NORTHEAST SECURITIES·2025-04-30 04:15Group 1: Report Summary - 2025 April saw the issuance of 3 convertible bonds: Anji Convertible Bond, Qingyuan Convertible Bond, and Weice Convertible Bond [1][2][3] - Anji Technology plans to issue up to 831 million yuan of convertible bonds on April 7, 2025, with funds earmarked for various projects and working capital [1] - Qingyuan Co., Ltd. intends to issue up to 500 million yuan of convertible bonds on April 8, 2025, for project investment and working capital [2] - Weice Technology aims to issue up to 1.175 billion yuan of convertible bonds on April 9, 2025, for project investment, loan repayment, and working capital [3] Group 2: Anji Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 22% - 27% [13][18] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA -; issue size: 831 million yuan; initial conversion price: 168.11 yuan; bond value: 96.09 yuan [19] - First - day target price: 120 - 125 yuan; recommended for active subscription [24] - Expected first - day new bond subscription winning rate: 0.0076% - 0.0103% [25] Underlying Stock Fundamentals - Main business: R & D and industrialization of key semiconductor materials [23] - Industry upstream: Fine chemical industry; downstream: Integrated circuit manufacturing and advanced packaging [27] - Operating performance: Revenue grew from 687 million yuan in 2021 to 1.312 billion yuan in the first three quarters of 2024, with a stable gross and net profit margin [30][34] - Equity structure: Concentrated, with the top two shareholders holding 35.44% of shares as of September 30, 2024; no actual controller; 8 holding subsidiaries and 4 important affiliated companies [56] - Business advantages: Deep - rooted in high - end semiconductor materials, with intellectual property rights, efficient product conversion, international talent, and a quality assurance system [59][60] - Fund use: Projects include Shanghai Anji Integrated Circuit Materials Base, etc., with 220 million yuan for working capital [18] Group 3: Qingyuan Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 25% - 30% [13][67] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: A+; issue size: 500 million yuan; initial conversion price: 12.93 yuan; bond value: 83.41 yuan [68] - First - day target price: 124 - 129 yuan; recommended for active subscription [72] - Expected first - day new bond subscription winning rate: 0.003% - 0.0038% [73] Underlying Stock Fundamentals - Main business: R & D, production, and sales of solar photovoltaic brackets, development and operation of photovoltaic power stations, and R & D of photovoltaic power electronics [71] - Industry upstream: Metal processing; downstream: Photovoltaic power stations [75] - Operating performance: Revenue increased from 1.018 billion yuan in 2021 to 1.319 billion yuan in the first three quarters of 2024, with stable gross and net profit margins [78] - Equity structure: Relatively dispersed, with the top two shareholders holding 44.8% of shares as of June 30, 2024; Hong Daniel as the actual controller; 58 holding subsidiaries [105] - Business advantages: International market strategy, product advantages to meet customer needs, and technological innovation [109][110][111] - Fund use: Projects include Distributed Photovoltaic Bracket Smart Factory and Energy R & D Center, with 150 million yuan for working capital [67] Group 4: Weice Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 41% - 46% [13][115] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA; issue size: 1.175 billion yuan; initial conversion price: 82.15 yuan; bond value: 98.08 yuan [116] - First - day target price: 124 - 128 yuan; recommended for active subscription [120] - Expected first - day new bond subscription winning rate: 0.0068% - 0.0099% [121] Underlying Stock Fundamentals - Main business: Wafer testing, chip finished product testing, and related supporting services [119] - Industry upstream: Test equipment and consumables manufacturers; downstream: Integrated circuit design [123][124] - Operating performance: Revenue rose from 493 million yuan in 2021 to 740 million yuan in the first three quarters of 2024, with a declining gross and net profit margin [127][131] - Equity structure: Relatively dispersed, with the top two shareholders holding 37.11% of shares as of September 30, 2024; Pian Wensheng as the actual controller; 5 holding subsidiaries and 3 affiliated companies [156] - Business advantages: Talent, technology, customer base, production capacity, and location advantages [158][159][160] - Fund use: Projects include Weice Semiconductor Wuxi Integrated Circuit Testing Base and Integrated Circuit Chip Wafer - Level and Finished Product Testing Base, with 275 million yuan for loan repayment and working capital [115]