东北固收转债分析：博士转债定价：上市转股溢价率28%~33%

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Boshi Convertible Bond on the first day of listing is estimated to be between 104 - 108 yuan, and investors are advised to actively subscribe [3][17] - The estimated first - day new - bond subscription winning rate is around 0.0023% - 0.0025% [4][18] 3. Summary According to the Directory 3.1 Doctor Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Boshi Convertible Bond is priority placement and online issuance, with both the bond and the issuer rated AA. The issuance scale is 375 million yuan, the initial conversion price is 30.43 yuan. As of March 20, 2026, the convertible bond parity is 81.07 yuan, the calculated pure bond value is 100.79 yuan. The game terms are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is acceptable, and the bond floor protection is good [2][13] 3.1.2 New - Bond Initial Listing Price Analysis - The company's main business is to provide consumers with fashionable and personalized eyewear products and professional visual health solutions. The raised funds will be used for chain eyewear store construction and upgrading, headquarters operation management center and brand building, digital platform upgrading, and supplementing working capital. The convertible bond's first - day conversion premium rate is expected to be in the range of [28%, 33%], corresponding to a first - day listing target price around 104 - 108 yuan [3][16][17] 3.1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - Assuming the old shareholders' placement ratio is 40% - 45%, the scale of Boshi Convertible Bond available to the market is 207 million - 223 million yuan. Assuming the online effective subscription number is 8.88 million households, the winning rate is around 0.0023% - 0.0025% [4][18] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Up - and Downstream Situations - The company focuses on providing fashionable and personalized eyewear products and professional visual health solutions. The upstream of the industry consists of raw material and equipment suppliers, and the downstream is diversified sales channels, with offline stores being the main sales place [19][20][21] 3.2.2 Company's Operating Conditions - The company's revenue has been rising in recent years. From 2022 to the first three quarters of 2025, the revenue was 962 million yuan, 1.176 billion yuan, 1.203 billion yuan, and 1.08 billion yuan respectively, with year - on - year growth rates of 8.42%, 22.20%, 2.29%, and 18.05%. The comprehensive gross profit margin has remained stable, and the net profit margin has also been relatively stable. The company's R & D expenses have been increasing, and the accounts receivable turnover rate has been generally stable, but the accounts receivable as a proportion of revenue has been rising. The net profit attributable to the parent company has fluctuated greatly [23][27][32] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of September 30, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 40.44% of the shares, and the top ten shareholders hold 44.92% of the shares. The actual controllers and their concerted parties hold 40.75% of the shares, and the controlling shareholder and actual controller have not changed since listing [39] 3.2.4 Company's Business Characteristics and Advantages - The company has brand, sales channel, product, and service and delivery advantages. It has a high - profile brand, a wide - spread sales network, a diverse product portfolio, and efficient service and delivery capabilities [44][45][46] 3.2.5 Allocation of Raised Funds - The company plans to issue convertible bonds to raise 375 million yuan. After deducting issuance fees, 180 million yuan will be used for chain eyewear store construction and upgrading, 70 million yuan for the headquarters operation management center and brand building, 70 million yuan for digital platform upgrading, and 55 million yuan for supplementing working capital [11][16][47]