One of the few big meat signings this year! It is not only high in “appearance value”, but also expected to achieve “one in five”.
On February 24, Huayou convertible bonds and Hutong 22 convertible bonds started the subscription of . These two targets are relatively special and are the two largest bonds issued among non-financial varieties so far. Among them, Tong 22 convertible bond is the second convertible bond issued by photovoltaic giant Tongwei Co.Ltd(600438) , with a scale of up to 12 billion yuan; Huayou convertible bond is the first convertible bond issued by the leading enterprise Zhejiang Huayou Cobalt Co.Ltd(603799) in the new energy battery track, with a scale of 7.6 billion yuan.
On the whole, both issuers are the leading companies in the new energy track, which can be described as full of attractions. The agency estimates that both convertible bonds may reach the winning rate of “one out of five” or even higher.
“meat stick” new day
“If you miss it, it will be difficult to have such a good opportunity in the next six months.” A new professional in convertible bonds reminded reporters.
On the 24th, Huayou convertible bonds and Hutong 22 convertible bonds launched online subscription. According to the calculation of the organization, the winning rate of this new lottery is above “10000”, that is, above the level of “five in one”.
Tong 22 convertible bonds are rated AA +, and the agency predicts a debt base of 92 yuan; Huayou convertible bonds are rated AA +, and the agency predicts that the bottom debt is 91 yuan.
Not only the debt bottom is high, but also the winning rate is not low, which will greatly improve the enthusiasm of investors. Since this year, the new popularity of convertible bonds has not decreased, and the “issuance scale” is still a new winner. Since this year, convertible bonds have been issued only 12, not many. There is an obvious trend that the varieties with a winning rate of more than one in ten thousand have only long22 convertible bonds with a scale of 7 billion yuan. The lowest is Suli convertible bonds, with a winning rate of 0.0009% .
The winning rate of one in ten thousand means one in ten households. Below this critical value, there must be dozens of accounts to ensure winning. This is obviously out of reach for ordinary investors.
According to the report released by Shenwan Hongyuan Group Co.Ltd(000166) securities, at the current market valuation level, the breaking probability of Huayou convertible bonds and tong22 convertible bonds is small. Due to the large fluctuations in the equity market in the near future, it is recommended that investors rationally participate in the subscription and placement according to the fluctuation level of convertible bonds and positive shares, credit rating and their own risk preference. The winning rate of the two convertible bonds is higher than “12000” and lower than “14000”, which is between “one out of five” and “one out of three”.
The above-mentioned convertible bond investors said that the winning rate of Tong 22 convertible bonds may be more worthy of expectation.
From the perspective of shareholding structure, Tongwei Co.Ltd(600438) shareholding is relatively concentrated, while Zhejiang Huayou Cobalt Co.Ltd(603799) is relatively dispersed. According to the data of , the top ten shareholders of Tongwei Co.Ltd(600438) hold 54.22%. If 70% of the old shareholders give priority to placing, it will also leave a quota of 3.6 billion yuan for online subscription. Major shareholders of the company promised to participate in the priority placement. The equity of Zhejiang Huayou Cobalt Co.Ltd(603799) is relatively scattered, and the top ten shareholders hold 37.75% .
financial convertible bonds will become the mainstream in the future
From the perspective of this year’s convertible bond issuance plan, there will be no non-financial convertible bonds higher than 6 billion yuan in the market after the issuance of 12 billion Yuan Tong 22 convertible bonds and 7.6 billion yuan Huayou convertible bonds.
In the future, financial convertible bonds will become the main force of the “big meat contract” in the market.
According to the data, there are 156 companies that have announced the convertible bond issuance plan but have not yet started the issuance, with a total issuance scale of 19.8 billion yuan and a median issuance scale of 600 million yuan. The largest scale is the 13 billion yuan convertible bonds issued by Bank Of Chongqing Co.Ltd(601963) , followed by Bank Of Chengdu Co.Ltd(601838) , Qilu Bank Co.Ltd(601665) 8 billion yuan, China Galaxy Securities Co.Ltd(601881) and Zheshang Securities Co.Ltd(601878) convertible bonds, which are all around 7 billion yuan, and the issuance scale of Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) convertible bonds is 6 billion yuan.
Tongwei and Huayou are industry leaders
Both Tongwei Co.Ltd(600438) and Zhejiang Huayou Cobalt Co.Ltd(603799) are industry leaders in their respective fields.
The main businesses of Tongwei Co.Ltd(600438) include photovoltaic new energy business and agriculture and animal husbandry business. The photovoltaic new energy business mainly focuses on the R & D, production and sales of high-purity crystalline silicon, Cecep Solar Energy Co.Ltd(000591) batteries and modules. At the same time, it is committed to the investment, construction, operation and maintenance of terminal power stations such as “integrated fishing and optics”. The main products are high-purity crystalline silicon, Cecep Solar Energy Co.Ltd(000591) batteries and modules. Agriculture and animal husbandry business mainly involves the R & D, production and sales of aquatic feed and livestock and poultry feed, as well as the production of animal protection drugs, aquatic seedlings and fish, duck and pig breeding. The main products are aquatic feed and livestock and poultry feed.
The complete photovoltaic new energy industry chain is composed of high-purity crystalline silicon purification and production, polycrystalline ingot or single crystal pull rod and silicon wafer cutting, Cecep Solar Energy Co.Ltd(000591) battery manufacturing, battery module packaging, photovoltaic power generation system installation and services. Among them, the manufacturing of high-purity crystalline silicon and Cecep Solar Energy Co.Ltd(000591) battery is a capital and technology intensive industry with high technical difficulty and high investment, It is also an area of Tongwei Co.Ltd(600438) advantage. According to the company’s strategic development plan, the production capacity of high-purity crystalline silicon is expected to reach 330000 tons by the end of 2022.
Zhejiang Huayou Cobalt Co.Ltd(603799) is also the absolute leading enterprise of new energy vehicle track. Zhejiang Huayou Cobalt Co.Ltd(603799) started with copper and cobalt smelting, and then entered the ternary precursor market by entering mine development, and cut into ternary cathode materials by acquiring BAMO technology, so as to realize the vertical integrated layout of cobalt nickel cathode materials.
In terms of sub sectors, the company’s cobalt smelting capacity ranks first in the world, with a market share of more than 20%. The company can basically achieve a self-sufficiency rate of 50% through its own mines, local mines in the Democratic Republic of the Congo and traders. The cobalt price fluctuated higher in 2021, with an increase of 76% in the whole year.
In nickel sector , five large-scale nickel resource projects have been constructed successively. The company is expected to lock in 129000 tons of nickel metal resources to basically meet its nickel sulfate smelting capacity.
At present, the subsidiary of CDM has been put into operation, accounting for 23.491 million tons of copper, accounting for {4563} of the total profit of CDM. CICC Nonferrous Metals Group believes that the full production operation of this sector will serve as the company’s “cash cow” business to provide natural cash flow support for downstream businesses.
in the ternary precursor part , although the company’s output in 2020 is only 34700 tons / year, ranking fourth in the country, the first phase of Huajin and Huapu joint venture projects has been completed successively in 2021, and the self operated Huayou Quzhou production capacity is also expected to be expanded. At present, the long-term plan is to be 300000 tons / year self operated + 130000 tons / year joint venture. For the positive part, the company quickly realized the increase of positive material through the acquisition of BAMO. The convertible bond funds are mainly invested in the front drive and cathode materials.
