聚合顺：可转债打新系列：合顺转债：国内尼龙行业头部供应商

Investment Rating - The report gives a positive investment rating for the company's convertible bond, suggesting active participation in the new bond subscription with an expected listing price of around 120 yuan, reflecting a 20% premium on the first day of trading [2][15]. Core Insights - The company is positioned as a leading supplier in the domestic nylon industry, focusing on the production of nylon 6 chips, with a strong emphasis on innovation and production flexibility [20][45]. - The company has shown significant revenue growth, with a 28.49% year-on-year increase in Q1 2024, and a net profit increase of 40.06% [35]. - The report highlights the competitive advantages of the company, including advanced production equipment, strong innovation capabilities, and a well-established customer network [45][47]. Summary by Sections 1. Convertible Bond Basic Terms and Subscription Value Analysis - The convertible bond has an issuance scale of 338 million yuan, with a bond and issuer rating of AA-/AA-. The conversion price is set at 10.73 yuan, with a conversion value of 100.37 yuan as of July 17, 2024. The bond has a term of 6 years and an average annual coupon of 1.47 yuan, with a maturity compensation rate of 15% [11][15]. - The estimated subscription rate is projected to be around 0.0026%-0.0031%, based on the current market conditions and the expected first-day allocation size of approximately 50% [13]. 2. Company Fundamentals Analysis - The company operates in the nylon 6 chip industry, which is experiencing steady growth in demand. The domestic consumption of nylon 6 chips has increased significantly, with a compound annual growth rate of about 8% from 2012 to 2023 [52]. - The company has a strong market position, with its main products being fiber-grade and engineering plastic-grade chips, which account for approximately 50% and 40% of sales revenue, respectively [20][21]. 3. Competitive Advantages - The company has a robust innovation framework, holding 61 patents, including 11 invention patents, and utilizes advanced production technology from Germany [45]. - The company has established a flexible production system that allows for quick adjustments to production lines, enhancing its responsiveness to market changes [47]. - The marketing network is centered in East China, extending to North and South China, and the company is actively expanding into international markets [47]. 4. Fundraising Project Analysis - The funds raised from the convertible bond issuance will be allocated to projects aimed at increasing production capacity, including a project for 124,000 tons of nylon new materials and another for 80,000 tons of nylon 66 [52][53]. - The expected internal rate of return for these projects is 15.76% and 22.97%, respectively, indicating strong economic viability [54].