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].

Group 1 - The company issued a total of 327.59 million yuan in convertible bonds, with a maturity of 6 years and a face value of 100 yuan per bond [1][2] - The trading of the convertible bonds experienced significant price fluctuations, with a cumulative price increase exceeding 30% over two consecutive trading days [2][3] - The company confirmed that there are no undisclosed significant matters that could impact the trading price of the convertible bonds [3] Group 2 - The current conversion price for the bonds is set at 62.55 yuan per share, with a first-year coupon rate of 0.20% [2] - The company is exploring new markets such as humanoid robot motors and ADAS sensor cleaning systems, but current revenue from these products is minimal [2] - The company has not identified any undisclosed information that could significantly affect the trading price of the convertible bonds [3]

Core Viewpoint - The company is actively exploring applications in the robotics field but has not yet secured relevant orders [1] Group 1: Company Developments - The company's convertible bond trading price has experienced an abnormal fluctuation, with a cumulative increase of over 30% in closing prices over two consecutive trading days [1] - The company is focusing on humanoid robot motors and has initiated efforts in this area, although no related orders have been formed yet [1] - For the ADAS sensor active perception cleaning system, the company has obtained some designated projects from clients, but direct revenue remains low, with projected revenue from related products not exceeding 1% of total operating income in 2024 [1] Group 2: Market Conditions - There are numerous uncertainties regarding the downstream market demand for the company's emerging products [1]

[Table_Title] 证券研究报告 / 公司点评报告 收入稳健增长，机器人加速布局 事件： [Table_Summary] 公司发布 2024 年年度报告及 2025 年一季报。2024 年实现营业收入 59.18 亿元，同比增长 28.22 %，归母净利润 0.21 亿元，同比下滑 91.32%，扣非归母净利润 0.19 亿元，同比下滑 92.59%。2025Q1 实现 营收 12.56 亿元，同比下滑 2.93 %，归母净利润 0.06 亿元，同比下滑 87.86 %，扣非归母净利润 0.06 亿元，同比下滑 86.64%。 收入稳步增长，盈利静待改善。收入端，公司 2024 年实现较好增长， 分业务来看，汽车零部件/电动车零部件/冰压机零部件实现营收 39.05/9.27/3.88 亿元，同比增长 39.91% / 3.02%/ 22.74%。盈利端，公司 盈利增速慢于收入端，2024 年毛利率实现 8.49%，同比减少 5.31pct， 净利率 0.35 %，同比减少 4.83pct。分业务来看，汽车零部件/电动车零 部件/冰压机零部件实现毛利率 3.76%/-7.35%/-3.18%，同比-5 ...