证券代码：688533 证券简称：上声电子 公告编号：2025-005 债券代码：118037 债券简称：上声转债 会议召开时间：2025 年 05 月 06 日(星期二)下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 24 日(星期四)至 04 月 30 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏 目或通过苏州上声电子股份有限公司（以下简称"公司"）邮箱 Sonavox_zq@Chinasonavox.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 公司将于 2025 年 04 月 30 日发布公司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2024 年 度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 06 日下午 14:00-15:00 举行 2024 年度暨 2025 年第一季度业绩暨 现金分红说明会，就投资者关 ...

Core Insights - The Chinese electroacoustic device industry is experiencing significant growth, with the market size projected to increase from 30.53 billion yuan in 2019 to 45.64 billion yuan by 2024, driven by demand from consumer electronics, automotive, and smart home applications [1][9][12] - The industry is characterized by a complex supply chain that includes raw material suppliers, manufacturing, and end-user applications, with a focus on technological innovation and environmental sustainability [4][24] - The industry has evolved through three stages: initial reliance on imports, rapid growth due to economic reforms and consumer electronics boom, and a current phase of transformation towards high-tech and internationalization [6][7] Industry Definition and Classification - Electroacoustic devices are electronic components that convert electrical signals into sound waves and vice versa, widely used in consumer electronics, automotive electronics, medical devices, and security systems [2] Industry Development Status - The market for electroacoustic devices in China is on an upward trend, with a projected market size of 45.64 billion yuan by 2024, driven by advancements in 5G, IoT, and AI technologies [9][12] - The consumer electronics sector dominates the downstream applications, accounting for 62% of the market, followed by automotive electronics at 18% [12] Downstream Application Analysis - The smartphone market has seen fluctuations, with a recovery expected in 2023, leading to increased demand for electroacoustic components such as receivers and speakers [14] - The automotive sector is emerging as a new growth point for the industry, with increasing demand for in-car audio systems and voice interaction technologies [9][12] Key Companies in the Industry - AAC Technologies and GoerTek are leading companies in the electroacoustic device sector, focusing on high-end acoustic solutions and expanding into emerging markets like VR/AR [16][18] - Other notable companies include Jiangsu Yuanyu Electronics, Guoguang Electric, and Shengda Technology, each specializing in different segments of the market [16][17] Future Development Trends - The industry is moving towards miniaturization and integration of electroacoustic devices, driven by the demand for compact and multifunctional components in consumer electronics [21] - There is a growing trend towards smart and adaptive functionalities in electroacoustic devices, enhancing user experience through features like noise cancellation and voice recognition [22][23] - Industry consolidation and collaborative development among supply chain participants are key to driving innovation and improving efficiency [24]

► 行业新技术：高阶智驾加速普及 高压快充重构体验 智能驾驶：高算力芯片与激光雷达大规模上车。吉利 领克 900 成为全球首款搭载 Thor 芯片的量产车型，双Orin-X芯片成主流配置；零跑B10等车型以激光雷达下探至 10万元级市场，推动智驾平权。 智能座舱：高通骁龙 8295P芯片规模化普及，覆盖15万元以上车型 （如小鹏 G7、零跑B10、比亚迪汉L/唐L、方程豹钛3、吉利银河星 耀8、极氪007 GT）； 电动化： 800V高压快充成标配，续航与补能效率突破。 比亚迪全域 1 , 000V平台、华为尊界S800支持6C超充，续航普遍突破700km。 高端化 ：本次车展华为、小米新车集中发力高端市场，华为尊界定位百万级豪华轿车，通过华为品牌力 +智能驾驶、座舱黑科技赋能品牌；小米SU7 Ultra定位巅峰性能科技轿 车，主打性能、操控、科技，通过技术赋能高端。 ► 新势力新趋势：科技巨头重塑格局 智驾体验定义竞争力 华为： 尊界 S800、问界M8、享界S9增程三箭齐发，以鸿蒙智驾+高压平台技术冲击豪华市场，定位覆盖30万元至百万元级。 小米： S U7 ultra亮相车展， 具备 最大 马力 154 ...

