可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，江苏利柏特股份有限公司总部位于上海市大虹桥国际商务中心,成员公司包括江苏利柏特股 份有限公司、上海利柏特工程技术有限公司、上海利柏特建设有限公司、上海里卜特工业设备有限公 司、湛江利柏特模块制造有限公司。公司采用高效的数据化管理和先进的生产工艺以控制产品的质量和 进度来满足客户的需求,得到了客户的好评、同行的尊重、社会的认可。公司各项规章制度健全,基础管 理细致,专业技术全面,经验丰富,实力雄厚,积累了丰富行业经验,在业界享有较高声誉。业务范围涵盖工 业模块设计和制造、工程服务(工程总承包工程设计、工程采购、工程施工、工程维保等)。 根据最新一期财务数据，2025年1月-3月，利柏特实现营业收入6.68亿元，同比增加1.45%；归属净利润 3586.66万元，同比下跌8.07%；扣非净利润3323.12万元，同比增加5. ...

Report Industry Investment Rating - Not mentioned in the report Core Views - Last week, the equity market continued to rise, with sectors such as infrastructure, building materials, and coal performing well, while the banking sector adjusted. The bond market declined rapidly, and the convertible bond market saw most individual bonds close higher. The CSI Convertible Bond Index rose 2.14% for the week, the median price increased 1.66%, and the calculated arithmetic average parity rose 2.54%. The overall market conversion premium rate decreased 1.33% compared to the previous week [1][8]. - Catalyzed by the continuous implementation of the "anti - involution" policy and the official start of the Yarlung Zangbo River downstream hydropower project, market sentiment remained high. The convertible bond market also rose with increased trading volume, and the median market price approached 130 yuan. Although many convertible bonds triggered the call provisions, the premium rates of high - priced convertible bonds did not significantly compress. The current cost - effectiveness of convertible bonds is not high, and structural opportunities may still be dominant. It is recommended to focus on sectors such as technology growth, self - controllability, and those related to "anti - involution" [2][18]. Summary by Related Catalogs Market Trends (July 21 - 25, 2025) Stock Market - The equity market continued to rise. Driven by the Yarlung Zangbo River downstream hydropower project and the "anti - involution" policy, sectors like infrastructure, building materials, and coal performed well, while the previously high - rising banking sector adjusted. Most Shenwan primary industries closed higher, with building materials (+8.20%), coal (+7.98%), and steel (+7.67%) leading the gains, and banking (-2.87%), communication (-0.77%), and public utilities (-0.27%) lagging [7][8]. Bond Market - The bond market declined rapidly. Due to the hydropower project, the "anti - involution" policy, and the change in open - market operations from net injection to net withdrawal, bond market sentiment was weak. The 10 - year Treasury bond yield closed at 1.73% on Friday, up 6.72bp from the previous week [1][8]. Convertible Bond Market - Most convertible bond individual bonds closed higher. The CSI Convertible Bond Index rose 2.14% for the week, the median price increased 1.66%, and the arithmetic average parity rose 2.54%. The overall market conversion premium rate decreased 1.33% compared to the previous week. In terms of industries, building materials (+10.68%), coal (+6.01%), and agriculture, forestry, animal husbandry, and fishery (+4.74%) led the gains, while banking (-0.41%), social services (+0.57%), and environmental protection (+0.59%) lagged. Tianlu, Saili, Dayu, Songlin, and Punan convertible bonds had the highest gains, while Hongfeng, Huicheng, Bohui, Mingdian, and Limin convertible bonds had the largest losses. The total trading volume of the convertible bond market last week was 403.371 billion yuan, with an average daily trading volume of 80.674 billion yuan, a significant increase from the previous week [1][8][11] Valuation Overview - As of July 25, 2025, for equity - biased convertible bonds, the average conversion premium rates for par values in different ranges were at relatively high percentile levels. For bond - biased convertible bonds, the average YTM for par values below 70 yuan was -2.26%, at the 1%/0% percentile since 2010/2021. The average implied volatility of all convertible bonds was 37.04%, at the 70%/53% percentile since 2010/2021, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stocks was -10.2%, at the 41%/39% percentile since 2010/2021 [19]. Primary Market Tracking - Last week (July 21 - 25, 2025), no convertible bonds were announced for issuance, but Libo and Guanghe convertible bonds were listed. Libo Convertible Bond had a scale of 750 million yuan, and Guanghe Convertible Bond had a scale of 4.9 billion yuan. In the coming week (July 28 - August 1, 2025), no convertible bonds are announced for issuance, and Bo 25 Convertible Bond will be listed, with a scale of 2.802 billion yuan. As of now, there are 71 convertible bonds waiting to be issued, with a total scale of 113.9 billion yuan, including 4 approved for registration with a total scale of 4.28 billion yuan and 3 approved by the listing committee with a total scale of 3.95 billion yuan [28][29][30]

