Abstract: Tongyu convertible bond issuance scale of 1.485 billion yuan, maturity of 6 years, rating AA, online issuance, listing time is July 15. The initial parity of convertible bonds is 109.75 yuan (calculated at the closing price on July 13), the debt bottom is 92.58 yuan, and the pure debt is YTM2.712%. The next revision clause (10-30jue 85%), the redemption clause (15-30130%), and the resale clause (30%). As a whole, the debt bottom protection is better, and the terms remain in the mainstream mode. We expect the listing price center to be around 134 yuan. It is recommended to continue to pay attention to after listing.

Tongyu heavy Industry is a new major equipment R & D and manufacturing enterprise in China. In terms of wind power business, the company's wind power industry related products are mainly wind power spindles, castings (including wind power wheels, racks, bearing seats, etc.), wind power equipment modular products, the company can produce all kinds of wind power spindle products suitable for 0.6-8MW wind turbine, is the leading enterprise of MW wind power spindle. In terms of casting and forging business, the company is one of the few domestic enterprises with large-scale comprehensive manufacturing platform, forming a complete industrial chain of billet preparation, forging, heat treatment and machining of large forgings. can produce a variety of marine, hydropower, pressure vessels and other large forgings products according to market demand. In terms of cemented carbide business, Jinan Metallurgical Institute, a wholly-owned subsidiary of the company, is one of the largest cemented carbide production bases in Jiangbei, China, mainly engaged in the research, production and sales of cemented carbide and related products, with an annual production capacity of 1500 tons. The company was listed on March 8, 2011. as of July 13, 2022, the total market value and current market value of the company were 11.8 billion yuan, and the PE-TTM of the company was 49.8 times. There was no equity pledge in the company, and there was pressure to lift the ban in September.

Risk tips: macroeconomic risk, wind power policy risk, overseas market risk