东北固收转债分析：祥和转债定价：上市转股溢价率63%~68%

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Xianghe Convertible Bond on the first day of listing is expected to be between 165 - 170 yuan, and investors are advised to actively subscribe [3][17] - The expected first - day new bond lottery winning rate is around 0.002% - 0.0028% [4][18] 3. Summary According to Relevant Catalogs 3.1 Xianghe Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Xianghe Convertible Bond is priority placement and online issuance, with a bond and issuer rating of A+. The issuance scale is 400 million yuan, the initial conversion price is 13.59 yuan, the convertible bond parity is 100.66 yuan, the pure bond value is 92.39 yuan. The game terms (lower - revision, redemption, and put - back terms) are normal. The bond issuance scale is low, liquidity is poor, the rating is weak, but the bond floor protection is good. It is difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][13] 3.1.2 New Bond Initial Listing Price Analysis - The company's main business is the R & D, production, and sales of rail transit - related products and components, electronic component accessories, and polymer modified materials. After deducting issuance fees, the raised funds will be used for the intelligent equipment production base project, the annual production of 18,000 tons of plastic modified new material production line construction project, and supplementing working capital [3][16] - The target price of Xianghe Convertible Bond on the first day of listing is 165 - 170 yuan. Considering the current market environment and parity level, the conversion premium rate on the first day of listing is expected to be in the range of [63%, 68%] [3][17] 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - The expected first - day new bond lottery winning rate is around 0.002% - 0.0028%. Assuming the old shareholders' placement ratio is 34% - 54%, the scale available in the market is 183 million - 263 million yuan. Assuming the online effective subscription number is 9.34 million households, the lottery winning rate is calculated to be in the above - mentioned range [4][18] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company focuses on the R & D, production, and sales of rail transit - related products and components, electronic component accessories, and polymer modified materials. Its rail fastener products cover multiple categories and have CRCC certification. The railway track comprehensive inspection instrument is in the process of industrialization. The electronic component accessories business is a standard - drafting unit, and the polymer modified materials are widely used [19][20] - The upstream of the rail fastener business provides raw materials such as steel and rubber. The upstream of electronic component accessories is nylon and rubber, and the upstream of polymer modified materials is synthetic resin and additives. The downstream of the rail fastener business is rail construction, the downstream of electronic component accessories is the aluminum electrolytic capacitor industry, and the downstream of polymer modified materials is diverse [20] 3.2.2 Company's Operating Conditions - The company's operating income has been on the rise from 2022 to the first half of 2025, with year - on - year growth rates of 24.21%, 5.60%, 4.22%, and 6.49% respectively. The main business income comes from multiple sources, and the rail transit business is the basic business, while the electronic component accessories business is expanding [23] - The company's comprehensive gross profit margin has increased slightly, with values of 25.70%, 28.39%, 27.47%, and 30.92% from 2022 to the first half of 2025. The net profit margin has also shown an upward trend. The changes in gross profit margin are related to raw material prices and production capacity [26] - The company's period expenses are generally stable, with the total of sales, management, and financial expenses being 0.43 billion, 0.51 billion, 0.44 billion, and 0.32 billion yuan from 2022 to the first half of 2025. The R & D expenses have been increasing, and the accounts receivable turnover is generally stable [27][31][33] - The company's归母 net profit from 2022 to the first half of 2025 is 0.67 billion, 0.67 billion, 0.75 billion, and 0.64 billion yuan respectively, with year - on - year growth rates of 6.04%, 0.81%, 12.44%, and 96.56%. The weighted ROE has shown small fluctuations [35][37] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. The first and second major shareholders hold 26.86% and 7.49% of the shares respectively, and the top ten shareholders hold 55.57% in total. The Tang family is the actual controller, controlling 52.56% of the voting rights [40] 3.2.4 Company's Business Characteristics and Advantages - The company has a multi - business coordinated development layout. It has technical advantages with a professional R & D department, a team of 74 R & D personnel, and 107 patents as of June 30, 2025 [44] - It has qualification certification advantages, participating in the formulation of industry standards in multiple fields and having complete industry qualification certifications [45] - It has customer resource advantages, with a 20 - year cooperation history with Zhongyuan Lida. The railway track comprehensive inspection instrument project can reduce market entry costs based on existing customer resources [46] 3.2.5 Current Raised Funds Allocation - The company plans to issue convertible bonds to raise 400 million yuan. After deducting issuance fees, 280 million yuan will be used for the intelligent equipment production base project, 50 million yuan for the annual production of 18,000 tons of plastic modified new material production line construction project, and 70 million yuan for supplementing working capital [11][47] - The intelligent equipment production base project has a post - tax internal rate of return of 12.43% and a post - tax static investment payback period of 9.47 years (including the construction period), with an expected sales revenue of 546.292 million yuan at full production [48][50] - The annual production of 18,000 tons of plastic modified new material production line construction project has a post - tax internal rate of return of 14.52%, a post - tax static investment payback period of 7.11 years (including the construction period), and an expected sales revenue of 215.0211 million yuan at full production [48]