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英语新闻报道双语:银轮转债申购打新投资价值分析,银轮转债评级正股分析

作者:罗清启发布时间:2021-06-09 00:59英语学习 评论本文有4403个文字,大小约为15KB,预计阅读时间12分钟
英语新闻报道双语:银轮转债:当前转股价值为99.7元左右,保本价为115.1元,债券收益率为2.41%。银轮转债申购信息基本情况:...

英语新闻报道双语:银轮转债申购打新投资价值分析,银轮转债评级正股分析

  银轮转债:当前转股价值为99.7元左右,保本价为115.1元,债券收益率为2.41%。

  银轮转债申购信息基本情况:

  1.申购代码:072126

  2.配售代码:082126

  3.正股代码:002126

  4.正股名称:银轮股份

  5.发行总额:7亿元

  6.银轮转债信用级别:AA

  7.每股配售:0.8837元可转债

  8.票面利率:第一年0.30%、第二年0.30%、第三年1%、第四年1.5%、第五年1.8%、第六年2.0%。

  9.正股价:10.84元(6月4日收盘价)

  10.转股价:10.77元

  11.转股价值:100.65元

  12.转股价下修:连续30个交易日中至少有15个交易日的收盘价低于当期转股价格的90%

  13.有条件回售:最后两个计息年度,如果公司股票在任何连续30个交易日的收盘价格低于当期转股价的70%

  14.强制赎回:连续30个交易日中至少有15个交易日的收盘价格不低于当期转股价格的130%

  15.预计首日上市价格为115元左右

  银轮转债正股基本面分析:

  公司主要生产热管理产品以及尾气处理产品,热交换营收毛利占比在70&左右,汽车空调占比约13%,尾气处理占比在10%左右;在热管理业务上,公司正积极从传统领域延伸至新能源领域,未来公司将实现量价齐升。

  公司汽车及工程机械传统热交换器产销量稳居国内行业首位,油冷器年销量在1000万套以上,其中不锈钢油冷器和铝油冷器的全球市占率分别达到52%和12%,电池冷却器年销25万套,全球市占率约17%。

  客户涵盖乘用车、商用车和工程机械等主流厂商汽车客户,有通用、福特、宁德时代、吉利、广汽、比亚迪、长城、曼胡默尔、捷豹路虎、法拉利、奥迪、奔驰、宝马等;商用车领域的主要客户有戴姆勒、康明斯、纳威司达、斯堪尼亚、一汽解放、东风汽车、中国重汽、北汽福田、玉柴、锡柴、潍柴等;

  工程机械领域的主要客户有卡特彼勒、约翰迪尔、住友、徐工、龙工、三一重工、久保田等;

  民用空调领域的主要客户有格力空调等。

  ①受益新能源带来增量市场空间,预计到2022年新能源乘用车热管理市场约141 亿元,约占整个热管理市场的15%,2019-2022年CAGR 达21%。

  目前国际TOP汽车热管理公司包括日本电装、韩国汉拿、法雷奥和马勒贝洱,这四家市占率在50%以上。传统汽车热管理中,电装、法雷奥、翰昂、马勒等国际巨头寡头垄断,配套关系稳定。新能源汽车热管理作为新生需求,各国际龙头虽介入早,技术水平高,但成本较高,所以在国内新能源汽车快速开发的背景中并不占优。国内厂商三花智控、银轮股份由于成本控制和地缘优势快速配套国内新能源汽车企业。近几年国际整车厂转向新能源的浪潮中,国内厂商逐步渗透国际整车厂。随着新能源汽车占比的不断提升,国内热管理厂商有望打破相对稳定的热管理市场格局。

  ②为了进一步限制尾气排放,我国计划从2019年7月开始按照轻型汽车、重型汽车分步实施国六排放标准。传统燃油车尾气处理方面,国六排放升级带动 EGR 冷却器产品爆发,天然气重卡、城市柴油重卡、所有地区柴油重卡分别于 2019/7/1 、2020/7/1/、2021/7/1 日切换国六。银轮股份在重卡EGR优势明显,配备了几乎所有的天然气重卡和超过一半的柴油重卡 EGR 冷却器,2021 年下半年将明显受益排放升级。。

  银轮股份、克来机电、腾龙股份主要从燃油车热管理业务向新能源车布局,三花则是从家电赛道切入新能源车热管理。供应商中,国内厂商不具备提供热泵系统总装的能力,不过,国内零部件厂已经实现单个零部件的技术突破。热泵系统,其核心零部件主要包括:电动压缩机(1500元)、电子膨胀阀(400元)、换热器(200-300元)、管路(300元)、电子水泵(150 元)等。

