On December 5, 2022, Dayuan Pump Industry publicly issued 450 million yuan of convertible corporate bonds, referred to as "Dayuan Convertible Bonds", and the bond code is "113664".
Calculated based on the latest positive stock price : 22.95 yuan, conversion price: 23.18 yuan, and convertible bond terms, stock conversion value: 99.01 yuan, pure debt value: 84.09 yuan, guaranteed price: 121 yuan, annual bond yield: 3.29%, AA-grade .
issuance terms highlight
interest and redemption price : 0.40% in the first year, 0.60% in the second year, 1.00% in the third year, 1.50% in the fourth year, 2.50% in the fifth year, 3.00% in the sixth year, redemption price: 115 yuan. higher.
Forced redemption conditions : During the conversion period, the closing price of the underlying stock in at least 15 trading days of 30 consecutive trading days is not less than 130% of the conversion price. generally.
Conditions for downward revision of conversion price : During the period of existence, the closing price of the underlying stock on at least 15 trading days out of 30 consecutive trading days is lower than 85% of the conversion price. After the downward revision, the conversion price will not be lower than the net assets per share. generally.
Sale-back conditions : Within the last two interest accrual years of expiration, the closing price of the underlying stock for any 30 consecutive trading days is lower than 70% of the current conversion price. The repurchase price is the face value plus current interest. generally.
Company fundamentals
Due to the low industry concentration in my country's pump industry, the market share of a single manufacturer is small, and the company is a manufacturer with a scale advantage in the industry. The company's complete pump product output in 2019 and 2020 was 4.3532 million units and 5.7872 million units respectively, accounting for 2.45% and 3.17% of the country's total pump output respectively.
Industry benchmark: Junhe convertible bonds.
operating performance
The company’s recent performance growth.
The main reason: Driven by domestic and foreign sales demand, the company's shielding pump series product sales increased.
Ning Yuanjun’s comment:
valuation
Based on the latest performance and the latest consensus expected performance growth rate of 27.33% from the two latest institutions, Dayuan Pump Industry static valuation price-to-earnings ratio PE: 18.83 times, price-to-book ratio PB: 2.76 times, and growth valuation PEG: 0.69.
Referring to the convertible bond premium rate of the approximate rating and conversion value, the prediction is reasonably positioned around 120 yuan, that is, the profit for each lottery is ,200 yuan.
Assuming that the original shareholders have priority to subscribe for 70%~90% and purchase 11 trillion online, the predicted probability of winning a lottery for full subscription is: 0.4%~1.2%, and about 122 households will win a lottery.
allocates convertible bonds with a face value of 2.698 yuan per share. The stock market value including the preferential allotment ratio of convertible bonds is 11.76% . That is, if you buy 300 shares, you will most likely allocate 1 lot with a market value of 6885 yuan.
It is estimated based on the positioning of the convertible bond listing that if the current stock price remains unchanged, the yield obtained by investors who seize the rights to allocate is 2.35%.
For first-hand parties, the placement yield rose to 2.9%.
Comprehensive evaluation
The stock's recent performance growth, static valuation is low, and growth valuation is low.
The value of convertible debt to equity is slightly lower than the face value, the rating is average, and the interest is relatively high.
has an overall 5-star rating of 4 stars (****).
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