Purchase analysis:
1. The issuing scale of Kangyi convertible bonds is 700 million yuan, and the debt and main body rating is A + grade; the conversion share price is 28.22 yuan, and the conversion value is 101.38 yuan as of June 28, 2022; the arithmetic average of each year's coupon is 1.60 yuan, and the maturity compensation interest rate is 15%. It belongs to the higher level of newly issued convertible bonds. According to the discount rate of 8.82% maturity yield of 6-year A + bond enterprises on June 28, 2022, the bottom of the debt is 75.87 yuan, and the value of pure debt is small. Other game provisions are market-oriented terms, if all the conversion of the dilution pressure on the total equity is 6.17%, the dilution pressure on the circulating equity is 16.18%, there is a certain dilution pressure on the existing equity.
two。 As of June 28, 2022, the top three shareholders Hu Kun, Wang Guili and Suifenhe Kangtai Investment Co., Ltd. held shares accounting for 46.84%, 12.72% and 4.43% of the total share capital respectively, and the controlling shareholders did not promise priority placement. According to the current market income and environment forecast, the size of the first day placement is expected to be about 80%. The remaining amount of new debt applied for online is 140 million yuan, because the upper limit for individual purchase is 1 million yuan. Assuming that the number of online purchase accounts is between 1150 and 12.5 million, the rate of success is expected to be around 0.0011% and 0.0012%.
3. The company is in the industry of medical devices Ⅲ (Shenwan level III). From the perspective of valuation, as of June 28, 2022, the company's PE (TTM) is 36.98 times, which is at a low level among 10 enterprises with similar income, with a market capitalization of 11.495 billion yuan, which is at a lower level in the industry. As of June 28, 2022, the company's shares have fallen 28.63% so far this year, while the industry index has fallen 9.05%, Wandequan A has dropped 9.05%, and the annualized volatility since listing has been 70.36%. The stock is more flexible.
At present, the proportion of equity pledge is 0.005%, and there is no risk of equity pledge. Other risk points: 1. Lack of innovation risk; 2. New product development is less than expected risk; 3. Risk of technical disclosure; 4. Risk of loss of core technical personnel; 5. Risk of regulatory policy change; 6. Trade friction risk; 7. The risk of unsustainable performance; 8. Exchange rate risk and so on.
4. Kangyi convertible bond scale is small, debt bottom protection is general, parity is higher than face value, the market may give a 23% premium, the listing price is expected to be about 125 yuan, it is suggested to actively participate in the purchase of new debt.
Risk hints: the risk of default, the risk that the price of convertible bonds fluctuates or even falls below par value, the risk that convertible bonds cannot be converted into shares at maturity, the risk of diluting earnings per share and return on net assets, the related risks of this convertible bond into equity, the risk of credit rating change, the risk of fluctuation of positive shares, and the premium of listed earnings is lower than expected.