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东北固收转债分析:微导转债定价:首日转股溢价率26-29%
  1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Weidao Convertible Bond on the first day of listing is expected to be between 127 - 130 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 26% - 29% [3][22]. - The expected first - day new - bond subscription winning rate is around 0.0029% - 0.0057% [4][23]. - The issuance of convertible bonds by Weidao Nano is a necessary choice to conform to the industry development trend, enhance the company's market competitiveness, optimize the company's capital structure, and provide guarantee for the company's development [3][21]. 3. Summary According to the Directory 3.1 Micro - guide Convertible Bond New - bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Weidao Convertible Bond is priority placement and online issuance, with a bond and issuer rating of AA. The issuance scale is 1.17 billion yuan, the initial conversion price is 33.57 yuan, the bond parity on August 4, 2025, is 100.63 yuan, the pure bond value is 99.1 yuan. The game terms (down - revision, redemption, and put - back clauses) are normal. The bond has a relatively 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][18]. 3.1.2 New - bond Initial Price Analysis - The company's main business is the R & D, production, and sales of advanced micron - and nano - scale thin - film deposition equipment, providing cutting - edge thin - film deposition equipment, supporting products, and services to downstream customers. The funds raised from this issuance are mainly used for the "Intelligent Factory Construction Project of Semiconductor Thin - film Deposition Equipment", the "R & D Laboratory Expansion Project", and supplementing working capital [3][21]. - Based on the valuation of similar convertible bonds and considering the current market environment and parity level, the conversion premium rate of Weidao Convertible Bond on the first day of listing is expected to be in the range of 26% - 29%, corresponding to a first - day target price of around 127 - 130 yuan [3][22]. 3.1.3 Convertible Bond New - bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 60% - 80%, the scale of Weidao Convertible Bond available to the market is 234 million - 468 million yuan. Assuming the online effective subscription volume is 8.2 million households, the winning rate is around 0.0029% - 0.0057% [4][23]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Up - and Downstream Situation - The company's main business is the R & D, production, and sales of advanced micron - and nano - scale thin - film deposition equipment, providing related equipment, products, and services to downstream customers. The upstream includes component suppliers and外协加工商, and the company has a stable supply relationship. The downstream customers are mainly semiconductor chip manufacturers and photovoltaic cell manufacturers. The thin - film deposition equipment is crucial for the downstream's technology implementation and iteration [24][26]. 3.2.2 Company's Operating Conditions - The company's operating income has grown rapidly in recent years. From 2022 to Q1 2025, the operating income was 685 million yuan, 1.68 billion yuan, 2.7 billion yuan, and 510 million yuan respectively, with year - on - year growth rates of 59.96%, 145.39%, 60.74%, and 198.95% [28]. - The company's comprehensive gross profit margin has shown a slight fluctuation. From 2022 to Q1 2025, it was 42.31%, 43.64%, 39.99%, and 36.14% respectively, and the net profit margins were 7.91%, 16.1%, 8.4%, and 16.48% respectively. The fluctuation is mainly due to changes in product structure [30]. - The company's period expenses have been rising in recent years. From 2022 to Q1 2025, the total of sales, management, and financial expenses was 95 million yuan, 247 million yuan, 282 million yuan, and 57 million yuan respectively, and the period expense ratios were 13.83%, 14.7%, 10.45%, and 11.07% respectively. The R & D expenses have also increased year by year [37]. - The company's accounts receivable have been on the rise. From 2022 to Q1 2025, they were 449 million yuan, 809 million yuan, 1.05 billion yuan, and 1.06 billion yuan respectively. The accounts receivable turnover rate has fluctuated but remained at a good level [41][42]. - The company's net profit attributable to the parent has fluctuated greatly. From 2022 to Q1 2025, it was 54 million yuan, 270 million yuan, 227 million yuan, and 84 million yuan respectively, with year - on - year growth rates of 17.43%, 399.33%, - 16.16%, and 2253.57% respectively. The weighted ROE from 2022 to Q1 2025 was 5.95%, 12.6%, 9.1%, and 3.17% respectively [46]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively concentrated. The top two shareholders, Wanhaiying Investment and LI WEI MIN, held 233 million and 43 million shares respectively, with a combined shareholding ratio of 60.18%. The top ten shareholders held a combined ratio of 80.66%. The company has no wholly - owned subsidiaries but has two affiliated companies [48]. 3.2.4 Company's Business Characteristics and Advantages - The company has advantages in advanced technology routes, with ALD technology as the core. It also has an excellent R & D team, a complete industrial application center platform, strong technology accumulation and R & D innovation capabilities, a platform - based product matrix layout, high - quality customer resources, and efficient customer service [52][53][54]. 3.2.5 Allocation of Funds Raised in this Issuance - The company plans to issue convertible bonds to raise up to 1.17 billion yuan. Among them, 643 million yuan is planned for the "Intelligent Factory Construction Project of Semiconductor Thin - film Deposition Equipment", 227 million yuan for the "R & D Laboratory Expansion Project", and 300 million yuan for supplementing working capital [16][56].