福能转债定价：首日转股溢价率27%-32%

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Funeng Convertible Bonds on the first - day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. The bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and there is no objection to primary participation [3][4][19][20] 3. Summary According to Related Catalogs 3.1. Funeng Convertible Bonds New - Bond Analysis and Investment Recommendations 3.1.1. Convertible Bond Basic Terms Analysis - The issuance methods of Funeng Convertible Bonds are priority placement and online issuance. The bond and the issuer's ratings are both AA+. The issuance scale is 3.802 billion yuan, the initial conversion price is 9.84 yuan. As of October 10, 2025, the convertible bond parity is 103.46 yuan, the calculated pure bond value is 94.95 yuan. The game terms (down - revision, redemption, and put - back clauses) are normal. Overall, the bond has high issuance scale, good liquidity, good rating, and good bond floor protection, and it is not difficult for institutions to include it in their portfolios [2][15] 3.1.2. New - Bond Initial Listing Price Analysis - The target price of Funeng Convertible Bonds on the first - day of listing is 131 - 137 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 [27%, 32%] [3][19] 3.1.3. Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0135% - 0.0163%. Assuming the old shareholders' placement ratio is 65% - 71%, the scale available for the market is 1.095 - 1.326 billion yuan. Assuming the number of effective online subscriptions is 8.13 million households, the winning rate is calculated based on full subscription [4][20] 3.2. Underlying Stock Fundamental Analysis 3.2.1. Company's Main Business and Up - and Down - Stream Industry Situations - The company is mainly engaged in the production and sales of electricity, heat, and industrial textiles, with electricity products as the mainstay. The power generation industry's upstream includes power design, power equipment manufacturing, and engineering construction. The downstream is mainly power grid companies. The raw materials for industrial textiles are market - oriented, and its downstream industries are diverse and expanding [21][22] 3.2.2. Company's Operating Conditions - From 2022 to H1 2025, the company's operating income was 14.318 billion yuan, 14.695 billion yuan, 14.563 billion yuan, and 6.369 billion yuan respectively, with year - on - year growth rates of 17.79%, 2.63%, - 0.90%, and - 4.44%. The comprehensive gross margin increased steadily from 23.93% in 2022 to 28.31% in H1 2025, and the net profit margin also showed an upward trend. The company's period expenses remained stable, and R & D expenses were relatively stable. The accounts receivable increased due to slow subsidy payments, and the accounts receivable turnover rate decreased. The net profit attributable to the parent company increased steadily [25][28][30] 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, Fujian Energy Group Co., Ltd. was the largest shareholder, holding 1.536 billion shares (55.25% of the total shares). The top two shareholders' combined shareholding ratio was 65.13%, and the top ten shareholders' combined shareholding ratio was 71.19%. The actual controller of the company is the State - owned Assets Supervision and Administration Commission of Fujian Provincial People's Government [43] 3.2.4. Company's Business Characteristics and Advantages - The company has market position and scale advantages, as it is a leading wind - power company in Fujian, with its power generation business installation scale ranking among the top in Fujian. It has unit quality advantages, with a diversified energy structure mainly composed of thermal power, wind power, and photovoltaic power. It also has project reserve advantages, with many under - construction and reserve projects [50] 3.2.5. Allocation of Current Fund - Raising - After deducting issuance fees, 2.5 billion yuan of the raised funds is planned to be used for the 2×660MW ultra - supercritical cogeneration project in Quanhuixin Petrochemical Industrial Zone (total investment: 6.986 billion yuan), and 1.302 billion yuan for the Fujian Xianyou Mulan Pumped - storage Power Station Project (total investment: 8.383 billion yuan) [13][49]