Core Viewpoint - The 2025 Shanghai International Automobile Industry Exhibition will be held from April 23 to May 2, 2025, with the theme "Embrace Innovation, Win the Future," showcasing over 1,000 global enterprises and more than 100 new car launches, highlighting the industry's transformation and technological advancements [1][10]. Industry New Technologies - Advanced intelligent driving technologies are accelerating, with high-performance chips and LiDAR becoming mainstream. Geely's Lynk & Co 900 is the first mass-produced model equipped with the Thor chip, while models like Leapmotor B10 are introducing LiDAR technology to the 100,000 yuan market [2][21]. - The adoption of 800V high-voltage fast charging is becoming standard, with companies like BYD and Huawei leading the way, achieving ranges exceeding 700 km and charging efficiencies [2][27]. - The high-end market is seeing significant entries from tech giants like Huawei and Xiaomi, with models like Huawei's Aito S800 and Xiaomi's SU7 Ultra targeting luxury segments [2][3]. New Forces and Trends - Tech giants are reshaping the competitive landscape, with Huawei launching multiple models aimed at the luxury market, while new players like Xiaopeng, Li Auto, and Leapmotor are focusing on intelligent upgrades to penetrate mainstream markets [3][8]. - New energy vehicle brands are showcasing their strengths, with models like Xiaopeng G7 and Li Auto i8 emphasizing advanced intelligent driving capabilities [3][19]. Domestic Brand Trends - Domestic brands are leveraging technology to move upmarket, with BYD's Han L and Tang L featuring advanced intelligent driving systems and extended-range capabilities [4][19]. - Geely is expanding its market presence with models like the Galaxy Star 8 and Lynk & Co 900, focusing on hybrid and intelligent technologies [4][19]. - Companies like Changan, Great Wall, and SAIC are diversifying their product offerings, emphasizing high-end and technologically advanced vehicles [4][19]. Investment Recommendations - The report recommends investing in quality domestic brands that are accelerating in intelligence and globalization, specifically BYD, Geely, Xiaopeng, and Li Auto, while also suggesting to monitor Xiaomi Group [5]. - In the parts sector, it highlights new force supply chains and recommends companies like H Chain, T Chain, and intelligent driving component manufacturers [5].

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].

证券代码：688533 证券简称：上声电子 公告编号：2025-004 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： ●转股情况："上声转债"于 2024 年 1 月 12 日起开始进入转股 期。自 2024 年 1 月 12 日起至 2025 年 3 月 31 日，"上声转债"转股 的金额为人民币 52,025,000 元，因转股形成的股份数量为 1,757,952 股，占"上声转债"转股前公司已发行股份总额的 1.0987200%。 ●未转股可转债情况：截至 2025 年 3 月 31 日，"上声转债"尚 未转股的可转债金额为人民币 467,975,000 元，占"上声转债"发行 总量的 89.9951923%。 ●本季度转股情况：自 2025 年 1 月 1 日起至 2025 年 3 月 31 日， "上声转债"转股的金额为人民币 0 元，因转股形成的股份数量为 0 股，占"上声转债"转股前公司已发 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company reported a total revenue of 2.77 billion yuan for 2024, representing an 18.9% year-on-year increase, and a net profit attributable to shareholders of 236 million yuan, which is a 48.6% increase year-on-year [1]. - The automotive acoustic products market is expanding due to the electrification and intelligence of vehicles, with the number of speakers in new energy vehicles generally ranging from 8 to over 20, compared to 4-8 in traditional fuel vehicles [4]. - The company is actively expanding its global market presence, with 40.28% of its main business revenue coming from exports in the first half of 2024, particularly strong sales in the United States [4]. - Cost management optimization has led to improved profitability, with a net profit margin of 8.5% for 2024, an increase of 1.7 percentage points year-on-year [4]. - The company forecasts net profits of 340 million yuan and 431 million yuan for 2025 and 2026, respectively, with corresponding EPS of 2.09 yuan and 2.65 yuan [4]. Financial Summary - Total revenue (in million yuan): 1,769 (2022), 2,326 (2023), 2,766 (2024E), 3,653 (2025E), 4,384 (2026E) [5]. - Year-on-year growth rates for total revenue: 35.9% (2022), 31.5% (2023), 18.9% (2024E), 32.1% (2025E), 20.0% (2026E) [5]. - Net profit attributable to shareholders (in million yuan): 87 (2022), 159 (2023), 236 (2024E), 340 (2025E), 431 (2026E) [5]. - Net profit growth rates: 43.7% (2022), 82.4% (2023), 48.6% (2024E), 44.1% (2025E), 26.7% (2026E) [5]. - Gross margin: 20.3% (2022), 25.5% (2023), 26.2% (2024E), 26.5% (2025E), 26.7% (2026E) [5]. - Return on equity (ROE): 7.9% (2022), 12.2% (2023), 15.3% (2024E), 18.0% (2025E), 18.6% (2026E) [5]. - EPS (diluted): 0.54 (2022), 0.98 (2023), 1.45 (2024E), 2.09 (2025E), 2.65 (2026E) [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook based on performance metrics and market expansion strategies [1]. Core Viewpoints - The company has achieved a total revenue of 2.77 billion yuan in 2024, representing an 18.9% year-on-year increase, and a net profit of 236 million yuan, which is a 48.6% increase year-on-year [1][4]. - The automotive acoustic products market is expanding due to the electrification and intelligence of vehicles, with the number of speakers in new energy vehicles generally increasing from 4-8 in traditional models to 8-12 or more in new models [4]. - The company is actively expanding its global market presence, with 40.28% of its main business revenue coming from exports in the first half of 2024, particularly strong sales in the United States [4]. - Cost management optimization has led to improved profitability, with a net profit margin of 8.5% in 2024, an increase of 1.7 percentage points year-on-year [4]. - Profit forecasts indicate that the company's net profit will reach 340 million yuan in 2025 and 431 million yuan in 2026, with corresponding EPS of 2.09 yuan and 2.65 yuan [4]. Summary by Relevant Sections Financial Performance - Total revenue for 2024 is projected at 2,766 million yuan, with a year-on-year growth rate of 18.9% [5]. - The net profit for 2024 is expected to be 236 million yuan, reflecting a year-on-year increase of 48.6% [5]. - The gross profit margin is forecasted to be 26.2% in 2024, with a gradual increase to 26.7% by 2026 [5]. Market Expansion - The company has established production bases in multiple countries, including China, Czech Republic, Brazil, and Mexico, to enhance its global competitiveness and localize customer responses [4]. - The company has formed long-term partnerships with renowned automotive manufacturers and audio brands, contributing to its revenue growth [4]. Cost Management - The company is focusing on reducing material costs and optimizing labor costs through automation and improved manufacturing processes [4]. - The net profit margin has improved due to effective cost management strategies, with a reported net profit margin of 8.5% in 2024 [4].

