Luokai Shares (603829) Limit-Up Analysis: Risk Reminder Amid Convertible Bond Redemption Catalyst and Smart Grid Concept Speculation

• Limit-Up Driving Factors
  : Mandatory redemption of Luokai Convertible Bond (last conversion date: November 20, 2025) [2] and policy promotion of the smart grid concept [4] are core catalysts.
• Trading Performance
  : Achieved a limit-up (10.01% increase) on November 18, marking 2 consecutive daily limits [0]; Dragon and Tiger List data shows net buying of 11.1248 million yuan by brokerage departments [5].
• Fundamental Status
  : The company mainly engages in medium and low-voltage power distribution equipment and is a national-level specialized, sophisticated, unique, and new “Little Giant” enterprise, but the announcement clearly states that there have been no major changes in the recent operating environment [3][6].

• Convertible Bond Arbitrage Logic
  : Conversion price is 15.33 yuan; investors may buy stocks to complete conversion to avoid redemption losses, pushing up the stock price in the short term [2].
• Concept-Fundamental Divergence
  : Current PE ratio is 34.52 times, significantly higher than the industry average of 24.62 times [0], lacking substantial performance support.

• Main Risks
  : Valuation bubble risk [0], capital withdrawal risk after convertible bond redemption [2], short-term volatility caused by irrational speculation [0].
• Short-Term Opportunities
  : The concept speculation window lasts until the convertible bond redemption date (November 20) [2], but need to be alert to policy and market sentiment changes.

Luokai Shares’ limit-up is driven by short-term events and concepts, with no fundamental improvement. Investors should view the short-term market rationally, pay attention to valuation rationality and the timeliness of the event-driven window.