SD HEAD(SZ:002810) Shanxi Securities·2025-09-10 08:39Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The Hedda Convertible Bond (127088.SZ) is a high - quality balanced bond with the issuer's performance and valuation at a low level. The company has excellent fundamentals, and its performance and valuation are at historical lows. The bond has a long remaining term [1][4] - Based on the Shanxi Securities convertible bond valuation model, if the stock price remains unchanged, without considering forced redemption and downward revision, the reasonable valuation of the Hedda Convertible Bond is between 124 and 132 yuan [5] Summary by Relevant Catalogs Information about the Convertible Bond - The Hedda Convertible Bond has a rating of AA - a bond balance of 600 million yuan, accounting for 99.97% of the total issuance. The remaining term is 3.82 years. The latest closing price is 122.79 yuan, the conversion premium rate is 50.15%, and the pure bond premium rate is 14.83% [1] Information about the Underlying Stock - The underlying stock is Shandong Hedda (002810.SZ), established in 1992. Its main products are cellulose ether and plant capsules, and its business covers more than 100 countries and regions. The latest total market value is 4.797 billion yuan, and the 2025E PE is 26.3x. The actual controller is an individual, and the largest shareholder and persons acting in concert hold a total of 39.87% of the shares. The attributable net profit in H125 decreased by 8.71% year - on - year [2] Main Highlights of the Hedda Convertible Bond - The company has been deeply involved in the cellulose ether industry for nearly 30 years. Cellulose ether has many advantages. The company's products cover more than 70 categories and more than 100 models, with rich structure and leading technology. By the end of H125, its wholly - owned subsidiary Zhongfu Hedda had a production capacity of 10,000 MT and was one of the largest HEC manufacturers in China [3] - The company has extended its industrial chain to the downstream plant capsule industry. Compared with gelatin capsules, plant capsules have many advantages and are mainly used in the steadily growing health product industry. By the end of H125, the company's effective production capacity was 30 billion capsules, with a capacity utilization rate of about 60%. The US factory with a planned capacity of 20 billion capsules is under construction and is expected to be put into production in the middle of next year [4] - The company has a high proportion of overseas revenue. In 2024, the export proportions of building - grade, pharmaceutical and food - grade cellulose ether, and plant capsules were 56.4%, 57.3%, and 88.2% respectively. In 2025, the US imposed anti - dumping duties on some of the company's products, affecting orders and increasing raw material costs. Currently, the company is actively responding, and the unreasonable factors may ease in Q4, when the performance is expected to turn around [4]