（文章来源：证券时报网） 证券时报·数据宝统计，4月22日共有49只个股现身大宗交易平台，累计成交量0.51亿股，累计成交额 5.72亿元，其中19只个股交易额超千万元。唯捷创芯交易额最高，大宗交易共1笔，成交额0.49亿元；其 次是星湖科技，大宗交易共1笔，成交额0.47亿元。（数据宝） 4月22日大宗交易成交额居前股票 | 证券代 | 证券简 | 涨幅 | 收盘价 | 成交量（万 | 成交额（万 | 笔 | 成交价 | 折溢价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （元） | 股） | 元） | 数 | （元） | （%） | | 688153 | 唯捷创 | -1.21 | 34.38 | 150.00 | 4875.00 | 1 | 32.50 | -5.47 | | | 芯 | | | | | | | | | 600866 | 星湖科 技 | 10.04 | 7.89 | 600.00 | 4734.00 | 1 | 7.89 | 0.00 | | 603266 | 天龙股 份 | 2.02 ...

证券代码：688372 证券简称：伟测科技 公告编号：2025-024 上海伟测半导体科技股份有限公司 关于开立可转换公司债券募集资金专项账户 并签订三方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕158 号）同意， 公司向不特定对象发行 117,500.00 万元的可转换公司债券，期限 6 年，每张面值 为人民币 100 元，发行数量为 1,175,000 手（11,750,000 张）。本次发行的募集资 金总额为人民币 117,500.00 万元，扣除不含税的发行费用 12,016,745.28 元，实 际募集资金净额为 1,162,983,254.72 元。上述募集资金已于 2025 年 4 月 15 日全 部到位，天健会计师事务所（特殊普通合伙）于 2025 年 4 月 15 日出具了《验资 报告》（天健验[2025]6-4 号）。 二、募集资金 ...

Group 1: Market Overview - The convertible bond market continued to decline alongside the equity market, with the China Convertible Bond Index dropping by 1.70% to 420.91 points as of April 11, 2025, while the Shanghai Composite Index fell by 3.11% to 3,238.23 points [1][11][24] - The trading volume and turnover of convertible bonds saw significant increases, with trading volume rising by 105.0% and turnover increasing by 93.0% to 30,833 million hands and 4,654.56 billion respectively [2][24] - The performance of various sectors varied, with the agriculture, forestry, animal husbandry, fishery, retail, national defense, and food and beverage sectors showing positive performance, while the electrical equipment, communication, machinery, media, and steel sectors experienced the largest declines [19][36] Group 2: Convertible Bond Valuation - The convertible bond premium rate rose to 54.99%, an increase of 20.11% from the previous week, approaching the 50th percentile level of the past 24 years [3][39] - High premium rates were observed in the textile, food and beverage, pharmaceutical, construction materials, and non-bank financial sectors, while lower rates were noted in agriculture, banking, communication, and commercial trade sectors [42] - The pure bond premium rates were higher in the public utility, national defense, automotive, computer, and mining sectors, while lower rates were seen in media, commercial trade, non-bank financial, steel, and banking sectors [42] Group 3: Supply and Demand Dynamics - As of April 11, 2025, the total balance of listed convertible bonds was 7,023.16 billion, a decrease of 18.29 billion from the previous week, with a weighted average remaining term of 2.8 years [4][48] - The issuance dynamics included three new convertible bonds listed, with total issuance sizes of 5.00 billion, 0.67 billion, and 0.354 billion respectively, and one bond announced for issuance with a planned size of 1.175 billion [51][52] - Demand for convertible bonds from convertible bond funds continued to rise, with the market value held by these funds reaching 1,688.97 billion, a growth of 15.4% compared to the previous quarter [4][48]

