公司主营业务是为以银行为主的金融客户提供IT 解决方案和服务。公司2019-2021 年的三年营收CAGR 为31.46%，净利润CAGR 为3.92%，1-3Q2022 实现营收为13.5 亿元（YoY+7.90%），同期归母净利润为0.4 亿元（YoY-69.27%），系公司人员扩张较为明显导致利润端承压。公司最新年化净资产收益率2.15%，流动比率/速动比率分别为3.39/2.92，销售毛利率/净利率分别为32.80%/2.58%，毛利率近年来有所下降，应收账款有扩大趋势，建议关注坏账风险。信用卡业务市场领先，天阳云作为第二增长曲线，发布“云战略"提供从SaaS 层到laaS 层的云解决方案，本次募集资用于金融业云服务解决方案升级和数字金融应用研发项目，有助于公司进一步完善云服务产品系统功能。Summary
Tianyang Science and Technology announced the issuance of convertible bonds, with a size of 980 million yuan, which will be listed on Tuesday, April 18. According to our new coupon pricing model, we think that under the current situation of the company's stock price, its convertible bond listing may be located around 130 yuan.
Positive stock analysis
The company's main business is to provide IT solutions and services for banking-based financial customers. The three-year revenue CAGR of the company from 2019 to 2021 was 31.46%, and the net profit CAGR was 3.92%. The revenue of 1-3Q2022 was 1.35 billion yuan (YoY+7.90%), and the net profit of the same period was 40 million yuan (YoY-69.27%). The company's personnel expansion obviously led to the pressure on the profit end. The company's latest annualized return on net assets is 2.15%, current ratio / quick ratio is 3.39% 2.92, sales gross margin / net profit rate is 32.80% / 2.58% respectively, gross profit margin has declined in recent years, and accounts receivable have a tendency to expand. It is recommended to pay attention to the risk of bad debts. With Tianyang Yun as the second growth curve of credit card business, Tianyang Yun has issued a "cloud strategy" to provide cloud solutions from SaaS layer to laaS layer. This fund-raising will help the company to further improve the function of cloud service product system.
The valuation of positive shares is on the high side in the same industry, the market heat is low, and the flexibility is general. The next time the ban is lifted in August, positive stocks have risen faster this year. The company's current pact E (TTM) is 403.8x, which is at a high level in its own history, while Ppicab (MRQ) is 2.78x, which is at a high level in its own history. The total market capitalization of positive shares is 6.341 billion yuan, the proportion of tradable shares is 63.37%, and the proportion of equity pledge is 18.08%. On August 23, 2023, 36.63% of restricted shares will be lifted, and the actual controller of the company is Ouyang Jianping (of a personal nature). As of September 30, 2022, the largest shareholder (Ouyang Jianping), holding 21.79% of the company's shares, has a low degree of attention, and the volatility of the past 180 days is 41.59%, with general flexibility. Stocks have risen 19% since 2023.
Terms and pricing
The scale of convertible bonds is small, and the protection of debt bottom is general. The current convertible bond size is 980 million yuan, the initial conversion stock price is 14.92 yuan, the starting point of the conversion period: October 9, 2023, the latest parity is about 105.09 yuan, the term is 6.0 years, the coupon rates are 0.30%, 0.40%, 0.80%, 1.50%, 2.30%, 3.00% respectively, the maturity redemption price is 115.0 yuan, the par value corresponding to YTM is 3.18%, the debt bottom is about 82.89 yuan, and the debt bottom protection is general. The next revision clause is 85% redeeming 15max 30 (net assets and par value is at the bottom), the foreclosure clause is [130% redeeming 15max 30], and the resale clause is [70% redemption 30max 30].
At the pricing level, the corporate equity institutions pay low attention, the flexibility is general, the valuation is high, the scale of convertible bonds is small, the debt bottom protection is general. According to our new coupon pricing model, we think that under the current situation of the company's stock price, its convertible bond listing may be located around 130 yuan.
Risk
Weaker downstream demand; liquidity risk; default risk of convertible bonds.