东北固收转债分析：海天转债定价：首日转股溢价率45%~50%

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Haitian Convertible Bonds on the first day of listing is expected to be between 147 - 152 yuan, and it is recommended to actively subscribe [3][19] - The expected first - day new bond lottery winning rate is around 0.0028% - 0.0034% [4][20] - Haitian Convertible Bonds have a general issuance scale, general liquidity, a fair rating, and good bond floor protection. It is not difficult for institutions to include them in their portfolios, and there is no objection to primary market participation [2][15] 3. Summary of Each Section Based on the Table of Contents 3.1 Haitian Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Haitian Convertible Bonds is priority placement and online issuance, with a bond and issuer rating of AA. The issuance scale is 801 million yuan, the initial conversion price is 12.52 yuan, the convertible bond parity on February 3 is 101.44 yuan, the pure bond value is 98.39 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal [2][15] 3.1.2 New Bond Initial Price Analysis - The main business of the company is divided into environmental protection and new energy materials sectors. After deducting issuance fees, the raised funds will be used for water - related projects and supplementing working capital to enhance operational efficiency and market competitiveness [18] - Based on market environment and parity level, the conversion premium rate of Haitian Convertible Bonds on the first day of listing is expected to be in the range of [45%, 50%], corresponding to a target price of 147 - 152 yuan [3][19] 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - As of June 2025, the top two major shareholders hold 60.62% of the shares in total. Assuming the old shareholders' placement ratio is 61% - 68%, the scale for the market is 259 million - 315 million yuan. Assuming 9.4 million valid online subscriptions, the lottery winning rate is around 0.0028% - 0.0034% [4][20] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Industry's Upstream and Downstream Situations - The environmental protection business focuses on water supply, sewage treatment, and solid waste treatment. The new energy materials business is mainly about the R & D, production, and sales of photovoltaic conductive silver paste [21][22] - The upstream of the water business includes water supply, equipment manufacturing, etc. The downstream includes end - users and government departments. The upstream of the new energy materials business includes raw material suppliers, and the downstream is photovoltaic cell manufacturers [22][23] 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend. Since the acquisition of the Heraeus silver paste division in 2025, new energy materials have become a new growth driver [28] - The company's comprehensive gross profit margin has remained stable. The gross profit margin of the main business has been stable with a slight increase in the past three years, and decreased slightly in the first half of 2025 due to the consolidation of the new energy business [32] - The company's period expenses have increased slightly in recent years, and R & D expenses have fluctuated slightly, with a large amount in the first half of 2025 due to the acquisition of the new energy materials business [36][37] - The proportion of accounts receivable in operating income has increased slightly, and the accounts receivable turnover rate has generally decreased. The net profit attributable to the parent company has fluctuated greatly, and the profitability has generally increased but decreased significantly in the first half of 2025 [41][43] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity is relatively concentrated. Haitian Investment is the controlling shareholder, and Sichuan Hebang is the second - largest shareholder. Mr. Fei Gongquan is the actual controller [44] 3.2.4 Company's Business Characteristics and Advantages - The company has a dual -主业 development pattern of environmental protection and new energy materials. It has regional operation advantages, comprehensive service capabilities, technical advantages, and industry status advantages [51][52][53] 3.2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds to raise up to 801 million yuan. After deducting issuance fees, 204 million yuan will be used for the Jianyang project, 254 million yuan for the Ziyang project, 103 million yuan for the Jiajiang project, and 240 million yuan for supplementing working capital [13][54] - The Jianyang and Ziyang projects will introduce a smart water system, with expected economic and social benefits. The Jiajiang project will expand a sewage treatment plant, also with good economic and social benefits [55][56]