and 2024, surpassing industry averages, indicating better financial health [29][30]. - The report indicates that the company has maintained a stable cash flow from operating activities, with net cash flow from operations exceeding net profit in previous years [30]. Valuation Performance - As of January 3, 2025, the company's price-to-earnings (P/E) ratio is 81.46, which is higher than the industry average, indicating a high valuation elasticity [33]. - The report also highlights a decline in the company's stock price by 6.47% year-to-date, underperforming the industry index [33]. Fundraising Project Analysis - The company plans to use the raised funds for a project to produce 350,000 tons of low-carbon aluminum thermal transmission materials annually, with an expected internal rate of return of 18.5% [36].