According to published information, the bond rating of Topp convertible bonds is AA+, which is good; the issuance scale is 2.5 trillion, which is average. The condition for downward revision of stock price is "in any 30 consecutive trading days, the closing price of the company's stock on at least 15 trading days is lower than 85% of the current conversion price", and the condition for downward revision is more stringent; the sell-back clause is " Within the last two interest accrual years of the convertible corporate bonds issued this time, the closing price of the company's stock on any thirty consecutive trading days is lower than 70% of the current conversion price."
The closing price of Zhengtop Group {601689} on the latest trading day (July 13) was 73.40 yuan, the share conversion price was 71.38 yuan, and the share conversion value was 102.83 yuan. The conversion value is higher.
The term of Top Group is 6,000 years, and the total amount that can be received at maturity is 115.50 yuan. Convertible bonds are calculated as pure debt, assuming the annual interest rate is 4%, and the bond value of the current convertible bonds is 91.28. Pure bonds are a better value.
Company Profile
Ningbo Top Group Co., Ltd. is mainly engaged in R&D and manufacturing of automotive power chassis systems, interior parts systems, intelligent driving control systems and other fields. The company has an R&D center that supports global projects, a technologically advanced testing center, power chassis systems, interior parts systems, electronic systems and other business units. It mainly produces shock absorption systems, interior parts systems, intelligent driving systems, chassis lightweight systems, Thermal management system and other five series of products. Top Group has established good technical cooperation relationships with many domestic and foreign automobile manufacturers, designed the matching of each subsystem with the automobile, and has become a leading manufacturer of automobiles such as Audi, BMW, Fiat-Chrysler, General Motors, Geely, Ford, Mercedes-Benz, Porsche, Volkswagen, etc. Global suppliers to manufacturers.
The company’s current market value is 80.89 billion yuan, with a price-to-earnings ratio of 52.41, a price-to-book ratio of 7.58, and a return on net assets of 3.58%.
Main business scope
Automobile special rubber parts, viscous couplings (for four-wheel drive automobiles), engineering plastics, sound insulation parts, interior parts, seals (nationally restricted Except) production; manufacturing of electric power steering systems, disc brakes, high-strength fasteners; production, R&D and Testing (except for projects that restrict foreign investment); automobile and motorcycle mold design and manufacturing (including stamping molds, injection molds, compression molds, etc.) and fixtures (welding fixtures, inspection fixtures, etc.); auto parts, plastic products, rubber and plastics Wholesale of products, machinery and equipment, hardware tools, electronic appliances; and self-operated import and export of various goods and technologies (not involving state-owned trade management goods, but involving goods with quotas and licenses, applications shall be handled in accordance with relevant national regulations).
Main financial data
During the first quarter reporting period of 2022, the company achieved operating income of 3,745,011,017.28 yuan, a year-on-year increase of 54.34%; the net profit attributable to shareholders of listed companies The profit was 385,889,397.89 yuan, a year-on-year increase of 56.84%; the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 376,726,443.39 yuan, a year-on-year increase of 57.08%.
Purpose of fundraising
Construction project of lightweight chassis system with annual output of 1.5 million units; construction project of lightweight chassis system with annual output of 3.3 million units.
Risk warning
Risk of international trade friction; risk of relative concentration of customers; risk of rising raw material prices; risk of product quality control; risk in implementation of investment projects with raised funds; improvement of project digestion Ability to take risks.
Topp Group stock price chart
In the past six months, Topp Group’s stock price has increased by about 50%, and there is a certain risk of a correction in the short term.
According to the current market conditions, Topp convertible bonds are expected to have a 35% premium when they are listed, and their estimated listing value is 138.82 yuan.
The convertible bonds issued by Tuo are AA+ rated convertible bonds. At present, the value of convertible bonds is high, the profitability of the underlying stocks is good, and the value of pure bonds is also good. It is recommended to buy at the top. /80/v2-8c1bec8697ce5ae5d1823af4b367d7a4_720w.jpg