Investment Rating - The investment rating for the company is AA- for its convertible bond, with a bond balance of 637 million yuan, accounting for 87.26% of the total issuance [2]. Core Insights - The company, 运机集团 (001288.SZ), is a leading manufacturer of long belt conveyors in China, holding approximately 70% market share in the segment of conveyors with a length of 1 kilometer or more. The latest total market capitalization is 4.509 billion yuan, with a year-on-year increase in net profit attributable to shareholders of 23.98% [1]. - The company has seen a historical high in its order backlog, with 60% of these orders coming from overseas markets. The "Belt and Road" initiative has significantly boosted overseas orders, particularly in industries such as ports, mining, and metallurgy [1]. - A strategic partnership with Huawei was established in July 2024, aiming to leverage AI solutions in the mining and port sectors, which is expected to drive rapid growth for the company [1]. Summary by Sections Company Overview - 运机集团 is recognized as the leading manufacturer of long belt conveyors in China, with a significant competitive edge in terms of product specifications and pricing compared to international competitors like Thyssenkrupp [1]. Financial Performance - The company is projected to experience substantial growth in net profit, with expected year-on-year increases of 83.4%, 48.8%, and 41.2% for the years 2024 to 2026 [3]. Convertible Bond Analysis - The 运机 convertible bond is characterized as a high-priced, low-premium bond, making it particularly attractive to high-risk tolerant investors during the protection period [3]. - The reasonable valuation for the 运机 convertible bond is estimated to be between 176 and 187 yuan, assuming the stock price remains unchanged and not considering forced redemption [4].
运机集团：运机转债投资价值分析：长款带式运输机龙头，乘上“一带一路”东风