上海伟测半导体科技股份有限公司 向不特定对象发行可转换公司债券发行结果公告 保荐人（主承销商）：平安证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担责任。 重要内容提示： 上海伟测半导体科技股份有限公司（以下简称"发行人"或"公司"）向不 特定对象发行可转换公司债券（以下简称"可转债"）已获得中国证券监督管理 委员会证监许可〔2025〕158 号文同意注册。平安证券股份有限公司（以下简称"平 安证券"、"主承销商"或"保荐人（主承销商）"）为本次发行的保荐人（主 承销商）。本次发行的可转债简称为"伟测转债"，债券代码为"118055"。 证券代码：688372 证券简称：伟测科技 公告编号：2025-023 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 788,463 | 0 | | 网上社会公众投资者 | 377,835 | 8,702 | | 主承销商包销数量（放弃 认购总数量） | | 8,702 | | 发行数量合计 | | 1,175,00 ...

证券研究报告·固定收益·固收点评 固收点评 20250410 伟测转债：集成电路封测领域先锋 2025 年 04 月 10 日 [Table_Tag] [Table_Summary] 事件 观点 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《安集转债：半导体材料国产化先锋》 2025-04-10 《清源转债：光伏领域的稳健践行者》 2025-04-09 东吴证券研究所 1 / 11 请务必阅读正文之后的免责声明部分 ◼ 伟测转债（118055.SH）于 2025 年 4 月 9 日开始网上申购：总发行规模 为 11.75 亿元，扣除发行费用后的募集资金净额用于伟测半导体无锡集 成电路测试基地等项目。 ◼ 当前债底估值为 98.02 元，YTM 为 2.16%。伟测转债存续期为 6 年,中 证鹏元资信评估股份有限公司资信评级为 AA/AA,票面面值为 100 元， 票面利率第一年至第六年分别为：0.10%、0.30%、0.60% ...

证券代码：688372 证券简称：伟测科技 公告编号：2025-022 上海伟测半导体科技股份有限公司 向不特定对象发行可转换公司债券 网上中签结果公告 保荐人（主承销商）：平安证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据《上海伟测半导体科技股份有限公司向不特定对象发行可转换公司债 券发行公告》，本次发行的发行人上海伟测半导体科技股份有限公司及本次发 行的保荐人（主承销商）平安证券股份有限公司于 2025 年 4 月 10 日（T+1 日） 主持了上海伟测半导体科技股份有限公司向不特定对象发行可转换公司债券 （以下简称"伟测转债"）网上发行中签摇号仪式。摇号仪式按照公开、公平、 公正的原则在有关单位代表的监督下进行，摇号结果经上海市东方公证处公证。 现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 40063，65063，90063，15063 | | 末"6"位数 | 367175，567175，767175，967175，167175，7 ...

证券代码：688372 证券简称：伟测科技 公告编号：2025-021 上海伟测半导体科技股份有限公司 向不特定对象发行可转换公司债券 网上中签率及优先配售结果公告 保荐人（主承销商）：平安证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 类别 | 中签率/配售 | 有效申购数量 | 实际配售数 | 实际获配金额 | | --- | --- | --- | --- | --- | | | 比例（%） | （手） | 量（手） | （元） | | 原股东 | 100.00 | 788,463 | 788,463 | 788,463,000 | | 网上社会公众投资者 | 0.00471648 | 8,195,448,187 | 386,537 | 386,537,000 | | 合计 | | 8,196,236,650 | 1,175,000 | 1,175,000,000 | 特别提示 上海伟测半导体科技股份有限公司（以下简称"公司"、"发行人"或"伟 测科技"）向不特定对象发行可转换公司债 ...

