1, basic information of Risheng bond issuance
Bond rating: AA, issuance scale: 3.3 billion, conversion value: 96.64, premium rate: 3.47%, unsecured, conversion value is average, and credit rating is average.
2. Risheng bond issuance investment analysis
It is estimated that the debt base is around 94.5 yuan, and the daily parity of the issuance announcement is 90.82 yuan, which is highly protective.
Risheng convertible bonds have a term of 6 years and the debt rating is AA. Coupon rate: 0.2% in the first year, 0.4% in the second year and 3 years.
0.8% per year, 1.2% in the fourth year, 1.5% in the fifth year and 2.0% in the sixth year.
The redemption price at maturity is 120% of the face value (including the interest of the last installment), according to 202 1 1.
On June 19, the discount rate of yield to maturity 4.7078% of China Bond's 6-year AA corporate bonds was estimated, and the bottom value of daily convertible bonds was about 94.5 yuan, which was highly protective.
The initial conversion price is
28.0 1 yuan/share, and the conversion period starts from the first trading day after the expiration of six months from the date of issuance (202 1 1.28) to the maturity date of the convertible bonds. Display 202 1 1 month.
On the 20th, the closing price was 25.44, with a parity of 90.82 yuan.
3. Positive stock analysis
The positive stock is the Oriental Risheng. The company has made great achievements in the research and development of battery chips and components, obtained a number of patents, and the product conversion rate has hit record highs. The company combines heterojunction technology with shingle technology. At present, tile technology has completed the preliminary work such as equipment selection, cost evaluation, technical route selection, related design and risk evaluation, and has the ability of rapid trial production.
Extended data:
Fundamental analysis of shareholder Fang Risheng (300 1 18): Dongfang Risheng was founded in 1986, and its main business covers R&D, photovoltaic grid-connected power generation system, photovoltaic independent power supply system, production and sales of solar cells and components.
At present, it has a number of core technologies in its main business, and has established an independent national photovoltaic laboratory, which has obtained international CNAS certification, providing strong support for the design, research and development and quality control of the company and other photovoltaic enterprises.
The company has been deeply involved in overseas markets for many years and has formed a strong channel advantage, and is in a leading position in many major overseas markets such as Brazil, Mexico, India and Australia. 2020H 1 realized operating income108.3 million yuan, up 10.80% year-on-year. The net profit was 648 million yuan, a year-on-year decrease of 17.33%.