The online purchase of Silk Road Convertible Bond (123138.SZ) began on March 2, 2022: the total issuance scale is 240 million yuan, 15.552 million yuan for venue cost projects, 98.01 million yuan for hardware purchase projects, 23.403 million yuan for software purchase projects, and 0.3835 billion yuan for digital assets and application management system projects.
The current debt valuation is 91.23 yuan and YTM is 3.40%. The duration of the Silk Road convertible bond is 6 years, and the joint credit rating is a joint credit rating with a par value of RMB100. the coupon rates for the first to the sixth year are 0.50%, 0.70%, 1.20%, 1.80%, 2.50% and 3.00% respectively, and the maturity redemption price is 115% of the par value (including the last interest). The maturity yield of 6-year A + medium bond corporate bonds is 9.0557% (2022-2-28). The value of pure debt is 72.23 yuan, and the corresponding YTM of pure debt is 3.40%. The protection of debt bottom is better.
The current conversion parity is 91.23 yuan, and the parity premium rate is 9.61%. The conversion period is from the first trading day six months after the end of the issue to the maturity date of the convertible bonds, that is, from 09 / 08 / 2022 to 03 / 01 / 2028. The initial conversion price is 26.69 yuan per share, and the closing price of Silk Road Vision on February 28 is 24.35 yuan, the corresponding conversion parity is 91.23 yuan, and the parity premium rate is 9.61%.
The terms of convertible bonds are regular, and the dilution rate of total equity is 7.00%. The next revision clause is "15Compact 30,85%", the conditional redemption clause is "15Compact 30,130%", and the conditional resale clause is "30,70%". Calculated according to the initial conversion share price of 25.00 yuan, the dilution rate of 240 million convertible bonds to total equity and liquidity is 7.00% and 9.05% respectively, resulting in greater dilution pressure on equity.
We expect the price of Silk Road convertible bonds to be between 106.19 and 122.16 yuan on the first day of listing. Taking into account the general debt protection, moderate rating and scale attractiveness of Silk Road debt conversion, we expect the conversion premium rate on the first day of listing to be about 25%, and the corresponding listing price is in the range of 106.19 to 122.16 yuan. We expect the success rate on the Internet to be 0.0009%, and we suggest you actively apply for it.
Comments:
Silk Road Vision is a professional, national CG vision service provider, national high-tech enterprises, animation enterprises. The company actively focuses on digital creativity and the extended development of CG technology, constantly expanding the scope of application and landing scenarios of digital vision services, and promoting the deep integration and development of digital creativity and various industries. It includes focusing on big data's visual application scene with the mission of "making wisdom visible".
Revenue and return net profit are growing rapidly, with a compound growth rate of 24.61 per cent in 2016-2020. In recent years, benefiting from the continuous growth of market demand in the special steel industry, policy opportunities such as national "new infrastructure", as well as the strengthening of the development of new products, new customers and new areas, the company's main business income shows a trend of steady growth.
The composition of the company's operating income fluctuated greatly, and the income of other businesses (regions) increased significantly in the composition of operating income at home and abroad in 2021. The current revenue mainly includes CG static vision services, CG dynamic vision services and CG visual scene integrated services. From 2016 to 2020, the company's mainland revenue accounted for more than 90% of operating income.
From 2016 to 2020, the company's sales gross profit margin and net sales profit margin showed a downward trend, and the sales expense rate and management expense rate decreased. Due to the relatively low gross profit margin of CG visual scene integrated service, the comprehensive gross profit margin of the company's main business showed a slight downward trend during the reporting period with the increase of the proportion of the business income; with the continuous expansion of the company's operating scale and the increase of operating income, the scale effect was reflected, resulting in a further reduction in the company's management expense rate as a whole.
Risk hint: project progress is not as expected risk, default risk.
