安克转债：消费电子出海龙头

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Anker Convertible Bond (123257.SZ) started online subscription on June 16, 2025, with a total issuance scale of 1.105 billion yuan. The net proceeds after deducting issuance fees will be used for multiple projects [3]. - The current bond - floor valuation is 99.26 yuan, and the YTM is 2.01%. The bond - floor protection is good [3]. - The current conversion parity is 99.41 yuan, and the parity premium rate is 0.59% [3]. - The convertible bond terms are mediocre, and the total share capital dilution rate is 1.82%, with relatively small dilution pressure on the equity [3]. - It is expected that the listing price of Anker Convertible Bond on the first day will be between 127.29 and 141.30 yuan, and the subscription rate is expected to be 0.0036%. It is recommended to actively subscribe [3]. - Since 2019, Anker Innovations' revenue has steadily increased, with a compound growth rate of 27.36% from 2019 - 2024. In 2024, the company achieved an operating income of 24.71 billion yuan, a year - on - year increase of 22.85% [3]. - Anker Innovations' operating income mainly comes from the charging business, and the product structure changes annually [3]. - Anker Innovations' sales net profit margin and gross profit margin are stable, the sales expense ratio decreases, the financial expense ratio first increases and then decreases, and the management expense ratio increases [3]. 3. Summary by Directory 3.1. Convertible Bond Basic Information - The issuance and subscription schedule of Anker Convertible Bond is clearly arranged from June 12 to June 20, 2025 [8]. - The basic terms of Anker Convertible Bond include a 6 - year term, AA +/AA+ credit rating, specific coupon rates from the first to the sixth year, and clear conversion, redemption, and repurchase terms [3][9]. - The proceeds from the issuance will be used for projects such as R & D and industrialization of portable and household energy storage products, and the total planned investment in all projects is 1.2348577 billion yuan, with 1.10482 billion yuan from the issuance [10]. - The bond - related indicators show a pure - bond value of 99.26 yuan, a pure - bond premium rate of - 11.11%, and a pure - bond YTM of 2.01%. The equity - related indicators show a conversion parity of 99.41 yuan and a parity premium rate of 0.59% [3][10]. 3.2. Investment Subscription Suggestion - By referring to comparable convertible bonds in terms of parity, rating, and scale, and using an established empirical model, it is expected that the conversion premium rate of Anker Convertible Bond on the first - day of listing will be around 35%, corresponding to a listing price between 127.29 and 141.30 yuan [13][14][15]. - It is estimated that the priority subscription ratio of original shareholders is 73.62%, and the online subscription rate is expected to be 0.0036% [16]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Anker Innovations mainly engages in R & D and sales of consumer electronics, with over 97% of its revenue from overseas sales, mainly in developed regions. The company has won many awards and recognitions [17]. - From 2019 to 2024, the company's operating income and net profit attributable to the parent company have shown growth trends, with compound growth rates of 27.36% and 22.33% respectively. In 2024, the operating income was 24.71 billion yuan, and the net profit attributable to the parent company was 2.114 billion yuan [3][19]. - The charging business is the main source of revenue, and its proportion in the main business income has increased year by year from 2022 - 2024, while the proportion of other main businesses is stable [3][20]. - The sales net profit margin and gross profit margin are stable, and are significantly higher than the industry average. The sales expense ratio decreases, the financial expense ratio first increases and then decreases, and the management expense ratio increases [22]. 3.3.2. Company Highlights - Anker Innovations is a global consumer electronics company with well - known brands. It has strong product innovation and technology integration capabilities, leading in overseas e - commerce platforms [32]. - The charging and energy storage business is the core growth engine, with significant revenue growth in 2024. The company is also actively deploying in intelligent innovation and intelligent audio - visual fields [32]. - Through a light - asset operation model, global supply chain layout, and multi - channel sales strategy, the company has achieved efficient market penetration and brand building, showing strong growth and profitability [32].