东北固收转债分析：普联转债定价：首日转股溢价率42%~47%

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The target price for PULIAN Convertible Bond on its first day of listing is estimated to be between RMB 137 and RMB 142, with a recommended active subscription. The expected conversion premium rate on the first - day of listing is in the range of 42% - 47% [3][22]. - The estimated first - day new - bond lottery winning rate is around 0.0018% - 0.0022% [4][23]. 3. Summary According to the Table of Contents 3.1. PULIAN Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The PULIAN Convertible Bond will be issued through priority placement and online issuance. Its bond and issuer ratings are both A+. The issuance scale is RMB 243 million, with an initial conversion price of RMB 18.26. The conversion parity on December 5, 2025, was RMB 96.44, and the pure - bond value is RMB 82.46. The game terms (lower - adjustment, redemption, and put - back clauses) are normal. Overall, the bond has a low issuance scale, poor liquidity, and a weak rating, but the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary - market participation [2][17]. 3.1.2. Analysis of New - Bond Initial Listing Price - The company's main business is to provide information solutions and IT integrated services for large - scale group enterprises. The funds raised from this issuance will be used for upgrading and expanding existing products, enhancing market competitiveness, and maintaining a leading position in industry technology [3][21]. - The target price for PULIAN Convertible Bond on its first day of listing is estimated to be between RMB 137 and RMB 142, with a recommended active subscription. The expected conversion premium rate on the first - day of listing is in the range of 42% - 47% [3][22]. 3.1.3. Analysis of Convertible Bond New - Bond Lottery Winning Rate - The estimated first - day new - bond lottery winning rate is around 0.0018% - 0.0022%. Assuming an old - shareholder placement ratio of 21% - 34%, the scale available in the market is between RMB 161 million and RMB 191 million. Assuming 8.7 million online valid subscriptions, the lottery - winning rate when subscribing to the maximum limit is around 0.0018% - 0.0022% [4][23]. 3.2. Analysis of the Underlying Stock's Fundamental Conditions 3.2.1. Company's Main Business and the Upstream and Downstream of the Industry - The company's main business is to provide information solutions and IT integrated services for large - scale group enterprises. It has strong innovation and delivery capabilities and serves many large - scale central enterprises [24]. - The upstream of the industry consists of enterprises producing basic software and computer hardware products, with sufficient supply. The downstream includes energy, construction, and finance industries, and the digital transformation of the downstream market drives the development of the software industry [24][25]. 3.2.2. Company's Operating Conditions - The company's operating income has shown an overall upward trend from 2022 to the first half of 2025, with year - on - year growth rates of 19.31%, 7.80%, 11.60%, and 9.45% respectively. Customized software business is the main source of income [28]. - The company's comprehensive gross profit margin and net profit rate have shown a downward trend from 2022 to the first half of 2025, mainly due to factors such as changes in the market environment and a significant increase in labor costs [31]. - The company's periodic expenses and R & D expenses have fluctuated greatly in recent years. The proportion of accounts receivable in operating income has shown an upward trend, and the accounts - receivable turnover rate has slightly decreased [34][39][40]. - The company's net profit attributable to the parent has fluctuated greatly, and its profitability and weighted ROE have also fluctuated significantly [44]. 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. The top two shareholders, Lin Guoqiang and Wang Hu, have a combined shareholding of 21.41%, and they are the controlling shareholders and actual controllers. Through a concerted action agreement, they jointly control 38.27% of the voting rights of the company's shares [47]. 3.2.4. Company's Business Characteristics and Advantages - The company has long - term technological accumulation, with XBRL - related systems and products widely applied. It has a mature development platform with high performance, strong scalability, and high flexibility [50]. - The company has advantages in talent reserves and R & D innovation. It has a R & D team with rich experience, a sound talent - training system, a R & D project - management mechanism, and close industry - university - research cooperation [51]. - The company has advantages in customer resources and market - feedback acquisition. It has a wide range of customers, can optimize products based on customer feedback, and quickly implement R & D results to expand market share [53]. 3.2.5. Allocation of Funds Raised in this Issuance - The company plans to issue convertible bonds to raise a maximum of RMB 243 million. After deducting issuance fees, RMB 85 million will be used for the domestic ERP function expansion project, RMB 49 million for the digital intelligent financial risk management and control product construction project, and RMB 108 million for the Yunhu Platform R & D and upgrade project [1][15][54]. - The domestic ERP function expansion project aims to upgrade and expand the existing ERP product, with an expected average annual operating income of RMB 141.1822 million, an after - tax internal rate of return of 17.78%, and an after - tax payback period of 7.99 years (including the construction period) [55]. - The digital intelligent financial risk management and control product construction project aims to upgrade and expand existing XBRL application products and solutions. The expected average annual operating income is RMB 54.0622 million, the after - tax internal rate of return is 23.55%, and the after - tax payback period is 6.41 years (including the construction period) [56]. - The Yunhu Platform R & D and upgrade project aims to enhance the platform's intelligence and technical capabilities, which is beneficial for the company to maintain and enhance its technological advantages and core competitiveness, but it does not directly generate economic benefits [57].