长高转债：特高压隔离开关国家电网主供商

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - The report predicts that the listing price of Changgao Convertible Bond on the first day will be between 121.24 and 135.07 yuan, with an expected conversion premium rate of around 25% on the listing day. It is recommended to actively subscribe to the bond [3][14][15] 3. Summary According to the Directory 3.1 Convertible Bond Basic Information - Changgao Convertible Bond (127113.SZ) started online subscription on March 9, 2026, with a total issuance scale of 759 million yuan. After deducting issuance fees, the net raised funds will be used for the third - phase project of Changgao Electric New Jinzhou Production Base, the quality improvement and expansion project of Changgao Electric New Wangcheng Production Base, and the Changgao Green Smart Power Distribution Industrial Park Project [3] - The current bond floor valuation is 92.22 yuan, and the YTM is 2.19%. The bond has a 6 - year term, with a credit rating of AA -/AA - by China Chengxin International Credit Rating Co., Ltd. The coupon rates from the first to the sixth year are 0.2%, 0.4%, 0.6%, 1.0%, 1.5%, and 2.0% respectively. The company's redemption price at maturity is 110% of the par value (including the last - period interest) [3][12] - The current conversion parity is 102.45 yuan, and the parity premium rate is - 2.39%. The conversion period is from the first trading day after six months from the end of issuance to the maturity date of the convertible bond, i.e., from September 14, 2026, to March 8, 2032. The initial conversion price is 11.01 yuan per share [3][12] - The convertible bond terms are standard. The downward revision clause is "15/30, 85%", the conditional redemption clause is "15/30, 130%", and the conditional put - back clause is "30, 70%". The dilution rate of the total share capital is 10.00%, and the dilution rate of the tradable shares is 11.78%, with relatively small dilution pressure on the share capital [3][13] 3.2 Investment Subscription Suggestion - By referring to comparable targets and empirical results, considering the good bond floor protection of Changgao Convertible Bond, and the average attractiveness of its rating and scale, it is expected that the conversion premium rate on the listing day will be around 25%, corresponding to a listing price between 121.24 and 135.07 yuan [3][14][15] - The announced online winning rate is 0.0020676435%, and it is recommended to actively subscribe [3][17] 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - The company's main business includes the R & D, production, and sales of primary and secondary power transmission and transformation equipment, power design and engineering services, and new - energy power development. It has rich experience in product development and manufacturing, and its business covers provinces across the country and some overseas countries [18] - Since 2020, the company's revenue has fluctuated slightly, with a compound growth rate of - 7.74% from 2020 to 2024. In 2024, the company achieved an operating income of 1.132 billion yuan, a year - on - year decrease of 24.22%. Meanwhile, the net profit attributable to the parent has also fluctuated, with a compound growth rate of - 4.03% from 2020 to 2024. In 2024, the net profit attributable to the parent was 181 million yuan, a year - on - year increase of 4.60% [18] - The company's main business revenue mainly comes from power transmission and transformation equipment business and power survey, design, and engineering general contracting services. From 2022 to 2024, the proportion of main business revenue in operating income was 97.77%, 99.18%, and 98.69% respectively, with prominent main business [19] - The company's sales net profit margin and gross profit margin have fluctuated. The sales expense ratio has increased, while the financial expense ratio and management expense ratio have decreased. From 2020 to 2024, the sales net profit margins were 13.33%, 16.33%, 3.98%, 11.44%, and 16.00% respectively, and the sales gross profit margins were 34.93%, 33.47%, 31.29%, 34.44%, and 36.08% respectively [22] 3.3.2 Company Highlights - Changgao Electric has been deeply involved in the power transmission and transformation equipment industry for more than 20 years. Relying on the national - level enterprise technology center and three modern production bases, it has continuously achieved technological breakthroughs in cutting - edge fields such as UHV AC/DC disconnectors, ±1100kV DC GIS, and flexible DC switches. It has 108 invention patents and 345 utility model patents, participates in formulating multiple national and industry standards, and its disconnector products have won the "National Manufacturing Single - Champion" [30] - The company has the independent R & D and large - scale production capabilities for full - voltage - level and full - series high - voltage switch products. Its products have stable quality and are widely used in major national projects such as the "Zhangbei Flexible DC" and "Tibet - Central China Interconnection" [30]