Luokai Co., Ltd. (603829) Limit-Up In-Depth Analysis: Dual Drivers from Convertible Bond Conversion and New Energy Business

Luokai Co., Ltd. (603829) focuses on R&D and production of medium and low voltage power distribution equipment. In the first three quarters of 2025, its revenue was 1.675 billion yuan (+9.6%) and net profit was 71.42 million yuan [0]. On November 21, the stock price hit the limit-up at 25.94 yuan (+10.01%) with a turnover of 136 million yuan. The main driving factors are as follows:

1. Convertible Bond Conversion Catalyst
   : Luokai Convertible Bond redemption and delisting completed, total share capital increased to 186 million shares, market capitalization approximately 4.736 billion yuan [2].
2. New Energy Business Layout
   : Benefiting from grid upgrade policies, the expansion in the new energy field has been recognized by the market [5].
3. Positive Capital Side
   : The main net purchase on that day was 48.1766 million yuan [1], hot money “Yishun Liuguang” was on the list [3], and Huatai Securities Headquarters net bought 7.82 million yuan [4].
4. Strong Technical Aspect
   : Multiple appearances on the Dragon and Tiger List have attracted market attention [0].

• Policy and Capital Resonance
  : Grid upgrade policies provide long-term logic, and convertible bond conversion brings short-term opportunities, forming dual drivers [0,5].
• Capital Structure Characteristics
  : Hot money-dominated transactions imply increased short-term volatility [3,4].
• Business Synergy
  : Synergy between power distribution equipment and new energy business enhances competitiveness [0].

:

1. Short-term speculation leads to valuation deviation from fundamentals [0];
2. Hot money withdrawal triggers volatility [3];
3. Policy hot spot shift risk [0].

:

1. Continuous dividend from grid policy [5];
2. Growth potential of new energy business [0].

: Investors need to view short-term volatility rationally and make decisions based on fundamentals.

The limit-up of Luokai Co., Ltd. is the result of multiple superimposed factors. It shows active short-term performance but requires attention to long-term development logic to avoid blind chasing of high prices.