Investment tips for this issue:

Conclusion or investment analysis: at the current market valuation level, the probability of breaking hardcover convertible bonds is small, so investors are advised to participate in purchase and placement.

Reason and logic:

1. The coupon rate is low, the compensation interest is high, and the value of the pure debt is OK. Calculated at the discount rate of 6.62%, the value of the pure debt is 82.43 yuan.

2. The dilution pressure of all conversion of hardcover convertible bonds on the total share capital of A shares is 16.20%, and the dilution pressure on circulating equity is 32.14%, and the dilution pressure on circulating equity is relatively high. The company has a lifting ban in 2023, which will be lifted on June 12, 2023. This time, 68 million shares will be lifted, accounting for 88.54% of the shares outstanding before the lifting of the ban.

3. As of the date of announcement of this prospectus, the controlling shareholders and their actors have pledged a total of 27.8 million shares, accounting for 41.13% of their shares and 18.36% of the total share capital.

4. Zhongtian hardcover's current annualized volatility is about 39.36%, while the long-term 240-day historical volatility is about 42.70%, and the volatility is at a medium-low level in convertible stocks. The 20-day annualized volatility is 51.57%, higher than the historical average (41.60%).

5. When the stock price of Zhongtian hardcover is 22.50 yuan, the conversion value is 95.66 yuan, and the corresponding convertible bond price is 115.85 yuan ~ 117.22 yuan. when the stock price of Zhongtian hardcover is between 17.5 yuan and 28.5 yuan, the reasonable position of the corresponding convertible bond market is about 107 ~ 134yuan.

6. At the current market valuation level, the probability of breaking hardcover convertible bonds is small.

7. Assuming that the convertible bond increases by 17% on the first day, the placing income per share is about 0.65 yuan, and the comprehensive placing income is 2.46%, and the placing income is on the low side.

8. It is roughly estimated that the remaining available purchase amount ranges from 80 million yuan to 200 million yuan. The scope of application funds is between 10.3 trillion and 10.7 trillion. The success rate is estimated to range from 0.0007% to 0.0019%. When the total nominal purchase capital of hardcover convertible bonds is 10.5 trillion yuan and the remaining available purchase amount is 140 million yuan, the success rate is 0.0013%. When the increase on the first day is 17%, the expected income of investors who fill up the online purchase is 2 yuan.