20231020-天风证券-申购建议_积极参与_雅创转债_电子元器件分销商和IC设计厂商_11页_1mb

Summary of 雱創轉債 Analysis

Bond Characteristics

This report covers the 雅創轉債, issued with a scale of 36.3 billion yuan, rated A+/A+ for both bond and issuer. Key terms include a conversion price of 53.34 yuan, a current conversion value of 87.38 yuan, and an average coupon of 147 yuan per year with a maturity compensation rate of 15%. The pure bond value is low at 75.61 yuan, based on a 8.73% yield discount rate. Contingent clauses for conversion are market-standard, with potential dilution if fully converted.

Company Fundamentals

雅創電子 is an electronic component distributor and IC designer, focusing on automotive electronics. In 2023H1, the company's revenue declined by 21.8% year-on-year, and net profit fell by 60.34%, primarily due to weak global semiconductor demand and inventory adjustments. However, its IC business saw growth of 36.92% in revenue. The company has a concentrated shareholding structure and faces risks from market conditions.

Market Position and Valuation

The company's PE (TTM) ratio is 34.69, lower than industry averages, and its market value is modest. Stock performance shows a 31.68% decline year-to-date, while the industry declined 19.4%. Risk factors include capacity utilization, R&D progress, negative operating cash flow, and slowing growth in operating performance. Growth opportunities exist in automotive electronics and chip industry substitution.

Investment Recommendation

Despite risks and moderate bond protection, the bond is expected to trade at a 26% premium, potentially launching around 110 yuan. Based on high-yield potential and market conditions,积极参与申购 (actively participate in new bond subscription) is recommended.

Key Risks

Notable risks include: 产能消化风险 (capacity digestion risk), 研发进度不及预期风险 (R&D failure risk), 经营活动现金流净额持续为负的风险 (negative operating cash flow risk), and 经营业绩增速放缓风险 (slowing business growth risk). These may impact performance and should be monitored.