澳弘转债定价：首日转股溢价率45%~50%

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The target price of Aohong Convertible Bond on the first day is estimated to be between 127 and 131 yuan, and investors are advised to actively subscribe [3][20] - The estimated first - day new - bond lottery winning rate is around 0.0019% - 0.0025% [4][21] Summary According to Relevant Catalogs 1. Aohong Convertible Bond New - Bond Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Aohong Convertible Bond are priority placement and online issuance, with a bond and issuer rating of AA-. The issuance scale is 580 million yuan, the initial conversion price is 34.04 yuan, the bond parity on December 12, 2025, is 87.51 yuan, the pure bond value is 92.83 yuan, and the game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good [2][16] 1.2 New - Bond Initial Listing Price Analysis - The company is a high - tech enterprise engaged in PCB R & D, production, and sales. The funds raised will be used for the Thailand production base construction project, which is conducive to optimizing the company's production capacity layout and meeting overseas market demand. The estimated conversion premium rate on the first - day of listing is in the range of [45%, 50%], corresponding to a target price of around 127 - 131 yuan [3][19][20] 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old - shareholder placement ratio is 63% - 72%, the scale available for the market is 162 million - 215 million yuan. Assuming 8.53 million online valid subscriptions, the estimated first - day lottery winning rate is around 0.0019% - 0.0025% [4][21] 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company is a high - tech enterprise engaged in PCB R & D, production, and sales. Its products include single - sided, double - sided, and multi - layer boards, and it has penetrated into new application scenarios. The upstream of the PCB manufacturing industry includes raw materials such as copper - clad laminates, and the downstream is mainly the application industries of PCB products. The global and Chinese PCB industries' output value has been increasing annually [22][23][24] 2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a fluctuating upward trend, with the main business income accounting for over 89% in each period. The product structure was relatively stable. The comprehensive gross profit margin was relatively stable, and the net profit margin was also stable. The company's period expenses showed a downward trend, R & D expenses increased slightly, accounts receivable increased, and the return on equity was relatively stable [27][31][34] 2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure was relatively concentrated. Yang Jiuhong and Chen Dinghong were the top two shareholders, and they were the actual controllers of the company as persons acting in concert [46] 2.4 Company's Business Characteristics and Advantages - The company has customer resource advantages, with many well - known domestic and foreign customers. It has R & D and technology reserve advantages, with 139 patents. It also has quality control advantages, with a detailed production quality control system [51][52][53] 2.5 Allocation of This Round of Fundraising - The company plans to issue convertible bonds to raise up to 580 million yuan. After deducting issuance fees, the 580 million yuan will be used for the Thailand production base construction project. The project aims to improve production capacity and overseas layout, and is expected to achieve an average annual operating income of 663.2 million yuan after reaching full production [54][55]