联瑞转债：高端电子材料细分赛道领跑者

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The report predicts that the listing price of Lianrui Convertible Bond on the first day will be between RMB 122.56 and RMB 136.31, with an expected conversion premium rate of around 30% on the listing day. The online winning rate is 0.00087%, and it is recommended to actively subscribe [3][13][14]. - Since 2020, the revenue of Jiangsu Lianrui New Materials Co., Ltd. has been growing steadily, with a compound growth rate of 24.15% from 2020 - 2024. In 2024, the company achieved an operating revenue of RMB 960 million, a year - on - year increase of 34.94%. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 22.70% from 2020 - 2024. In 2024, it reached RMB 251 million, a year - on - year increase of 44.47% [3][17]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Basic Information - The total issuance scale of Lianrui Convertible Bond is RMB 695 million. After deducting the issuance expenses, the net proceeds from the offering will be used for the construction of high - performance high - speed substrate ultra - pure spherical powder material project, high - thermal - conductivity high - purity spherical powder material project, and partially for supplementing working capital [3]. - The current bond floor valuation is RMB 98.11, and the YTM is 2.21%. The bond has a 6 - year term, with a face value of RMB 100. The coupon rates from the first to the sixth year are 0.10%, 0.30%, 0.60%, 1.00%, 1.50%, and 2.00% respectively. The company's redemption price at maturity is 110% of the face value (including the last - period interest) [3][11]. - The current conversion parity is RMB 99.5, and the parity premium rate is 0.51%. The conversion period is from July 14, 2026, to January 7, 2032. The initial conversion price is RMB 63.55 per share [3][12]. - The convertible bond terms are mediocre. The total share capital dilution rate is 4.33%, and the dilution pressure on the share capital is small [3][12]. 3.2. Investment Subscription Suggestion - By referring to comparable targets in terms of parity, rating, and scale, as well as recent listed convertible bonds and an empirical model, considering the good bond floor protection, and the attractiveness of the rating and scale of Lianrui Convertible Bond, it is expected that the conversion premium rate on the listing day will be around 30%, and the corresponding listing price will be between RMB 122.56 and RMB 136.31 [13][14]. - The original shareholders' priority subscription ratio is 100%. The actual amount subscribed by the original shareholders is RMB 615.138 million, accounting for about 88.51% of the total issuance. The remaining RMB 79.862 million is issued to public investors online. The online effective subscription number of households is 9.2173 million, and the effective subscription amount is about RMB 917.261 billion, with an online winning rate of 0.00087% [15]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - The report research's specific company is committed to providing industrial powder materials and application services to global customers. Its revenue has been growing steadily since 2020, and the net profit attributable to the parent has also been fluctuating [17]. - The company's operating revenue mainly comes from the electronic materials business, and the product structure changes annually. Since 2022, the revenue of the electronic materials business has been increasing year by year [20]. - The company's sales net profit margin and gross profit margin are stable, the sales expense ratio is decreasing, and the financial expense ratio and management expense ratio are stable [22]. 3.3.2. Company Highlights - The report research's specific company is one of the early enterprises focusing on the high - end industrial powder material field in China. It has strong technical accumulation in key processes such as particle size control, purity control, and surface modification of powder materials, and has a product system covering multiple application scenarios [28]. - The company is an important participant in the electronic - grade silica powder segment, with a high - quality customer structure. Its products are widely used in many electronic materials and high - end manufacturing enterprises at home and abroad [28]. - In recent years, the company's operating revenue has maintained steady growth, and its overall business performance is better than some comparable enterprises in the same industry, with a relatively stable competitive position in the segment [28].