东北固收转债分析：恒帅转债定价：首日转股溢价率30%~35%

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The target price of Hengshuai Convertible Bonds on the first day is estimated to be between 129 - 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 30% - 35%, corresponding to a target price of around 124 - 129 yuan [3][18]. - The estimated first - day new - bond subscription winning rate is around 0.0009% - 0.0011% [4][19]. 3. Summary According to Relevant Catalogs 3.1 Hengshuai Convertible Bonds New - Bond Subscription Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Hengshuai Convertible Bonds are priority placement and online issuance, with a bond and issuer rating of A+. The issuance scale is 328 million yuan, the initial conversion price is 62.55 yuan. As of May 29, the closing price of the underlying stock was 59.79 yuan, and the bond parity was 95.59 yuan. The calculated pure bond value is 83.86 yuan. The game terms, including the downward revision, redemption, and put - back terms, are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is weak, and the bond floor protection is acceptable [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of automotive motor technology and fluid technology - related products. The funds raised from this issuance will be mainly used for the "Thailand New Automotive Parts Production Base Project", the "Annual Production of 19.54 Million Pieces of Automotive Micro - motors, Cleaning and Cooling System Parts Reconstruction and Expansion and R & D Center Expansion Project", and the "R & D Center Reconstruction and Expansion Project" [3][17]. - The target price of Hengshuai Convertible Bonds on the first day is 129 - 134 yuan, and investors are advised to actively subscribe. Considering the market environment and parity level, the conversion premium rate on the first - day of listing is expected to be in the range of 30% - 35%, corresponding to a target price of around 124 - 129 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0009% - 0.0011%. As of May 29, the top two major shareholders held 71.45% of the company's shares, and the top ten major shareholders held 78.6%. Assuming the old - shareholder placement ratio is 71% - 79%, the scale available for the market is 70 million - 94 million yuan. Assuming the online effective subscription volume is 8.21 million households, the winning rate is estimated to be around 0.0009% - 0.0011% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Upstream and Downstream of the Industry - The company's main business is the R & D, production, and sales of automotive motor technology and fluid technology - related products, including various motors, actuators, pumps, and other products [20]. - The upstream industries mainly include hardware, rubber, plastic materials, electronic components, and wires. The downstream industry is the automotive manufacturing industry. The prosperity of the automotive industry has a significant impact on this industry. The recovery of global automotive production and sales has driven the market demand for the motor industry, but price competition in the automotive industry may squeeze the profit margins of upstream suppliers [21]. 3.2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating revenues were 739 million yuan, 920 million yuan, 960 million yuan, and 203 million yuan respectively, with year - on - year growth rates of 26.4%, 24.99%, 4.21%, and - 16.04%. The company's quarterly revenues showed slight fluctuations but remained generally stable [23]. - From 2022 to Q1 2025, the company's comprehensive gross profit margins were 33.15%, 36.25%, 34.79%, and 32.22% respectively, and the net profit margins were 19.7%, 21.89%, 22.21%, and 20.61% respectively. The comprehensive gross profit margin remained relatively stable [27]. - From 2022 to Q1 2025, the company's total period expenses were 60 million yuan, 72 million yuan, 60 million yuan, and 16 million yuan respectively, and the period expense ratios were 8.12%, 7.85%, 6.23%, and 7.86% respectively. The R & D expenses gradually increased, and the R & D expense ratio in 2024 increased rapidly [28]. - From 2022 to Q1 2025, the company's accounts receivable turnover rates were 4.33 times/year, 4.1 times/year, 3.75 times/year, and 3.47 times/year respectively. The accounts receivable management ability was good [34]. - From 2022 to Q1 2025, the company's net profits attributable to the parent company were 146 million yuan, 202 million yuan, 214 million yuan, and 42 million yuan respectively, with year - on - year growth rates of 25.90%, 38.87%, 5.75%, and - 35.48%. The profitability showed slight fluctuations [39]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two major shareholders held 71.45% of the shares, and the top ten major shareholders held 78.6%. The controlling shareholder was Hengshuai Investment, and the actual controllers were Xu Ningning and Yu Guomei. The company had 7 major subsidiaries and 1 affiliated company [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in customer resources, quality and cost control, intelligent fully - automated production line R & D, technology and R & D, industrial chain vertical integration, and quality control. These advantages help the company maintain competitiveness in the market [46][47][48]. 3.2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise a maximum of 328 million yuan. 200 million yuan will be invested in the "Thailand New Automotive Parts Production Base Project", 61 million yuan in the "Annual Production of 19.54 Million Pieces of Automotive Micro - motors, Cleaning and Cooling System Parts Reconstruction and Expansion and R & D Center Expansion Project", and 67 million yuan in the "R & D Center Reconstruction and Expansion Project" [1][12][50].