龙建转债：东北基建领军者

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The report recommends actively subscribing to Longjian Convertible Bonds. It is estimated that the listing price on the first day will be between 130.37 and 144.98 yuan, and the subscription rate is expected to be 0.0038%. The bond has good debt bottom protection, but its rating and scale have average attractiveness [3]. - Longjian Co., Ltd. is one of the most powerful and large - scale comprehensive service providers for large - scale infrastructure construction in Northeast China. Its revenue has been growing steadily since 2019, and its net profit attributable to the parent has also been fluctuating. The company's main business income comes from construction projects, with relatively stable product structure [3]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - Issuance and Subscription Schedule: The issuance of Longjian Convertible Bonds starts on January 22, 2026. The detailed schedule includes steps from T - 2 (January 20, 2026) to T + 4 (January 28, 2026), such as publishing prospectuses, conducting roadshows, and determining subscription results [8]. - Basic Terms: The convertible bond has a total issuance scale of 1 billion yuan, a 6 - year term, an AA/AA credit rating, a face value of 100 yuan, and specific coupon rates from the first to the sixth year. The conversion price is 4.63 yuan per share, and the conversion period is from July 28, 2026, to January 21, 2032. The down - revision, redemption, and put - back clauses are also specified [9]. - Use of Raised Funds: The raised funds are mainly used for construction projects such as the G1111 Hegang - Taiqing section of the Heha Expressway project and the reconstruction project of the Sunwu - Heihe section of the National Highway Dan - A, as well as repaying bank loans [10]. - Bond and Stock Indicators: The pure bond value is 98.08 yuan, with a YTM of 2.16%. The conversion parity is 105.83 yuan, and the parity premium rate is - 5.51%. The total share capital dilution rate is 17.56% [10][11][12]. 3.2. Investment Subscription Suggestions - Estimated Listing Price: Based on comparable targets and empirical results, considering the good debt bottom protection of Longjian Convertible Bonds and the average attractiveness of its rating and scale, the expected listing price on the first day is between 130.37 and 144.98 yuan, with an expected conversion premium rate of about 30% [13][14]. - Estimated Subscription Rate: It is estimated that the priority subscription ratio of original shareholders is 64.23%, and the online subscription rate is 0.0038% [15]. 3.3. Analysis of the Underlying Stock's Fundamental Aspects 3.3.1. Financial Data Analysis - Business Scope: The company is mainly engaged in highway engineering, municipal road and bridge construction, consulting and design, as well as infrastructure investment, operation, maintenance, and management. It has won more than 100 honors and has been promoting market development at home and abroad [16]. - Revenue and Profit Growth: Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 10.49% from 2019 - 2024. In 2024, the revenue was 18.29 billion yuan, a year - on - year increase of 4.95%. The net profit attributable to the parent has also been fluctuating, with a compound growth rate of 12.59% from 2019 - 2024. In 2025, the net profit attributable to the parent in the first three quarters was 257 million yuan, a year - on - year increase of 9.51% [17]. - Business Income Structure: The company's main business income comes from construction projects, highway tolls, and design consulting. Since 2021, the income from construction projects has been increasing year by year, accounting for 99.48%, 99.53%, 99.28%, and 99.37% of the main business income from 2021 - 2024 respectively, and the product structure is adjusted annually [19]. - Profitability and Cost Ratios: The company's sales net profit margin and gross profit margin fluctuate slightly, the sales expense ratio rises, while the financial expense ratio and management expense ratio remain stable. The changes in the comprehensive gross profit margin of the main business are mainly affected by the gross profit margin of construction projects [23]. 3.3.2. Company Highlights - Industry Status and Reputation: As a state - owned holding listed company affiliated with Heilongjiang Construction Investment Group, it is a leading infrastructure construction service provider in Northeast China. It has won many authoritative honors and has a high - profile in the industry [30]. - Market Layout: The company has a diversified business network covering both domestic and international markets through the "1 + N+8" domestic development system and the "1 + 7+N" overseas layout. It also promotes strategic upgrading by extending to emerging fields such as new energy infrastructure and green building materials [30].