东北固收转债分析：神宇转债定价：首日转股溢价率52%~57%

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Shenyu Convertible Bond on the first day of listing is expected to be between 140 - 145 yuan, and investors are advised to actively subscribe [3][18]. - The expected first - day new - bond lottery winning rate is around 0.0035% - 0.0037% [4][19]. 3. Summary According to Related Catalogs 3.1 Shenyu Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Shenyu Convertible Bond are priority placement and online issuance, with a bond and issuer rating of AA-. The issuance scale is 500 million yuan, the initial conversion price is 39.31 yuan. As of December 12, 2025, the closing price of the underlying stock was 36.40 yuan, and the bond parity was 92.60 yuan. The calculated pure bond value was 91.23 yuan. The game terms (downward revision, redemption, and put provisions) are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in the R & D, production, and sales of coaxial cables and also conducts gold wire - drawing business. After the issuance of the convertible bond, the funds will be fully used for the intelligent field data cable construction project. The company aims to strengthen its investment and business layout in the automotive data cable and computing power data cable fields, improve production efficiency and delivery capacity, and seize more market share through economies of scale [3][17]. - Considering the current market environment and parity level, the conversion premium rate of Shenyu Convertible Bond on the first day of listing is expected to be in the range of [52%, 57%], corresponding to a first - day listing target price around 140 - 145 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - As of the end of June 2025, the top two major shareholders held a combined 36.80% of the shares, and the top ten major shareholders held a combined 41.11%. Assuming the old - shareholder placement ratio is 37% - 41%, the scale of Shenyu Convertible Bond available to the market is 294 million - 316 million yuan. Assuming the online effective subscription volume is 8.53 million households, the lottery winning rate is around 0.0035% - 0.0037% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company's main products are coaxial cables, RF connectors and components, and it also conducts gold wire - drawing business. Coaxial cables are the main products, including various series. The company has a complete product matrix and has made progress in multiple fields [20]. - The upstream of the communication cable industry includes copper and plastic material industries. China's stable copper production and the basic localization of plastic materials ensure production needs, but raw material price fluctuations affect the company. The downstream is the cable assembly industry, and the terminal industries include consumer electronics, data communication, etc. The demand in these fields is growing [20][21][22]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a fluctuating trend. Coaxial cable sales decreased in 2023 due to the slowdown of communication base station construction and increased from 2024 to the first half of 2025 due to market expansion. The gold wire - drawing business income declined in the first half of 2025 because the company reduced low - margin business [25]. - The company's comprehensive gross profit margin and net profit margin showed an upward trend. The gross profit margin increased mainly because the company expanded new markets and reduced low - margin business. The company's period expenses increased year - by - year, mainly due to equity incentive expenses and increased sales promotion. R & D expenses remained stable, and accounts receivable were relatively stable. The company's net profit attributable to the parent company fluctuated greatly [30][31][43]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure was relatively dispersed. Ren Fengjuan was the largest shareholder, and the top two major shareholders held a combined 36.80% of the shares, and the top ten major shareholders held a combined 41.11%. Ren Fengjuan, Tang Xiaonan, and Tang Jiankang were the actual controllers [45]. 3.2.4 Company's Business Characteristics and Advantages - Market reputation and customer resource advantages: The company has a good market reputation and brand image, and has established long - term and stable relationships with many well - known enterprises. It has also established a one - stop multi - target service platform [47]. - R & D innovation and technology accumulation advantages: The company has a scientific R & D management system, has mastered multiple core production processes, and has a large number of patents. It focuses on high - tech and high - value - added product layout [48][50]. - Product quality advantages: The company has a perfect quality control system and has passed multiple quality management certifications, achieving seamless connection with top - level quality specifications [51]. 3.2.5 Arrangement of This Fund - Raising Investment - The company plans to issue convertible bonds to raise up to 500 million yuan, which will be fully used for the intelligent field data cable construction project after deducting issuance fees. The project has a total investment of 504.2642 million yuan, with an expected annual output of 272,500 kilometers of intelligent field data cables. After reaching full production, it is expected to achieve an annual operating income of 476.8936 million yuan, with an internal rate of return of 12.58% (after - tax) and a static investment payback period of 8.44 years (including the construction period) [52][53].