艾为转债新券投资价值分析报告 ——可转债研究报告 证券研究报告 | 可转债投资策略 | 债券研究 ❑ 同类转债对比 公司所处行业为电子行业，估值方面可参考比较转债有瑞可转债和天准转债，溢 价率在 30-55%不等。 核心观点 ❑ 转债基本要素 艾为电子本次发行的艾为转债（118065.SH），在条款设计上整体中规中矩，采用 了市场上高度标准化的组合：包括下修（85%，15/30）、赎回（130%，15/30）、 回售等常规条款。转债规模 19.010 亿元，规模中等，正股市值 154.3 亿元，转债 对正股稀释率相对温和，正股市净率为 3.70，综合来看，下修空间充足。主体与 债项评级同为 AA+，到期赎回价 108 元。债底保护相对稳健。 ❑ 项目定位及投入 艾为转债对应的四大募投项目——全球研发中心建设项目、端侧 AI 及配套芯片 研发及产业化项目、车载芯片研发及产业化项目、运动控制芯片研发及产业化项 目，整体投向与公司"数模混合+电源管理+信号链"技术平台，以及"消费电子 —端侧 AI—汽车/工业"多元化应用战略高度协同。截至 2025 年 9 月 30 日，公 司可自由支配资金 16.81 亿元，叠加 ...

| 证券代码：688798 | 证券简称：艾为电子 | 公告编号：2026-018 | | --- | --- | --- | | 转债代码：118065 | 转债简称：艾为转债 | | 上海艾为电子技术股份有限公司 关于可转债投资者适当性要求的风险提示性公告 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： ●根据相关法律法规规定及《上海艾为电子技术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》"）的约定，上海 艾为电子技术股份有限公司（以下简称"公司"）本次发行的"艾为转债"自2026年 7月28日起可转换为公司股份。 ●公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交易 所科创板股票投资者适当性要求的投资者所持"艾为转债"不能转股的风险，提示 如下： 一、可转换公司债券发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意上海艾为电子技术股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕2972 号）同意 注册 ...

拆解这三个问题，才能看懂傅里叶半导体这场 "芯片第一股"的突围战。 但问题也来了： 第一，芯片设计赛道厮杀惨烈，艾为、凌云早已盈利，傅里叶却连亏三年 ——华勤、传音等产业巨头为何还要集体下注？ 第二，营收翻倍增长，却连亏三年，毛利率刚到 20%，这种"增收不增利"的芯片公司，港股买不买账？ 第三，临门一脚遭遇专利狙击，对手偏偏选在路演窗口期动手，这场诉讼会成为 IPO的"终结者"吗？ 3月15日，就在傅里叶半导体通过港交所上市聆讯的当天，艾为电子向上海知识产权法院提起专利侵权诉讼 。 该案定于 2026年4月27日开庭审理，案 由为侵害发明专利权纠纷。 芯片行业的残酷真相是：芯片越卷，故事越贵。 3月15日，上海傅里叶半导体股份有限公司（以下简称"傅里叶半导体"）悄然通过港交所聆讯，距离成为港股"AI音频芯片第一股"只差最后一步。而就 在次日，同行艾为电子一纸诉状将其告上法庭，案由是"侵害发明专利权"，开庭时间定在一年之后。 傅里叶半导体是谁？这家国家级专精特新 "小巨人"99%的消费者没听过，远不如寒武纪、摩尔线程这种芯片企业出名。但三星、小米、vivo、荣耀的 手机里，可能正用着它的音频芯片。它不直接面向 ...

