Report Summary - The report presents the top ten convertible bonds for June 2025, including their ratings, closing prices at the end of May, conversion premium rates, and trailing twelve - month price - to - earnings ratios (PE - TTM) of the underlying stocks [1][7][13]. Core Viewpoints - The report provides an in - depth analysis of the top ten convertible bonds in June 2025, highlighting the business profiles, financial performance, and key attractions of the issuing companies. Company - Specific Summaries 1. Zhongte Convertible Bond - Issued by a globally leading special steel manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (down 4.22% year - on - year), and net profit attributable to shareholders was 5.126 billion yuan (down 10.41% year - on - year). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% year - on - year), and net profit attributable to shareholders was 1.384 billion yuan (up 1.76% year - on - year) [13]. - Key attractions include being one of the world's most comprehensive special steel enterprises in terms of variety and specification, having a complete industrial chain, and seeking external expansion opportunities [14]. 2. Shanlu Convertible Bond - Issued by a company mainly engaged in road and bridge construction and maintenance, with diversified business expansion. In 2024, its revenue was 71.348 billion yuan (down 2.3% year - on - year), and net profit attributable to shareholders was 2.322 billion yuan (up 1.47% year - on - year). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% year - on - year), and net profit attributable to shareholders was 0.249 billion yuan (up 1.89% year - on - year) [22]. - Key attractions are having the concept of "China Special Valuation", potential improvement in balance sheet and order volume under debt resolution, benefiting from infrastructure construction plans in Shandong Province, and seizing Belt and Road opportunities [23]. 3. Guangda Convertible Bond - Issued by a company focusing on high - end equipment special steel materials and new - energy wind power components. In 2024, its revenue was 4.003 billion yuan (up 5.67% year - on - year), and net profit attributable to shareholders was 0.115 billion yuan (up 4.97% year - on - year). In Q1 2025, revenue was 1.122 billion yuan (up 25.75% year - on - year), and net profit attributable to shareholders was 0.074 billion yuan (up 1488.76% year - on - year) [33]. - Key attractions include the growing demand for wind power installation in 2025 - 2026, product structure optimization, and expansion of product applications [34]. 4. Aima Convertible Bond - Issued by the leading enterprise in the electric two - wheeler industry. In 2024, its revenue was 21.606 billion yuan (up 2.71% year - on - year), and net profit attributable to shareholders was 1.988 billion yuan (up 5.68% year - on - year). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% year - on - year), and net profit attributable to shareholders was 0.605 billion yuan (up 25.12% year - on - year) [44]. - Key attractions are the potential continuation of government subsidies for trade - ins, the implementation of new national standards, and the potential improvement in gross margin [45]. 5. Xingye Convertible Bond - Issued by one of the first - batch joint - stock commercial banks in China, evolving into a modern financial service group. In 2024, its revenue was 212.226 billion yuan (up 0.66% year - on - year), and net profit attributable to shareholders was 77.205 billion yuan (up 0.12% year - on - year). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% year - on - year), and net profit attributable to shareholders was 23.796 billion yuan (down 2.22% year - on - year) [54]. - Key attractions include stable growth in net interest income, stable asset quality, and continuous growth in scale and customer base [55]. 6. Yonghe Convertible Bond - Issued by a company engaged in the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (up 5.42% year - on - year), and net profit attributable to shareholders was 0.251 billion yuan (up 36.83% year - on - year). In Q1 2025, revenue was 1.138 billion yuan (up 12.36% year - on - year), and net profit attributable to shareholders was 0.097 billion yuan (up 161.66% year - on - year) [67]. - Key attractions are the price recovery of refrigerant products, the stable performance of fluoropolymer products, and the profitability improvement of a subsidiary's project [68]. 7. Chongyin Convertible Bond - Issued by the earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (up 3.54% year - on - year), and net profit attributable to shareholders was 5.117 billion yuan (up 3.8% year - on - year). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% year - on - year), and net profit attributable to shareholders was 1.624 billion yuan (up 5.33% year - on - year) [76]. - Key attractions are the development opportunities in the Chengdu - Chongqing economic circle, stable asset scale growth, and proactive risk management [77]. 8. Baidian Convertible Bond - Issued by a high - tech enterprise in the power distribution and control equipment field. In 2024, its revenue was 4.985 billion yuan (up 15.12% year - on - year), and net profit attributable to shareholders was 0.196 billion yuan (up 79.05% year - on - year). In Q1 2025, revenue was 0.976 billion yuan (up 4.68% year - on - year), and net profit attributable to shareholders was 0.037 billion yuan (up 11.47% year - on - year) [88]. - Key attractions are the potential improvement in profitability and a large number of outstanding orders [89]. 9. Huayuan Convertible Bond - Issued by a company focusing on the vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (up 13.58% year - on - year), and net profit attributable to shareholders was 0.309 billion yuan (up 60.76% year - on - year). In Q1 2025, revenue was 0.326 billion yuan (down 1.18% year - on - year), and net profit attributable to shareholders was 0.097 billion yuan (up 5.5% year - on - year) [101]. - Key attractions are leading products in the market, product expansion plans, and a focus on chronic disease drugs [102]. 10. Yushui Convertible Bond - Issued by the largest water supply and drainage integrated enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (down 3.52% year - on - year), and net profit attributable to shareholders was 0.785 billion yuan (down 27.88% year - on - year). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% year - on - year), and net profit attributable to shareholders was 0.237 billion yuan (up 28.91% year - on - year) [112]. - Key attractions are a stable monopoly position in the local market, business expansion, and effective cost control [113].
东北固收转债分析：2025年6月十大转债
NORTHEAST SECURITIES·2025-06-03 02:15