恒锋工具：锋工转债投资价值分析：以工匠精神打磨工业母机的“牙齿”

Company Overview - Hengfeng Tools (300488 SZ) has a total market capitalization of approximately 4 1 billion yuan and specializes in high-end precision tool manufacturing including broaching tools gear tools and spline gauges [1] - The company was established in 1997 and has been recognized as a "Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology in 2021 [2] - For the first three quarters of 2024 Hengfeng Tools reported operating revenue of 438 million yuan a year-on-year increase of 10 65% and net profit attributable to the parent company of 96 64 million yuan a slight increase of 0 08% [1] - The latest PE TTM is 30 0x [1] Industry Position and Competitive Advantages - Hengfeng Tools has been focusing on precision tools for over 30 years and holds 30%-40% of the high-end market share for complex tools in China [2] - The company is the only domestic enterprise capable of manufacturing extra-large precision complex broaching tools and has a significant presence in industries such as automotive machinery and aerospace [2] - Hengfeng Tools has a strong R&D capability with product prices and gross margins significantly higher than industry peers due to its technological barriers [2] - The company played a role in the assembly of the first C919 large aircraft wing in 2022 showcasing its advanced capabilities [2] Financial Performance and Growth Drivers - Hengfeng Tools has maintained steady revenue growth for ten consecutive years [2] - The company's net profit growth in 2024 was impacted by convertible bond interest expenses which increased from 2 million yuan to 25 million yuan annually [2] - Excluding the impact of interest expenses the company's profit growth for the first three quarters of 2024 would have been approximately 13% [2] - The company's cold extrusion forming tools are widely used in rolling screw processing and may be applied in humanoid robot roller screw processing in the future [2] Convertible Bond Analysis - Fenggong Convertible Bond (123239 SZ) is rated A+ with a bond balance of 620 million yuan and a remaining term of 5 16 years [3] - As of November 20 the closing price was 120 yuan with a conversion premium of 19 9% and a pure bond premium of 35 67% [3] - The bond has a low absolute price and conversion premium making it equity-sensitive with a high embedded call option time value due to its long remaining term [5] - Based on Shanxi Securities' convertible bond valuation model the reasonable valuation of Fenggong Convertible Bond is estimated to be between 123-136 yuan assuming no change in the underlying stock price and no forced redemption [6] Market and Strategic Insights - Industrial machine tools are considered the cornerstone of manufacturing and are critical to national industrial competitiveness and economic security [2] - The company's focus on precision tools aligns with the national strategy to overcome "bottleneck" technologies in industrial machine tools as highlighted by the Ministry of Science and Technology [2] - Hengfeng Tools' conservative and steady management approach combined with its potential applications in emerging fields like humanoid robots positions it for future growth opportunities [2]