海天股份：海天转债：区域水务运营龙头-20260206

Investment Rating - The report provides a positive investment rating for Haitan Convertible Bonds, with an expected listing price range of 125.75 to 139.83 yuan, indicating a favorable outlook for investors [14][15]. Core Insights - Haitan Water Group is recognized as a leading enterprise in the environmental protection industry in China, with a focus on digital transformation and the establishment of a smart water management platform [17][32]. - The company has shown steady revenue growth since 2020, with a compound annual growth rate (CAGR) of 15.60% projected from 2020 to 2024, and an expected revenue of 1.519 billion yuan in 2024, reflecting an 18.95% year-on-year increase [17][23]. - The net profit attributable to shareholders is projected to reach 305 million yuan in 2024, representing a 25.97% increase year-on-year, despite a slight decline in the overall net profit margin [17][20]. Summary by Sections 1. Convertible Bond Basic Information - Haitan Convertible Bonds (113700.SH) have a total issuance scale of 801 million yuan, with net proceeds allocated to various water supply and wastewater treatment projects [10][11]. - The bond has a maturity of 6 years, with a credit rating of AA/AA, and a face value of 100 yuan, featuring a tiered coupon rate from 0.10% to 2.00% over its lifespan [12][10]. 2. Investment Subscription Recommendations - The expected first-day trading price for Haitan Convertible Bonds is projected to be between 125.75 and 139.83 yuan, with an estimated conversion premium of around 30% [14][15]. - The bond's conversion price is set at 12.52 yuan per share, with the underlying stock closing at 12.78 yuan on February 4, 2026, leading to a conversion parity of 102.08 yuan [12][14]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - Haitan Water Group has established a modern and diversified industrial system in water supply, wastewater treatment, and solid waste management, with a focus on operational efficiency and digitalization [17][32]. - The company has maintained a stable sales net profit margin, with figures ranging from 18.14% to 21.75% from 2020 to 2024, while the gross profit margin has shown slight fluctuations [20][27]. 3.2 Company Highlights - As one of the early entrants in the urban water supply and environmental management sector, Haitan Water Group has developed a competitive edge in project acquisition and operational management, contributing to its stable revenue growth and strong market position [32][17].