  国内厂商具备单个零部件供应能力的有:奥特佳(电动压缩机)>三花智控(电子膨胀阀)>克来机电(CO2 管路)=银轮股份(换热器)>腾龙股份(水泵)。由于新能源汽车没有发动机,传统燃油车的压缩机、水泵无法受动力驱动,因此需要电子膨胀阀、电子水泵等,单车价值量由原来的50元/套提升至500元/套。具备电子水泵、电子膨胀阀生产能力的有三花智控,具备电子水泵生产能力的有腾龙股份。

  以上零部件中,银轮股份的核心产品油冷器、中冷器在国内商用车市场中份额分别达45%、35%,不过需要注意的是,虽然该部分零部件被替代,但电池冷却器、水冷板类似传统燃油车的油冷器、中 冷器,技术互通性较高,因此技术转换更加容易。

  从单车价值量来看:奥特佳>三花智控>银轮股份>腾龙股份。

  可比公司三花智能(三花转、奥特佳、中鼎股份(中鼎转2;银轮目前正股估值处于近3年来高位,包含了市场对业绩的预期,但与同行业三花智控和奥特佳比较属于估值中位。

  银轮转债申购打新投资价值分析:

  银轮股份收盘在10.84元,处于近两年的中位;对应PE为25.7倍,对应PB为2.13倍,均在近两年的中位附近,股价的安全边际尚可。发行人评级AA,估算债底价值约88.3元,债底保护尚可;转股价值约100.65元,转股价值较高。公司的主营业务是新能源车的热管理,我们都知道新能源汽车是未来汽车行业发展的主要方向。公司在新能源汽车热泵空调领域具有先发优势,从配套客户数和订单总量上,均处于行业领先地位。目前来看,新能源车的发展还处于起步阶段,所以银轮股份未来市场占有度还会有很大的提升,前景还是可期的。

原标题:银轮转债072126申购价值分析

【银轮转债申购打新投资价值分析,银轮转债评级正股分析】英语翻译:

Silver-colored cycle debt: Turn currently share price value is controlled for 99.7 yuan, protect this price to be 115.1 yuan, bond yield is 2.41% .

Silver-colored cycle debt explain buy information fundamental condition:

1. Explain buy code: 072126

2. Match carry out code: 082126

3. code: 002126

4. name: Silver annulus share

5. Issue amount: 700 million yuan

6. Level of credence of silver-colored cycle debt: AA

7. Every match carry out: 0.8837 yuan can turn debt

8. Par interest rate: The first year 0.30% , the 2nd year 0.30% , the 3rd year 1% , the 4th year 1.5% , the 5th year 1.8% , the 6th year 2.0% .

9. share price: 10.84 yuan (on June 4 closing quotation price)

10. Turn share price: 10.77 yuan

11. Turn share price value: 100.65 yuan

12. Turn repair below share price: Successive 30 trade noon to at least 15 trade the closing quotation price of day under current turn 90% of share price case

13. Answer carry out conditionally: Finally year of two plan interest, if company stock is in any successive 30 trade the closing quotation price of day under current turn 70% of share price

14. Compulsive and redemptive: Successive 30 trade noon to at least 15 trade the closing quotation price of day not under current turn 130% of share price case

15. Predict a case of the market price on day to be controlled for 115 yuan

Silver-colored cycle debt main area analysis:

The company basically produces heat management product and product of tail gas processing, hot exchange battalion receives gross profit to occupy than be being controlled in 70& , car air conditioning is occupied than about 13% , tail gas processing occupies business of hotter than be in in 10% or so; management to go up, company active from traditional domain outspread to field of new energy resources, prospective company will realize the Qi Sheng that estimate value.

Company car and quantity of produce and sale of heat exchanger of project machine tradition occupy domestic industry first place firmly, oil is cold implement year sales volume is in 10 million above, among them stainless steel oil is cold implement with aluminous oil cold implement global city is occupied rate achieve respectively 52% with 12% , batteries condenser year sell 250 thousand, global city is occupied rate about 17% .

The client is covered by wait for client of mainstream manufacturer automobile with car, commercial vehicle and project machine, have times of general, Ford, peaceful heart, auspicious, wide steam, Biyadi, Great Wall, graceful Hu Mo benefit of tiger of road of leopard of Er, nimble, farad, Ao Di, run quickly, the main client of the domain has the; commercial vehicle such as BMW

The main client of project machine domain has card spy those to strap, Yaohandier, live labour of friendly, Xu Gong, dragon, 31 heavy industry, long protect the; such as cropland

The main client of domain of civil air conditioning has division force air conditioning to wait.

① is benefited new energy resources brings increment market space, predict about 14.1 billion yuan to multiply the heat that use a car to run the market to new 2022 energy resources, 15% what take market of whole hot government about, 2019-2022 year CAGR is amounted to 21% .

