锋龙股份(002931) - 锋龙股份调研活动信息

Group 1: Business Overview - The company operates in three main business segments: garden machinery parts, hydraulic components, and automotive parts [3][4]. - Garden machinery parts include ignition devices, flywheels, and cylinders, primarily serving well-known global manufacturers such as MTD, TTI, and HUSQVARNA [3]. - The hydraulic components business was established through the acquisition of 51% of Dushang Precision Machinery in 2019, with the remaining 49% acquired recently [3]. Group 2: Market Insights - The current market for garden machinery is approximately 20% electric and 80% fuel-powered, with fuel-powered products continuing to grow steadily [4]. - The company is actively developing electric products in response to market trends, particularly for household tools that require lower energy [4]. - The automotive parts segment includes precision aluminum die-casting and iron machining components, serving clients like Dayco and Dongfeng Fuji Thomson [4]. Group 3: Acquisition and Management - The acquisition of Dushang Precision Machinery was motivated by its growth potential and strong customer structure, with both parties having a prior supplier relationship [4]. - Post-acquisition, the management structure retains key personnel from Dushang, ensuring continuity in production and quality control [5]. - The company plans to enhance administrative and financial management while supporting sales coordination [5]. Group 4: Financial Instruments - The company is considering the redemption of convertible bonds if conditions are met, taking into account actual circumstances and investor opinions [5]. - The relationship between aluminum die-casting and stamping technologies is clarified, with die-casting primarily used for functional components [5].