Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Microguide Convertible Bonds (118058.SH) started online subscription on August 6, 2025, with a total issuance scale of 1.17 billion yuan. After deducting issuance fees, the net raised funds will be used for the construction project of an intelligent factory for semiconductor thin - film deposition equipment [3]. - The current bond floor valuation is 99.08 yuan, and the YTM is 2.25%. The conversion parity is 100.6 yuan, and the parity premium rate is - 0.62%. The bond floor protection is good, and the terms of the convertible bonds are standard. The dilution rate of the total share capital is 7.03%, with relatively small dilution pressure on the equity [3]. - It is expected that the listing price of Microguide Convertible Bonds on the first day will be between 128.84 - 143.03 yuan, and the subscription rate is expected to be 0.0036%. It is recommended to actively subscribe [3]. Group 3: Summary by Directory 1. Convertible Bond Basic Information - The issuance and subscription schedule of Microguide Convertible Bonds is from August 4 to August 12, 2025, including steps such as publishing announcements, online roadshows, priority subscription for original shareholders, and online subscription [9]. - The basic terms of Microguide Convertible Bonds include a 6 - year term, AA/AA credit rating, a face value of 100 yuan, specific coupon rates from the first to the sixth year, and corresponding down - revision, redemption, and put - back terms [10]. - The raised funds will be used for the construction of an intelligent factory for semiconductor thin - film deposition equipment, the expansion of a R & D laboratory, and supplementary working capital [11]. - The bond - related indicators show a pure bond value of 99.08 yuan, a pure bond premium rate of 0.93%, and a pure bond YTM of 2.25%. The equity - related indicators show a conversion parity of 100.63 yuan and a parity premium rate of - 0.62% [11]. 2. Investment Subscription Suggestions - By referring to comparable targets in terms of parity, rating, and scale, as well as recent listed convertible bonds and an established empirical model, it is expected that the conversion premium rate of Microguide Convertible Bonds on the first - day of listing will be around 35%, and the listing price will be between 128.84 - 143.03 yuan [14][15]. - It is expected that the priority subscription ratio of original shareholders will be 74.28%, and the online subscription rate will be 0.0036% [16]. 3. Analysis of the Underlying Stock's Fundamental Aspects 3.1 Financial Data Analysis - Microguide Nano is a global high - end micro - nano equipment manufacturer in the semiconductor and pan - semiconductor fields. Its products have achieved large - scale industrial applications in the semiconductor and photovoltaic sectors [17]. - Since 2020, the company's revenue has steadily increased, with a compound growth rate of 71.44% from 2020 - 2024. In 2024, the revenue was 2.7 billion yuan, a year - on - year increase of 60.74%. In Q1 2025, the revenue and net profit attributable to the parent company were 510 million yuan and 84 million yuan respectively [18][19]. - The company's revenue mainly comes from photovoltaic and semiconductor equipment, with an annual adjustment in product structure. The proportion of photovoltaic sales revenue in the main business revenue has slightly decreased, while the sales scale of semiconductors has gradually increased [20]. - The company's net sales margin has recently rebounded, the gross sales margin has decreased, the sales expense ratio has decreased, the financial expense ratio has recently increased, and the management expense ratio has recently decreased [24]. 3.2 Company Highlights - Microguide Nano is a leader in providing efficient battery technology and equipment. It emphasizes R & D, has formed 11 core technologies in the thin - film deposition technology field centered around ALD technology, and has achieved deep integration of scientific and technological achievements and the industry [29].