20240112-东吴证券-固收点评_卡倍转02_国产汽车线缆供应商_12页_587kb

Summary of Key Points from East Wu Securities Research Report on Cabby Convertible Bond (Cabby Convert02)

The report analyzes Cabby Convert02, a convertible bond issued by Cabby Group Co., focusing on its investment potential and risks. Below is a concise summary divided into key sections:

• Convertible Bond Overview:

  • Cabby Convert02 has an issuance size of 52.9 billion yuan, with a bond floor value of 7,465 yuan and YTM of 31.2%. The bond matures in 6 years and trades at a conversion parity of 9,771 yuan with a premium rate of 23.4%. The initial conversion price is 49.01 yuan per share, and the expected market price upon listing is between 11,564 and 12,883 yuan based on comparable bonds and empirical models.

• Holding Company Analysis:

  • Cabby Group is a leading automotive wire and cable manufacturer with strong global partnerships, including certifications with major automakers like Volkswagen and Toyota. Financial highlights include revenue compounding growth of 28.89% from 2018-2022, net profit compound growth of 22.53%, and consistent gross and net profit margins. The company's special cable products are growing steadily, driven by electric vehicle demand.

• Investment Recommendations:

  • The bond is recommended for subscription due to its potential upside; the estimated online subscription winning rate is 0.019%. Compared to similar bonds, it offers moderate volatility and attractiveness.

• Risk Factors:

  • Key risks include stock price volatility during the application to listing phase, potential breach of contract, and the risk of reduced conversion premium. Dilution effects from the issuance are limited but noted.

This summary captures the essential elements for investors and stakeholders, emphasizing market opportunities and inherent risks. For detailed insights, refer to the full report disclaimer.