SINYUAN ZM(SZ:301398) Soochow Securities·2025-11-07 10:04Group 1 - The report highlights that Zhuomei Convertible Bond (123260.SZ) has a total issuance scale of 450 million yuan, with net proceeds used for construction and equipment procurement [4][10] - The current bond floor valuation is 83.70 yuan, with a yield to maturity (YTM) of 2.97%, indicating general bond floor protection [12][16] - The initial conversion price is set at 52.3 yuan per share, with the conversion parity at 107.11 yuan, reflecting a negative premium rate of -6.64% [13][14] Group 2 - The company, Xingyuan Zhuomei, is located in Ningbo, known as the hometown of die-casting molds, and specializes in designing and manufacturing large and medium-sized aluminum and magnesium alloy die-casting molds [18][32] - Since 2019, the company's revenue has shown steady growth, with a compound annual growth rate (CAGR) of 22.69% from 2019 to 2024, achieving a revenue of 409 million yuan in 2024, a year-on-year increase of 16.01% [19][20] - The net profit attributable to the parent company has also fluctuated, with a CAGR of 10.31% from 2019 to 2024, reaching 80 million yuan in 2024, a slight increase of 0.31% year-on-year [19][24] Group 3 - The revenue of Xingyuan Zhuomei primarily comes from precision die-casting parts made of aluminum and magnesium alloys, with the proportion of project operation business revenue increasing from 56.09% in 2021 to 69.40% in 2024 [20][23] - The company has experienced a decline in net profit and gross profit margins, with the sales net profit margin ranging from 33.46% to 19.66% from 2019 to 2024 [24][29] - The company has a strong focus on research and development, continuously innovating and increasing R&D expenses, which has contributed to its competitive edge in the magnesium alloy precision die-casting sector [32][24]