伯25转债：汽车制动系统国产龙头

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Bo 25 Convertible Bond (113696.SH) started online subscription on July 1, 2025, with a total issuance scale of 2.802 billion yuan. After deducting issuance fees, the net proceeds will be used for multiple projects and to supplement working capital [3]. - The current bond floor valuation is 98.81 yuan, with a YTM of 2.16%. The conversion parity is 96.64 yuan, and the parity premium rate is 3.47%. The convertible bond terms are average, and the total share capital dilution rate is 8.10%, with relatively small dilution pressure on the equity [3][12][13]. - It is expected that the listing price of the Bo 25 Convertible Bond on the first day will be between 118.12 - 131.40 yuan, and the subscription success rate is expected to be 0.0122%. It is recommended to actively subscribe [3][14][15]. - Since 2019, the company's revenue and net profit attributable to the parent have steadily increased, with a compound growth rate of 25.78% and 24.66% respectively from 2019 - 2024. As of Q1 2025, the company's operating income and net profit attributable to the parent reached 2.638 billion yuan and 270 million yuan respectively [3][19]. 3. Summary According to the Directory 3.1 Convertible Bond Basic Information - Issuance and Subscription Schedule: The issuance and subscription of the Bo 25 Convertible Bond started on July 1, 2025, with a series of scheduled events from T - 2 to T + 4 [9]. - Basic Terms: The convertible bond has a 6 - year term, an AA/AA credit rating, an initial conversion price of 52.42 yuan/share, and various条款 such as the downward revision clause, redemption clause, and put - back clause [10]. - Use of Raised Funds: The raised funds will be used for six projects, including the R & D and industrialization of electronic mechanical brakes, and to supplement working capital, with a total planned investment of 3.3694905 billion yuan and a proposed investment of raised funds of 2.802 billion yuan [11]. - Bond and Equity Indicators: The pure bond value is 98.81 yuan, the pure bond premium rate is 1.2%, the conversion parity is 96.64 yuan, and the parity premium rate is 3.47% [12][13]. 3.2 Investment Subscription Suggestion - Expected Listing Price: Based on comparable targets and an empirical model, it is expected that the listing price of the Bo 25 Convertible Bond on the first day will be between 118.12 - 131.40 yuan, with an expected conversion premium rate of around 29% [14][15][16]. - Expected Subscription Success Rate: The expected priority subscription ratio of original shareholders is 65.55%, and the expected online subscription success rate is 0.0122% [17]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - Revenue and Profit Growth: Since 2019, the company's revenue and net profit attributable to the parent have shown a steady growth trend, with a compound growth rate of 25.78% and 24.66% respectively from 2019 - 2024. In 2024, the net profit attributable to the parent reached 1.209 billion yuan, a year - on - year increase of 35.60%. As of Q1 2025, the operating income and net profit attributable to the parent were 2.638 billion yuan and 270 million yuan respectively [3][19]. - Business Composition: From 2022 to 2024, the company's main business revenue accounted for over 96% of the operating income, showing a high proportion and a rapid growth trend [20]. - Profitability and Cost: The company's sales net profit margin and gross profit margin have slowly declined, while the sales expense ratio has remained low. The financial expense ratio is lower than the industry average and negative, and the management expense ratio is significantly lower than the industry average [25]. 3.3.2 Company Highlights - Technological Innovation and Product Development: The company has the independent forward - development ability for mechanical braking systems, mechanical steering systems, and intelligent electronic control systems, and has mastered the independent intellectual property rights of a full range of chassis braking system products [25]. - Awards and Honors: In 2024, the company won multiple awards and honors, and was also included in the "Top 100 Chinese Auto Parts Enterprises" and "Top 100 Anhui Manufacturing Enterprises" [34].