Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests an active subscription for the convertible bond [2][23]. Core Views - The report indicates that the convertible bond of Jia Yi (123250.SZ) has a total issuance scale of 398 million yuan, with net proceeds used for the production of stainless steel vacuum insulated cups in Vietnam [1]. - The expected listing price range for the convertible bond on its first day is between 117.96 and 131.42 yuan, with an anticipated conversion premium of around 25% [2][24]. - Jia Yi's main business involves the research, design, production, and sales of various beverage and food containers, with a strong focus on stainless steel vacuum insulated products [3][28]. Summary by Sections 1. Convertible Bond Basic Information - The current bond valuation is 81.98 yuan, with a yield to maturity (YTM) of 2.97%. The bond has a maturity period of 6 years and a credit rating of A+/A+ [1][21]. - The initial conversion price is set at 116.05 yuan per share, with a conversion parity of 99.68 yuan and a premium rate of 0.32% [2][19]. 2. Investment Subscription Suggestions - The report forecasts a first-day price for the convertible bond between 117.96 and 131.42 yuan, with a subscription rate of 0.0013% [2][23]. - The bond's dilution rate on total share capital is 3.20%, indicating a relatively low dilution pressure on the company's equity [22]. 3. Fundamental Analysis of the Company 3.1 Financial Data Analysis - Jia Yi has shown steady revenue growth since 2019, with a compound annual growth rate (CAGR) of 44.70% from 2019 to 2023. In 2023, the company achieved a revenue of 1.775 billion yuan, a year-on-year increase of 40.96% [3][28]. - The net profit attributable to shareholders has also increased, with a CAGR of 60.07% from 2019 to 2023, reaching 472 million yuan in 2023, up 73.60% year-on-year [3][28]. 3.2 Company Highlights - Jia Yi has established stable partnerships with several internationally recognized brands in the stainless steel insulated container market, contributing to a steady order flow and revenue [41]. - The demand for stainless steel vacuum insulated products is expected to continue growing, driven by consumer preferences for high-quality living and outdoor activities [41].
嘉益股份：嘉益转债：不锈钢保温杯领军企业