At present heat of international TOP car manages a company to include Japanese report outfit, Korea Chinese to take, Faleiao and bridle shellfish Er, these 4 city are occupied rate in 50% above. In traditional car hot management, electric outfit, Faleiao, writing is held high, the international tycoon oligopoly such as bridle, relationship of form a complete set is stable. Car of new energy resources heats up management to regard a new student as demand, although bibcock of each country border intervenes early, technical level is high, but cost is higher, do not take actor in the setting that car of domestic new energy resources develops quickly so. Domestic manufacturer 3 Hua Zhi accuses, silver annulus share because cost control and advantage of ground predestined relationship are swift company of car of new energy resources of country of form a complete set. International is truckload in last few years in the tide that the factory gets lost new energy resources, domestic manufacturer permeates international stage by stage truckload factory. Constitute compared ceaseless promotion as car of new energy resources, hopeful of firm of domestic heat management breaks relatively stable heat to manage market structure.

② is discharged to restrict tail gas further, our country plan begins to divide a pace to carry out a country according to light-duty car, heavy-duty car from July 2019 6 discharge a standard. Tail gas of traditional fuel car handles a side, country 6 discharge upgrade drive EGR condenser product to erupt, derv of natural gas serious check, urban derv serious check, all area weighs card to part at country of switch of day of 2019/7/1, 2020/7/1/ , 2021/7/1 6. Silver annulus share is in advantage of the EGR that weigh card is clear, deployed the derv that all natural gas get stuck again and exceeds an in part almost to block EGR condenser again, second half of the year will be benefited apparently 2021 discharge upgrade. .

Silver annulus share, gram comes the Electromechanical, share that vacate dragon basically heats up layout of car of the sources of energy of administrative business Xiangxin from fuel car, 3 flowers are from home appliance circuit cuts car of new energy resources to heat up management. In the supplier, domestic manufacturer does not have the capacity that provides general assembly of hot pump system, nevertheless, domestic component factory has achieved the technical breakthrough of single component. Heat up pump system, its core component basically includes: Electric compressor (1500 yuan) , the electron expands a powerful person (400 yuan) , heat exchanger (200-300 yuan) , pipeline (300 yuan) , electronic water pump (150 yuan) etc.

Domestic manufacturer has what single component supplies capacity to have: Abstruse special beautiful (electric compressor) > 3 Hua Zhi accuses (the electron expands a powerful person) > the gram comes Electromechanical (CO2 pipeline) = is silver-colored round of share (heat exchanger) > Teng Long share (water pump) . Because car of new energy resources does not have engine, the compressor of traditional fuel car, water pump cannot get dynamical drive, because this needs an electron to expand water pump of a powerful person, electron, bicycle magnitude of value by 50 original yuan / cover promotion to reach 500 yuan / set. Have electronic water pump, electron to expand a powerful person of productivity have 3 Hua Zhi accuses, those who have productivity of electronic water pump have the share that vacate dragon.

In above component, the core product oil of silver annulus share is cold implement, in cold implement amount to respectively in the portion in market of domestic commercial vehicle 45% , 35% , what need an attention nevertheless is, although this part component is replaced, but batteries condenser, water-cooling board is similar and traditional the oil of fuel car is cold implement, in cold implement, technical each other is epicene taller, technical changeover is more accordingly easy.

From the point of bicycle magnitude of value: Abstruse special beautiful > 3 Hua Zhi accuses > silver annulus share > Teng Long share.

Can compare 3 beautiful intelligence of company (3 flowers turn, abstruse special beautiful, medium vessel share (in the vessel turns 2; is silver-colored annulus at present appraise value is in nearly 3 years to come exalted, included the market anticipation to outstanding achievement, but with course of study of person of the same trade 3 Hua Zhi accuses and abstruse special beautiful attributes estimate quite in the value.

Silver-colored cycle debt explain buy analysis of dozen of new investment value:

Closing quotation of silver annulus share is in 10.84 yuan, those who be in nearly two years is medium PE is a; correspondence 25.7 times, corresponding PB is 2.13 times, what all be in nearly two years is medium around, the safe limit of share price is passable. Publisher grade AA, value of estimation debt bottom makes an appointment with 88.3 yuan, debt bottom protects passable; to turn share price value makes an appointment with 100.65 yuan, turn share price cost is higher. Of the company advocate the heat management that business Wu is car of new energy resources, we know car of new energy resources is the main way that prospective automobile industry develops. The company is had in domain of air conditioning of hot pump of car of new energy resources send an advantage first, from number of client of form a complete set and order gross, all be in an industry lead position. Will look at present, the development of car of new energy resources still is in start level, so market of future of silver annulus stock is had degree still can have very big promotion, foreground or but period.

Original title: Silver-colored cycle debt 072126 explain buy value analysis

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