Core Viewpoint - The convertible bond of Hengshuai Co., Ltd. (300969) experienced significant trading activity upon listing, with a first-day increase of 57.3% and a total rise exceeding 100% over three trading days, despite the company's stock showing a decline during the same period [1][3]. Company Overview - Hengshuai Co., Ltd. primarily engages in the research, development, production, and sales of automotive micro-motor technology and related products, aiming to become a leading global supplier of automotive micro-motor technology solutions [3]. - The company has shown steady revenue growth from 2019 to 2024, with total revenues increasing from 331 million yuan in 2019 to an estimated 962 million yuan in 2024, and net profits rising from 65 million yuan to 214 million yuan during the same period [3]. Recent Developments - The company is actively exploring applications in the robotics sector, although it has not yet secured relevant orders. For the ADAS sensor cleaning system, while some projects have been initiated, the direct revenue contribution is minimal, projected to be less than 1% of total revenue in 2024 [2]. - Hengshuai Co., Ltd. has received batch project approvals for its ADAS cleaning system from clients such as Waymo and Meituan, with plans to establish an annual production capacity of 250,000 units, including some production in Thailand [4]. Market Context - The convertible bond market had experienced a period of inactivity prior to Hengshuai's bond listing, making it one of the strongest performing convertible bonds upon its debut this year [2]. - As of June 19, the price of Hengshuai's convertible bond reached 217.00 yuan per share, with a conversion premium of 140.83%, indicating strong market interest despite the underlying stock's performance [3].
恒帅转债上市三天翻倍 恒帅股份澄清相关热点概念