Abstract: the issue scale of hardcover convertible bonds is 577 million yuan with a maturity of 6 years, and the main credit rating is AA-, debt credit rating and AA-, online issuance, and the online purchase date is Feb. 22 (Tuesday, T). The initial parity of convertible bonds is 96.60 yuan (calculated at the closing price on February 18), the debt bottom is 82.39 yuan, and the pure debt is YTM3.182%. The next revision clause (15-30jue 85%), the redemption clause (15-30130%), and the resale clause (30%). On the whole, the debt bottom protection is not high, and the clause remains in the mainstream mode.
In terms of application, we expect the success rate to be about 0.0012% muri 0.002%, and the listing price is about 114-116 yuan. We believe that in the case of no significant fluctuations in the stock price, the risk of breakage in the listing of convertible bonds is small, and the first-level purchase proposal is concerned.
The company is a leading provider of batch fine decoration services in China, mainly providing residential batch fine decoration services for large domestic real estate developers. Batch fine decoration is the company's main source of income, accounting for more than 99% of the company's income over the past 18 years. For more than ten years, the company has been focused on batch fine decoration business, with architectural decoration project special contracting first-class qualification and architectural decoration engineering design special class B qualification, the company insists on independent management. Among the top 20 enterprises in the real estate industry, 16 have business cooperation with the company, and the customer qualification is of high quality. In addition, the company ROE, during the cost control ability is in the lead in the industry. In terms of positive stocks, the company's valuation (PE-TTM) is in a low position in the past three years, and there is no pressure to lift the ban in the short term.
Risk tips: raw material price fluctuations; high customer concentration, real estate policy risk, reverse factoring business scale is larger.