耐普转02：矿山耐磨新材料领域先行者

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The total issuance scale of Naipu Convertible Bond 02 is 450 million yuan, and the net proceeds after deducting issuance fees will be used for the project of manufacturing 12,000 tons of new - material beneficiation wear - resistant spare parts in Peru each year [3]. - The current bond floor valuation is 118.90 yuan, with a YTM of 2.97%, indicating good bond floor protection. The current conversion parity is 101.64 yuan, and the parity premium rate is - 1.61%. The conversion terms are standard, and the dilution rate of the total share capital is 6.49%, with relatively small dilution pressure on the share capital [3][12][13]. - It is expected that the listing price of Naipu Convertible Bond 02 on the first day will be between 132.11 - 146.56 yuan, and the subscription rate is expected to be 0.0016%. It is recommended to actively subscribe [3]. 3. Summary According to the Directory 3.1 Convertible Bond Basic Information - Issuance Schedule: The issuance subscription schedule of Naipu Convertible Bond 02 is from January 14, 2026 (T - 2) to January 22, 2026 (T + 4), including steps such as publishing announcements, online roadshows, original shareholder priority subscription, and online subscription [9]. - Basic Terms: The convertible bond has a code of 123265.SZ, a term of 6 years from January 16, 2026, to January 15, 2032, with a subject rating/issue rating of A+/A+. The initial conversion price is 38.44 yuan/share, and the conversion period is from July 22, 2026, to January 15, 2032. The coupon rates from the first to the sixth year are 0.20%, 0.40%, 0.80%, 1.50%, 2.00%, and 2.50% respectively. The down - revision clause is "15/30, 85%", the conditional redemption clause is "15/30, 130%", and the conditional put - back clause is "30, 70%" [10]. - Use of Raised Funds: The raised funds are planned to invest 325 million yuan in the project of manufacturing 12,000 tons of new - material beneficiation wear - resistant spare parts in Peru each year and 125 million yuan for supplementary working capital [11]. - Bond and Equity Indicators: The pure bond value is 118.90 yuan, the pure bond premium rate is - 15.90%, the conversion parity is 101.64 yuan, and the parity premium rate is - 1.61%. The pure bond YTM is 2.97% [11][12]. 3.2 Investment Subscription Suggestions - Estimated Listing Price: By referring to comparable targets and using an empirical model, it is estimated that the listing price of Naipu Convertible Bond 02 on the first day will be between 132.11 - 146.56 yuan, with an estimated conversion premium rate of about 37% [14][15]. - Estimated Subscription Rate: It is estimated that the original shareholder priority subscription ratio is 67.39%, and the online subscription rate is 0.0016% [16][17]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - Business Scope: Jiangxi Naipu Mining Machinery Co., Ltd. is mainly engaged in the R & D, design, manufacturing, sales, and services of heavy - duty mining beneficiation equipment and new - material wear - resistant spare parts, with products applied in multiple industries [18]. - Revenue and Profit: Since 2019, the company's revenue has steadily increased, with a compound growth rate of 28.01% from 2019 - 2023. In 2023, the revenue was 938 million yuan, a year - on - year increase of 25.28%. The net profit attributable to the parent company has fluctuated, with a compound growth rate of 3.64% from 2019 - 2023. In 2023, it was 80 million yuan, a year - on - year decrease of 40.39%. As of Q3 2025, the revenue and net profit attributable to the parent company were 714 million yuan and 62 million yuan respectively [19]. - Revenue Structure: The company's revenue mainly comes from the R & D, production, and sales of mining rubber wear - resistant spare parts, which is the core revenue source. From 2023 - 2025, the proportion of this business in the main business revenue was 57.84%, 54.50%, and 71.25% respectively. The company also develops multiple businesses such as beneficiation equipment and beneficiation system solutions in a coordinated manner [23]. - Profitability and Cost: From 2019 - 2023, the company's net sales profit margin remained stable, the gross sales profit margin increased, the sales expense ratio and financial expense ratio increased, and the management expense ratio remained stable. The gross sales profit margin and net sales profit margin are higher than the industry average [26]. 3.3.2 Company Highlights - Naipu Mining Machinery is a leading enterprise in the field of heavy - duty mining beneficiation equipment and new - material wear - resistant spare parts in China. It has built a differentiated competitive barrier with its polymer material technology advantages. It can provide comprehensive solutions for global mining customers and has a high - quality customer system and good growth potential [35].