伯25转债定价：首日转股溢价率22%~27%

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Bo 25 Convertible Bonds on the first day of listing is expected to be between 123 - 128 yuan, and investors are advised to actively subscribe [3][19]. - The expected first - day new - bond lottery winning rate is around 0.0168% - 0.0235% [4][20]. 3. Summary According to Relevant Catalogs 3.1 Bo 25 Convertible Bonds New - Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Bo 25 Convertible Bonds is priority placement and online issuance, with a bond and issuer rating of AA. The issuance scale is 2.802 billion yuan, the initial conversion price is 52.42 yuan, the conversion parity on June 30, 2025, is 100.52 yuan, the pure - bond value is 98.88 yuan. The game terms (downward revision, redemption, and put - back terms) are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond - floor protection. It is easy for institutions to include it in their portfolios, and there is no objection to primary participation [2][15]. 3.1.2 New - Bond Initial Listing Price Analysis - The company is an auto parts supplier engaged in the R & D, production, and sales of automotive mechanical braking products, intelligent electronic control products, and mechanical steering products. The first - day target price of the convertible bonds is 123 - 128 yuan. Considering the current market environment and parity level, the conversion premium rate on the first day of listing is expected to be in the range of [22%, 27%] [3][18][19]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old - shareholder placement ratio is 33% - 52%, the scale of Bo 25 Convertible Bonds available to the market is 1.345 - 1.877 billion yuan. Assuming 8 million online valid subscription accounts, the lottery winning rate is expected to be around 0.0168% - 0.0235% [4][20]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream - Downstream Situation - The company's main business is the R & D, production, and sales of automotive mechanical braking products, intelligent electronic control products, and mechanical steering products. The main upstream industries are steel and aluminum alloy industries, and the main downstream industries are vehicle manufacturers and their supporting markets. The upstream - downstream relationship between the vehicle and the braking and steering systems is mutually promoting and interdependent [21][22]. 3.2.2 Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income showed an overall upward trend, with year - on - year growth rates of 58.61%, 34.93%, 32.95%, and 41.83% respectively. The comprehensive gross profit margin showed a slight downward trend, and the net profit margin also fluctuated. The company's R & D expenses gradually increased, while the accounts receivable turnover rate showed a downward trend. The net profit attributable to the parent company showed an upward trend, and the profitability showed a fluctuating trend [25][30][35]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of December 31, 2024, the company's equity structure was relatively concentrated. The top two shareholders held 32.8% of the shares, and the top ten shareholders held 52.16% of the shares. The company has 18 subsidiaries and 3 affiliated companies [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has an independent forward - development ability in the fields of automotive mechanical braking products, intelligent electronic control products, and mechanical steering products. Its competitive advantages include a comprehensive product matrix, strong product competitiveness, continuous product - technology innovation, cost - control advantages through reasonable division of labor and management, and brand advantages through strict product - quality control [46][50][51]. 3.2.5 Allocation of This Fund - Raising - The company plans to issue convertible bonds to raise a total of no more than 2.802 billion yuan. The funds will be invested in projects such as the annual production of 600,000 sets of EMB R & D and industrialization, 1 million sets of wire - controlled chassis braking system industrialization, 1 million sets of EPB construction, high - strength aluminum alloy casting, and the annual production of 7.2 million lightweight parts and 2 million brake calipers in Mexico [13][52].