20230818-东吴证券-易瑞转债_食品安全快速检测行业领头企业_12页_564kb

Growbridge Bond Issuer

• Company: Eryi Bioscience (Stock Code: 300942SZ)
• Bond: Eryi Convertible Bond (Code: 123220SZ)
• Market Value: Total Issuance Scale: 3.28 billion CNY
• Purpose: Primarily for "Food Safety Rapid Detection Industrialization Project (Phase II)", "Animal Diagnostics Product Industrialization Project", "Fast Detection Technology R&D Center Construction Project", and supplementary working capital.

📊 Financial Highlights:

• Stock Price: 300942SZ trades at 1687 CNY.

• Financial Stability:
  -Revenue: Stable long-term growth but declined sharply in 2023 due to reduced COVID test demand.
  -2022 Revenue: 6.87 billion CNY (+149.5% YoY)
  -Profitability: 2022 Net Profit Declined by 64.92% YoY.
  -Margins: Gross Margin dropped significantly post-2021; Net Profit Margin fell.
  💡 Investment Risks:

• Stock volatility during bond listing period.

• Uncertain listing timeline impacting opportunity cost.

• Potential bond default risk.

• Stock price volatility post-listing.
  📈 Investment Valuation:

• Bond listing price expected to fluctuate significantly, dependent on stock and market.

• Equity Offered at 1287 Yuan (Current stock price 1687 Yuan)

• Face Value: 100 Yuan, interest rates ranging from 0.2% to 6% annually.

• Terms: 6-year maturity, redemption price at face value + 150%, call protection at 130%.
  📎 Note: Before investing, review the full report disclaimer and investment rating details