集智股份：集智转债申购分析：全自动平衡机高新企业

Investment Rating - The report assigns an investment rating of A/A to the company and its convertible bond issuance [8][9]. Core Insights - The total issuance scale of the convertible bond is 255 million yuan, with a maturity of 6 years and a conversion price set at 23.54 yuan, accompanied by a high compensation interest rate of 12% [8][9]. - The expected first-day conversion premium rate is around 20%, corresponding to a price range of 140.65 yuan to 155.45 yuan [8][29]. - The company has a relatively high PE(TTM) of 75.3, which is lower than the average of comparable companies in the industry, indicating a high valuation elasticity [23]. Summary by Sections Convertible Bond Analysis - The convertible bond has a total issuance scale of 255 million yuan, a maturity of 6 years, and a conversion price of 23.54 yuan. The compensation interest rate is 12%, which is considered high [8][9]. - The pure bond value is calculated at 74.19 yuan, with a corresponding YTM of 3.52%, indicating general bond protection [8][9]. - The dilution rates for total share capital and circulating share capital are 11.76% and 16.8%, respectively, suggesting some dilution pressure [8]. Subscription Rate Analysis - Assuming 800 million households participate in the subscription with a maximum subscription amount of 1 million yuan per household, the expected winning rate is approximately 0.001% [11]. Company Overview - The company is primarily engaged in the production of fully automatic balancing machines, testing machines, and automation equipment, with the fully automatic balancing machine being its core product [11]. - The company has a stable supply chain with its main raw materials sourced from reliable suppliers, ensuring timely supply [12]. Industry Analysis - The market for fully automatic balancing machines is closely tied to the development of the rotating component manufacturing industry, particularly in the motor, automotive, pump, and fan sectors [14]. - The demand for fully automatic balancing machines is expected to grow due to the continuous development of the electric motor industry and the increasing automation needs in various sectors [15][17]. Financial Analysis - In Q1 2024, the company reported a revenue of 51 million yuan, a year-on-year decrease of 29.95%, and a net profit of 3 million yuan, down 69.74% year-on-year [19]. - The company's liquidity ratios remain within a reasonable range, and its asset turnover is considered good [20]. Valuation Performance - As of August 12, 2024, the company's PE(TTM) is 75.3, which is lower than the average of comparable companies, indicating a high valuation elasticity [23]. - The company's stock price has decreased by 31.92% year-to-date, while the industry index has declined by 34.65%, indicating that the company has outperformed the industry index [23]. Fundraising Project Analysis - The funds raised will be used for the construction of an intelligent equipment R&D and industrialization base and the expansion of the electric motor intelligent manufacturing production line, with a total investment of 268.65 million yuan [26].