Core Viewpoint - Jiangsu Libert INC. is issuing convertible bonds to raise funds, with a total issuance amount of 750 million yuan, aimed at enhancing its operational capabilities and expanding its market presence [2][4]. Overview of Convertible Bonds - The convertible bonds are named "Libert Convertible Bonds" with the code 111023 [2]. - The total issuance volume is 750 million yuan, equivalent to 7.5 million bonds [2]. - The bonds will be listed on the Shanghai Stock Exchange on July 22, 2025 [2]. - The duration of the bonds is from July 3, 2025, to July 2, 2031 [2]. - The conversion period for the bonds is from January 9, 2026, to July 2, 2031 [2]. Company Profile - Jiangsu Libert INC. was established on October 20, 2006, and transformed into a joint-stock company on January 31, 2011 [5][6]. - The company is headquartered in Jiangsu Province, with a total share capital of 449,070,000 yuan [5]. - The company specializes in the design and manufacturing of industrial modules, with a focus on engineering services across various disciplines [12][19]. Business Operations - The company operates in the industrial module design and manufacturing sector, providing a full range of services including engineering design, procurement, construction, and maintenance [19][26]. - The company has established a strong market presence, serving well-known multinational clients such as BASF, Honeywell, and Dow Chemical [12][26]. - The company holds various international certifications, including ASME and EN certifications, enabling it to meet global market requirements [13][26]. Competitive Landscape - The company is recognized as a national high-tech enterprise and has a significant market share in the industrial module sector [26]. - The industry is experiencing a shift towards modular construction, driven by the increasing demand for efficiency and cost-effectiveness in project execution [22]. - The company faces competition from both domestic and international firms, but its extensive experience and technical capabilities provide a competitive edge [25][26].

Core Viewpoint - Jiangsu Libert INC. is issuing convertible bonds to unspecified investors, aiming to raise funds for its business expansion and enhance its market position [1][2]. Group 1: Bond Issuance Details - The company is issuing convertible bonds that have been rated AA by Zhongceng Pengyuan Credit Rating Co., Ltd., with a stable outlook [2]. - The bonds will not be secured, which may increase risk if significant negative events impact the company's operations and debt repayment ability [3]. Group 2: Profit Distribution Policy - The company has a proactive cash or stock dividend distribution policy, prioritizing cash dividends when conditions allow [3][4]. - Cash dividends will be distributed if the company has positive earnings and sufficient cash flow to meet operational needs, with a minimum of 10% of distributable profits allocated for cash dividends [3][6]. - In the last three years, the company distributed a total of 84.85 million yuan in cash dividends, representing 44.83% of the average annual distributable profits [10]. Group 3: Risk Factors - The company acknowledges potential risks related to macroeconomic fluctuations, operational performance declines, and procurement price volatility, which could adversely affect its financial stability [11][12][13]. - The company emphasizes the importance of effective management of its projects and resources to mitigate risks associated with order fulfillment and site resource allocation [12]. Group 4: Commitment to Shareholder Returns - The company commits to maintaining its dividend policy and ensuring reasonable returns to investors, particularly small shareholders, following the issuance of convertible bonds [15]. - Major shareholders and executives have pledged not to participate in the bond issuance if they have recently reduced their stock holdings, ensuring alignment with shareholder interests [16][18].

