华辰转债：输配电及控制设备领域先锋

1. Report Industry Investment Rating There is no mention of the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The Huachen Convertible Bond (113695.SH) will start online subscription on June 20, 2025, with a total issuance scale of 460 million yuan. After deducting issuance fees, the net raised funds will be used for the construction project of the new - energy power equipment intelligent manufacturing industrial base (Phase I), the construction project of the new - energy power equipment digital factory, and supplementing working capital [3]. - The current bond floor valuation is 84.22 yuan, and the YTM is 2.97%. The bond floor protection is average. The current conversion parity is 100.4 yuan, and the parity premium rate is - 0.42%. The convertible bond terms are mediocre, and there is a certain dilution pressure on the equity [3]. - It is expected that the listing price of the Huachen Convertible Bond on the first day will be between 118.84 and 132.40 yuan, and the subscription success rate is expected to be 0.0016%. It is recommended to actively subscribe [3]. - Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 24.34% from 2019 - 2023. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 15.25% from 2019 - 2023. The company's sales net profit margin and gross profit margin have remained stable [3]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - The Huachen Convertible Bond has a total issuance scale of 460 million yuan, a bond term from June 20, 2025, to June 19, 2031, and a credit rating of A +/A +. The initial conversion price is 23.53 yuan per share, and the conversion period is from December 26, 2025, to June 19, 2031 [3][9]. - The bond floor valuation is 84.22 yuan, and the YTM is 2.97%. The conversion parity is 100.42 yuan, and the parity premium rate is - 0.42%. The convertible bond terms are mediocre, and the total equity dilution rate is 10.63% [3][12][13]. 3.2. Investment Subscription Suggestions - By referring to comparable targets and empirical results, considering the average bond floor protection, rating, and scale attractiveness of the Huachen Convertible Bond, it is expected that the conversion premium rate on the first - day of listing will be around 25%, and the corresponding listing price will be between 118.84 and 132.40 yuan [3][14][15]. - It is expected that the priority subscription ratio of original shareholders will be 72.49%, and the online subscription success rate will be 0.0016% [16][17]. 3.3. Fundamental Analysis of the Underlying Stock 3.3.1. Financial Data Analysis - Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 24.34% from 2019 - 2023. In 2023, the company achieved an operating income of 1.51 billion yuan, a year - on - year increase of 47.40%. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 15.25% from 2019 - 2023. In 2023, it achieved a net profit attributable to the parent of 121 million yuan, a year - on - year increase of 33.11% [3][19]. - Jiangsu Huachen's operating income mainly comes from dry - type transformers, and the product structure is adjusted annually. From 2021 - 2023, the proportion of dry - type transformer business revenue in the main business revenue was 57.77%, 53.26%, and 39.12% respectively [3][20][22]. - From 2019 - 2023, the company's sales net profit margin and gross profit margin remained stable, the sales expense rate first decreased and then increased, and the financial expense rate and management expense rate fluctuated [3][23]. 3.3.2. Company Highlights - The company is a national high - tech enterprise and a national specialized and sophisticated "little giant" enterprise. It has won many honors and has established a perfect R & D system and quality control system [27]. - The company has mastered multiple core technologies, has good technical reserves, and provides technical support and experience for the implementation of the fundraising projects [28].