甬矽转债：先进封装技术领域的创新领跑者

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The total issuance scale of Yongxi Convertible Bonds is 1.165 billion yuan, and the net proceeds after deducting issuance fees will be used for the R & D and industrialization project of multi - dimensional heterogeneous advanced packaging technology and to supplement working capital and repay bank loans [4]. - The current bond floor valuation is 117.9 yuan, with a YTM of 2.82%. The conversion parity is 101.66 yuan, and the parity premium rate is - 1.63%. The bond terms are average, and the total share capital dilution rate is 9.11% [12][13][14]. - It is expected that the listing price of Yongxi Convertible Bonds on the first day will be between 120.30 and 134.02 yuan, and the subscription rate is expected to be 0.0049%. It is recommended to actively subscribe [4][16]. - Since 2019, the revenue of Yongxi Electronics has steadily increased, with a compound growth rate of 58.07% from 2019 - 2024. The sales net profit margin and gross profit margin have fluctuated, the financial expense ratio has increased, and the sales expense ratio and management expense ratio have decreased [4][19]. 3. Summary According to Relevant Catalogs 3.1. Convertible Bond Basic Information - The issuance and subscription schedule of Yongxi Convertible Bonds is from June 24, 2025 (T - 2) to July 2, 2025 (T + 4), including steps such as publishing prospectuses, online roadshows, priority allotment for original shareholders, and online subscriptions [10]. - The basic terms of Yongxi Convertible Bonds include a code of 118057.SH, a face value of 100 yuan, a term of 6 years, a rating of A +/A +, and specific coupon rates from the first to the sixth year. The conversion period is from January 2, 2026, to June 25, 2031, with an initial conversion price of 28.39 yuan per share [11]. - The proceeds from the issuance will be used for the R & D and industrialization project of multi - dimensional heterogeneous advanced packaging technology (900 million yuan) and to supplement working capital and repay bank loans (265 million yuan) [12]. - The bond - related indicators show a pure bond value of 117.90 yuan, a pure bond premium rate of - 15.18%, and a pure bond YTM of 2.82%. The equity - related indicators show a conversion parity of 101.66 yuan and a parity premium rate of - 1.63% [12] 3.2. Investment Subscription Suggestions - By referring to comparable convertible bonds in terms of parity, rating, and scale, and recent newly - listed convertible bonds, and using an empirical model, it is estimated that the conversion premium rate of Yongxi Convertible Bonds on the first - day of listing will be around 25%, and the corresponding listing price will be between 120.30 and 134.02 yuan [15][16]. - It is expected that the original shareholders' priority allotment ratio will be 65.87%, and the online subscription rate will be 0.0049% [17]. 3.3. Analysis of the Underlying Stock's Fundamental Aspects 3.3.1. Financial Data Analysis - Yongxi Electronics is mainly engaged in the development of integrated circuit packaging and testing solutions, and the packaging and testing of various integrated circuit chips. Since 2019, its revenue has steadily increased, with a compound growth rate of 58.07% from 2019 - 2024. In 2024, the revenue was 3.609 billion yuan, a year - on - year increase of 9.82%. The net profit attributable to the parent company has fluctuated, with a compound growth rate of - 210.86% from 2019 - 2024 [18][19]. - The company's revenue mainly comes from integrated circuit packaging and testing services, and the product structure changes annually. From 2022 - 2024, the revenue from this business accounted for 98.98%, 99.64%, and 97.96% of the main business revenue respectively [20]. - The sales net profit margin and gross profit margin of Yongxi Electronics have fluctuated. The financial expense ratio has increased, while the sales expense ratio and management expense ratio have decreased. The sales gross profit margin and net profit margin are significantly higher than the industry average [24]. - The company's sales expenses are relatively high, mainly composed of employee salaries, business entertainment expenses, and market development expenses. The sales expenses increased significantly in 2023 and 2024 [25]. 3.3.2. Company Highlights - Yongxi Electronics focuses on high - end advanced packaging and testing of integrated circuits. Its product structure is dominated by advanced packaging technologies, covering four major categories and involving cutting - edge technologies, with over 1,900 mass - produced varieties [31]. - The company has successfully entered the supply chains of well - known design companies at home and abroad, and has established a good reputation in emerging fields [31]. - The company continuously strengthens R & D investment, and its core team has experience in leading industry companies. It is actively expanding production capacity, and the second - phase project will significantly improve production and sales scale and service capabilities [31]. - The company has won honors such as the "Enterprise for Major Integrated Circuit Projects" at the national level and the "Large, Excellent, and Strong" Cultivated Enterprise in Ningbo, demonstrating its industry status [31].