The company's products are divided into three categories: optical fiber cables, transmission cables and equipment cables. Among them, optical fiber and cable account for about 42% of the income, and transmission cable accounts for about 34%, which is the main source of the company's income. Although the proportion of equipment cables is small, the growth rate is relatively fast. The company has been working in the military industry for many years, has a number of national patents for aerospace high-temperature resistant cables, and is a supplier of many aerospace enterprises. It is worth mentioning that the company is also a potential supplier of large aircraft C9 19.
In the past three years, the company's revenue has increased steadily, but its net profit has dropped a lot. Goodwill is minimal. The equity pledge rate is about 30%.
I. Introduction of Convertible Bonds
Briefly introduce convertible bonds. Convertible bonds are bonds that can be converted into stocks under certain conditions. Therefore, convertible bonds have the dual attributes of stocks and bonds.
Convertible bonds are "guaranteed", because of the protection of bond properties, the price of convertible bonds will not go down when it falls to a certain price. For example, there are more than 100 convertible bonds listed and traded, and the lowest price is around 94 yuan. Of course, the market situation is not good, and it may be lower, but it is a big law that convertible bonds are guaranteed.
Convertible bonds are "difficult to be capped" because they also have the attributes of stocks. If the premium of convertible bonds is not too high, the price of convertible bonds will generally fluctuate synchronously with the stock price, but the amplitude is not necessarily the same. When the stock price rises, the corresponding convertible bond price will also rise, that is, it is difficult to cap the rise.
Convertible bonds are a good relatively low-risk investment variety, which is worth understanding.
Second, Tongguang convertible bonds.
Tongguang Convertible Bond is a convertible bond issued by Tongguang Cable, a company listed on Shenzhen Stock Exchange. Tongguang cable is mainly engaged in the production, research and development and sales of special power optical cables and communication cables.
Last Friday, the closing price of Tongguang cable was 7.9 1 yuan, and the price of Tongguang debt-to-equity swap was 7.98 yuan. When convertible bonds are issued, it is agreed that convertible bonds can be converted into corresponding stocks at a certain price in the future, which is the conversion price of convertible bonds. Based on this calculation, the conversion value of Tongguang convertible bonds is 99. 12 yuan.
Tongguang convertible bonds are rated as A+, which is low; Comparatively speaking, the Pudong Convertible Bonds mentioned above are rated AAA and Taiji Convertible Bonds are rated AA.