Investment Rating - The report gives a positive recommendation for participation in the new bond subscription, with an expected listing price of around 122 yuan, reflecting a 25% premium on the first day of trading [5]. Core Viewpoints - The company, a leading independent third-party integrated circuit testing enterprise in China, has a solid market position and growth potential, supported by a favorable industry outlook and strategic investments in capacity expansion [16][50]. - The company's revenue for Q1-Q3 2024 reached 740 million yuan, a year-on-year increase of 43.62%, although net profit declined by 30.81% during the same period [6][38]. - The integrated circuit testing market in China is expected to grow significantly, driven by increasing demand for high-performance chips and the shift towards independent third-party testing services [30][50]. Summary by Sections 1. Convertible Bond Basic Terms and Subscription Value Analysis - The convertible bond has an issuance scale of 1.175 billion yuan, with a bond and issuer rating of AA/AA. The conversion price is set at 82.15 yuan, with a conversion value of 97.24 yuan as of April 3, 2025 [3][12]. - The dilution pressure on total share capital is 12.56%, and on circulating share capital is 18.18%, indicating significant dilution risk [3][12]. 2. Company Operating Performance Analysis - The company achieved a revenue of 740 million yuan in Q1-Q3 2024, up 43.62% year-on-year, while the net profit was 62 million yuan, down 30.81% [6][38]. - The gross margin has been declining, with the sales gross margin at 34.38% for Q1-Q3 2024, a decrease of 4.06 percentage points year-on-year [39]. 3. Competitive Advantage Analysis - The company has a strong technical research and development advantage, a broad customer base, and a favorable geographic location near key markets, which enhances its service capabilities [7][45]. - The company is positioned as a leading independent third-party testing service provider in China, with a significant number of high-end testing equipment, making it a major supplier in the high-end chip testing market [7][47]. 4. Fundraising Project Analysis - The funds raised from the convertible bond issuance will be used for expanding testing capacity and enhancing operational efficiency, with projects including the establishment of testing bases in Wuxi and for integrated circuit chip testing [50][51].

证券代码：688372 证券简称：伟测科技 公告编号：2025-020 上海伟测半导体科技股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：平安证券股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特别提示 上海伟测半导体科技股份有限公司（以下简称"发行人""公司"或"伟 测科技"）向不特定对象发行 117,500.00 万元可转换公司债券（以下简称"可 转债"或"伟测转债"，代码"118055"）已获得中国证券监督管理委员会 （以下简称"中国证监会"）证监许可〔2025〕158 号文同意注册。平安证券 股份有限公司（以下简称"平安证券"或"保荐人（主承销商）"）为本次发 行的保荐人（主承销商）。本次发行的《上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券发行公告》（以下简称"《发行公告》"）、 《上海伟测半导体科技股份有限公司向不特定对象发行可转换公司债券募集说 明书》（以下简称"《募集说明书》"）及《上海伟测半导体科技股份有限公 司向不特定对象发行可转换公司债券募 ...

Group 1 - The report maintains an "outperform" rating for the semiconductor sector, highlighting the acceleration of domestic substitution in the analog chip segment due to increased tariffs between China and the US [2][7]. - The SW semiconductor index fell by 5.70% in March 2025, underperforming the electronic industry by 1.33 percentage points and the CSI 300 index by 5.63 percentage points [4][15]. - As of March 31, 2025, the SW semiconductor index's price-to-earnings ratio (TTM) was 92.69x, placing it in the 72.16 percentile since 2019, indicating a relatively high valuation level [4][26]. Group 2 - In Q4 2024, the proportion of semiconductor heavy holdings in funds increased to 11.4%, which is 6.8 percentage points above the semiconductor market capitalization [5][33]. - The global semiconductor sales in February 2025 reached $54.92 billion, marking a year-on-year growth of 17.1%, although the growth rate has been narrowing for five consecutive months [6][44]. - The report emphasizes the potential for improved performance in the analog chip sector, with companies like 圣邦股份 (Sengbang), 思瑞浦 (Siyipu), and 纳芯微 (Naxinwei) recommended for investment due to expected earnings recovery in 2025 [7][9]. Group 3 - The report notes that the global semiconductor sales for Q4 2024 were $170.9 billion, reflecting a year-on-year increase of 17.1% and a quarter-on-quarter increase of 3.0% [57]. - The report highlights that the NAND Flash contract price increased from $2.18 to $2.29 in February 2025, while DRAM contract prices remained stable [51][51]. - The semiconductor equipment sales in Q3 2024 reached $30.4 billion, showing a year-on-year growth of 18.7% [57].