Summary of the report
At present, nuclear construction convertible bonds have the nature of debt.
The convertible bond project raised 2.996 billion yuan to be invested in the PPP project and supplementary working capital, with a dilution rate of 11.20% for shares. The interest rate clause is slightly lower than the market average, and the trigger requirement of the revised clause is more stringent. The value of pure debt is 90.90 yuan, and the price of convertible bond is low. At present, the company has more existing bonds and a heavy debt burden.
Leading enterprises in the construction of nuclear power projects with excellent performance
The company is a leading enterprise in the construction of nuclear power projects. China's nuclear power installed capacity and power generation account for a relatively small proportion, and the relevant policy support is strengthened. The company has sufficient order reserves, infrastructure efforts are expected to drive performance growth, steady growth in operating income, good operating conditions, strong and stable profitability of the company, and low valuation of positive shares.
Investment advice: low valuation of positive stocks, it is recommended to pay active attention
To sum up, the issuance of nuclear construction convertible bonds is medium, with a balance of 2.995 billion to provide sufficient liquidity, with a bond rating of AAA and a high rating. The additional provisions of the convertible bonds are OK, and the protection of the debt bottom is better. China Nuclear Construction is a leading enterprise in nuclear power engineering construction. Nuclear power plays an important role in China's energy system and has a broad space for development in the future. Considering that the infrastructure is expected to develop under the background of steady economic growth, the company occupies an absolutely dominant position in the domestic nuclear power construction market, the rapid development of industrial and civil construction business, strong market development, sufficient order reserves, and the gradual landing of the undertaking project. will drive performance growth. At present, individual vouchers for engineering construction are relatively scarce, superimposed with nuclear power themes, and the investment value of the voucher is higher. We suggest that we actively pay attention to the target.
Risk Tips:
There are uncertainties in macro policies; the progress of infrastructure projects is not as expected; and the implementation of policies is not as strong as expected.