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中国化学涨2.04%,成交额2.31亿元,主力资金净流入4264.41万元
Xin Lang Cai Jing· 2025-09-26 03:06
Core Viewpoint - China Chemical's stock price has shown fluctuations, with a recent increase of 2.04% on September 26, 2023, while the year-to-date performance reflects a decline of 7.58% [1] Financial Performance - For the first half of 2025, China Chemical reported operating revenue of 90.72 billion yuan, a slight decrease of 0.35% year-on-year, while net profit attributable to shareholders increased by 9.26% to 3.10 billion yuan [2] - Cumulative cash dividends since the A-share listing amount to 9.96 billion yuan, with 3.30 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 11.48% to 93,300, while the average circulating shares per person increased by 12.45% to 64,756 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 60.66 million shares, and two ETFs, Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which also increased their holdings [3] Market Activity - On September 26, 2023, the stock traded at 7.49 yuan per share with a total market capitalization of 45.74 billion yuan, and the trading volume reached 231 million yuan [1] - The net inflow of main funds was 42.64 million yuan, with significant buying activity from large orders [1]
利柏转债:工业模块化制造龙头
Soochow Securities· 2025-07-03 05:01
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Libo Convertible Bond (111023.SH) started online subscription on July 3, 2025, with a total issuance scale of 750 million yuan. After deducting issuance fees, the net proceeds will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd. [3] - The current bond floor valuation is 99.26 yuan, and the YTM is 2.23%. The conversion parity is 100.4 yuan, and the parity premium rate is - 0.41%. The bond terms are average, and the total share capital dilution rate is 12.09%. [3] - It is expected that the listing price of Libo Convertible Bond on the first day will be between 128.57 and 142.73 yuan, and the winning rate is expected to be 0.0028%. It is recommended to actively subscribe. [3] - Jiangsu Libote Co., Ltd. is one of the few domestic enterprises with the ability to design and manufacture large - scale industrial modules. Since 2019, the company's revenue and net profit attributable to the parent have shown a steady growth trend. The company's revenue mainly comes from engineering services and industrial module design and manufacturing, and the product structure proportion has been optimized year by year. [3] 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - **Issuance and Subscription Schedule**: The issuance and subscription of Libo Convertible Bond follow a series of schedules from July 1 to July 9, 2025, including announcements, roadshows, priority allotment, lottery draws, and payment confirmations. [9] - **Basic Terms**: The convertible bond has a code of 111023.SH, a term of 6 years from July 3, 2025, to July 2, 2031, a face value of 100 yuan, and a coupon rate ranging from 0.10% to 2.00% from the first to the sixth year. The initial conversion price is 12.14 yuan/share, and the conversion period is from January 9, 2026, to July 2, 2031. The terms for downward revision, redemption, and repurchase are also specified. [10] - **Use of Raised Funds**: The 750 million yuan of raised funds will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd. [11] - **Bond and Equity Indicators**: The pure bond value is 99.26 yuan, the pure bond premium rate is 0.74%, the conversion parity is 100.41 yuan, and the parity premium rate is - 0.41%. The pure bond YTM is 2.23%. [11] 3.2. Investment Subscription Suggestion - **Estimated Listing Price**: Based on comparable targets and empirical results, considering the good bond floor protection, rating, and scale attractiveness of Libo Convertible Bond, it is estimated that the conversion premium rate on the first - day of listing will be around 35%, and the corresponding listing price will be between 128.57 and 142.73 yuan. [14][15] - **Estimated Winning Rate**: It is estimated that the original shareholder priority allotment ratio is 70.72%, and the winning rate for online investors is 0.0028%. [18] 3.3. Analysis of the Underlying Stock's Fundamental Aspects 3.3.1. Financial Data Analysis - **Revenue and Profit Growth**: Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 23.02% from 2019 - 2024. In 2024, the revenue reached 3.493 billion yuan, a year - on - year increase of 88.39%. The net profit attributable to the parent has also been rising year by year, with a compound growth rate of 17.48% from 2019 - 2024. In 2024, it reached 240 million yuan, a year - on - year increase of 38.73%. [21] - **Revenue Structure**: The company's revenue mainly comes from engineering services and industrial module design and manufacturing. From 2022 - 2024, the proportion of engineering service revenue in the main business revenue was 77.02%, 84.51%, and 79.03% respectively, and the proportion of industrial module design and manufacturing business revenue was 22.54%, 15.26%, and 20.73% respectively. [23] - **Profitability and Cost Ratios**: The company's sales net profit margin and gross profit margin reached a peak in 2022 and then declined year by year. The sales expense ratio is basically the same as the industry average, and the financial expense ratio and management expense ratio have remained stable in recent years. [25] 3.3.2. Company Highlights - **Technical and Manufacturing Capabilities**: The company is one of the few domestic enterprises with the ability to design and manufacture large - scale industrial modules. It has accumulated a lot of design technology and experience, and has leading module manufacturing technology and a large - scale production base. [29] - **Business Qualifications**: The company has necessary qualifications for international and domestic business. In the international market, it has certifications such as "ASME U" and "ASME S". In the domestic market, it has relevant design and manufacturing qualifications for pressure pipes and pressure vessels. [30]