Financial Performance - Total revenue for 2024 reached RMB 276,562.87 million, an increase of 18.88% year-on-year[3] - Operating profit was RMB 28,854.25 million, reflecting a growth of 54.99% compared to the previous year[3] - Net profit attributable to shareholders was RMB 23,620.03 million, up 48.56% year-on-year[3] - The net profit after deducting non-recurring gains was RMB 18,699.34 million, a year-on-year increase of 19.78%[3] - Basic earnings per share reached RMB 1.47, representing a growth of 48.48%[3] Asset and Equity Growth - Total assets increased to RMB 332,147.34 million, a rise of 15.16% from the beginning of the period[4] - The company's equity attributable to shareholders increased to RMB 159,309.21 million, a growth of 22.46%[4] Return on Investment - The company's return on equity rose to 16.70%, an increase of 3.56 percentage points[3] Market Expansion and Sales - The increase in profits was driven by stable sales in the automotive sector and rising demand for product configurations due to enhanced vehicle intelligence[6] - The company actively expanded its global market presence, leading to steady growth in export sales[9]

证券代码：688533 证券简称：上声电子 公告编号：2025-002 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 关于持股 5%以上股东减持股份计划的公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 5%以上股东持股的基本情况 截至本公告披露日，苏州上声电子股份有限公司(以下简称"公 司")5%以上大股东南京同泰创业投资合伙企业(有限合伙)（以下简 称"同泰创业"）持有上声电子股份 30,000,000 股，占公司股份总数 的 18.42%。上述股份均为公司首次公开发行前取得的股份，并已于 2024 年 4 月 19 日起上市流通。 减持计划的主要内容 同泰创业是公司的投资股东，长期看好公司的发展。截至本公告 日，因自身流动资金需求,公司收到同泰创业出具的《关于计划减持 持有苏州上声电子股份有限公司部分股份的告知函》：同泰创业计划 通过集中竞价及大宗交易方式合计减持不超过 4,885,410 股，自本公 告之日起 15 个交易日后的 3 个月内实施。其中以集中竞价 ...