Investment Rating - The investment rating for the company is "Buy" and is maintained [11] Core Views - The company achieved a revenue of 3.493 billion yuan in 2024, representing a year-on-year growth of 7.72%. The net profit attributable to shareholders was 240 million yuan, up 26.45% year-on-year. The net profit after deducting non-recurring items was 229 million yuan, an increase of 25.25% year-on-year. In Q1 2025, the company reported a revenue of 668 million yuan, a year-on-year increase of 1.45%, while the net profit attributable to shareholders decreased by 8.07% to 36 million yuan [2][8] Financial Performance Summary - In 2024, the company benefited from an increase in gross profit margin to 16.09%, up 1.55 percentage points year-on-year, primarily due to a 46.36% increase in revenue from industrial module design and manufacturing, while engineering service revenue grew only by 0.73%. The gross profit margin for Q1 2025 was 12.33%, a decrease of 0.70 percentage points year-on-year [14] - The company reported a net cash inflow from operating activities of 415 million yuan for the year, an increase of 64 million yuan year-on-year, with a cash collection ratio of 95.44%, up 0.17 percentage points [14] - As of September 2024, the company had a backlog of orders amounting to approximately 4.881 billion yuan, with an estimated conversion rate for Q4 2024 orders ranging from 60.94% to 92.48% [14] Growth and Expansion - The company plans to use the funds raised from convertible bonds for the construction of a new large-scale industrial module manufacturing project, which is expected to enhance its capacity to undertake larger projects in the petrochemical, oil and gas energy, and nuclear power sectors [14]

Core Viewpoint - The company shows a slight growth in non-net profit for Q1, with a positive outlook for long-term development, driven by a decrease in expense ratio and an increase in gross margin for 2024 [1][2]. Financial Performance - In Q1, the company achieved revenue of 668 million, a year-on-year increase of 1.45%, with a net profit attributable to shareholders of 36 million, down 8.07%. The non-net profit was 33 million, up 5.71% [1]. - For 2024, the company expects revenue of 3.493 billion, a year-on-year increase of 7.72%, with a net profit of 240 million, up 26.45%, and a non-net profit of 229 million, up 25.2% [1]. - In Q4 2024, the company achieved revenue of 902 million, a year-on-year increase of 4.9%, with a net profit of 40 million, up 20.47% [1]. Segment Performance - The industrial module design and manufacturing business saw rapid revenue growth, with 2024 revenues of 724 million and 2.76 billion for engineering services, up 46.36% and 0.73% respectively. Gross margins were 26.58% and 13.18%, up 0.54 percentage points and 0.9 percentage points [2]. - Domestic and foreign sales for 2024 were 3.083 billion and 401 million, up 3.67% and 53.6% respectively, with gross margins of 14.1% and 30.27%, up 0.94 percentage points and 1.87 percentage points [2]. Cost and Cash Flow - The company's expense ratio for 2024 was 7.18%, up 0.89 percentage points, with net profit margin at 6.89%, up 1.02 percentage points [4]. - Cash flow from operations (CFO) for 2024 was 415 million, an increase of 64 million year-on-year, with a cash collection ratio of 95.44% [4]. - In Q1 2025, the net cash flow from operations was -99 million, a decrease of 1.05 million year-on-year [4]. Investment and Projects - The company issued convertible bonds to fund a large industrial module manufacturing project with a total investment of 1.29 billion, planning to use 750 million from the raised funds [5]. - The project aims to enhance the company's manufacturing capacity for large modules, thereby shortening manufacturing cycles and improving production efficiency [5]. - The company won a project worth 226 million for module construction and installation, showcasing its competitive advantage in the module manufacturing and engineering services sector [5].