Core Viewpoint - The article discusses the development and requirements of automotive ambient lighting, focusing on both static and dynamic ambient lights, their functional needs, and the resources required for their driving chips [4][44]. Group 1: Demand Overview - Automotive ambient lights are categorized into static and dynamic types, with static lights controlled by a single LED driver chip and dynamic lights capable of controlling multiple RGB LEDs for more complex lighting effects [4][44]. - The functional requirements for ambient lights include dimming, diagnostics, and protection features, with specific communication protocols like LIN being essential for integration with vehicle systems [16][46]. Group 2: Static Ambient Lights - Static ambient lights typically use a single LED driver chip to control one RGB LED, with a small PCB size suitable for integration into vehicle interiors [14][16]. - Key functional requirements for static ambient lights include LIN communication, dimming capabilities, and diagnostic features to report issues like short circuits [16][20]. - The resource requirements for static ambient light driver chips include a minimum main frequency of 16MHz, with many current solutions operating at 48MHz, and a need for sufficient flash and RAM memory for functionality [19][24]. Group 3: Current Major Manufacturers for Static Ambient Lights - Major manufacturers for static ambient light driver chips include: - **Indichip**: Recognized as a market leader, offering products like the IND83209, which integrates ARM cores and provides mixed light algorithms [22][23]. - **Melexis**: Offers a wide range of products with various resource requirements, including the MLX81124, which features advanced diagnostic capabilities [28][29]. - **Airmers**: Known for its strong presence in the European market, with products like E521.39 tailored for local needs [30][31]. - **TaiSiMicro**: Gaining market share with competitive products and features [32][33]. Group 4: Dynamic Ambient Lights - Dynamic ambient lights are designed to control multiple RGB LEDs, allowing for complex animations and effects, typically requiring a higher communication speed than static solutions [44][46]. - The functional requirements for dynamic ambient lights include advanced communication protocols, dimming, and the ability to implement color mixing algorithms for precise color control [46][48]. - Major manufacturers for dynamic ambient light driver chips include Melexis, Indichip, and TaiSiMicro, with products designed to meet the high demands of modern automotive lighting [51][56]. Group 5: Comparison of Current Solutions - A comparison of various static and dynamic ambient light driver products highlights differences in power supply ranges, MCU cores, storage capacities, output current capabilities, and diagnostic methods [38][61]. - Notable products include Indichip's IND83220 and Melexis's MLX81143, which showcase varying specifications tailored to different market needs [57][61]. Group 6: New Trends and Innovations - Emerging trends in ambient lighting solutions include code-free designs that reduce software development efforts and all-in-one solutions that integrate drivers and RGB LEDs into a single package [41][44]. - The industry is seeing a shift towards more integrated solutions that simplify installation and enhance functionality, indicating a potential future direction for automotive lighting technology [40][44].

Report Industry Investment Rating No information provided. Core Viewpoints - After the holiday, the convertible bond market declined slightly, but convertible bond ETFs continued to attract incremental funds. Before the Two Sessions, the convertible bond market is expected to feature policy - based games and sector rotations. Performance support will remain the core of valuation, high - price and high - premium convertible bonds may fluctuate significantly, and high - quality large - cap convertible bonds are expected to perform steadily. If investors' risk appetite increases, it is cost - effective to increase holdings in the main technology sectors [3][11]. Summary by Directory Policy Tracking - On February 25, 2026, five departments including the Shanghai Municipal Commission of Housing and Urban - Rural Development issued a notice to optimize real estate policies, including adjusting housing purchase restrictions, optimizing housing provident fund loan policies, and improving personal housing property tax policies, aiming to promote the stable and healthy development of the real estate market [4]. Secondary Market - Last week, major domestic equity market indices rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index up 1.98%, 2.80%, and 1.05% respectively. Overseas, the conflict in the Middle East escalated, driving up precious metals and crude oil prices. Domestically, the RMB exchange rate strengthened, and the central bank took measures to prevent exchange - rate overshoot. The equity market showed a structural upward trend, with pro - cyclical sectors stronger [5]. - The convertible bond market indices declined, with average daily trading volume decreasing. However, convertible bond ETFs had a net purchase of 7.2 billion yuan. The large - cap style of the convertible bond market was dominant, and most convertible bonds in various industries fell. In terms of valuation, most industries' convertible bond valuations decreased [7][8][9]. - In the short term, the convertible bond market will follow the equity market with an upward - trending and volatile pattern. High - price and high - premium convertible bonds may fluctuate, and large - cap high - quality convertible bonds are expected to perform steadily. If market activity increases, it is advisable to increase holdings in technology - related convertible bonds [11]. - Most individual convertible bonds fell. Among rising bonds, Youcai Convertible Bond and Shuangliang Convertible Bond rose significantly due to non - early redemption announcements. Among falling bonds, those facing early redemption risk declined deeply [12]. Primary Market - No new convertible bonds were issued last week, and Aiwei Convertible Bond was listed. As of last Friday, the convertible bond market's outstanding scale decreased. Five convertible bonds were approved by the CSRC and seven passed the review of the issuance examination committee, waiting to be issued [31][32]. - In terms of terms tracking, one convertible bond announced a downward revision of the conversion price, four announced early redemption, and several announced non - early redemption or expected to trigger early redemption conditions. Ten convertible bonds had a conversion ratio of over 5% [34][36].

Report Industry Investment Rating No information provided in the text Core Viewpoints - The divergence in the convertible bond market has intensified, and it is expected that the Sharpe ratio of assets will decline. The main sectors will "separate the wheat from the chaff", and attention should be paid to the sub - directions that have lagged behind in the early stage and have performance support [3][18] Summary by Relevant Catalogs Market Focus (2026/2/24 - 2026/2/27) Stock Market - After the Spring Festival, the market showed a warming trend, with major indices oscillating upwards and trading volume steadily increasing to about 2.5 trillion yuan. The market sentiment was generally positive. Upstream resource products became the main line of the market, with sectors such as non - ferrous metals, oil and gas, chemicals, and coal taking turns to perform, while the media sector adjusted significantly due to the adjustment of the film and entertainment and AI application sectors [1][8] - By industry, most Shenwan primary industries rose last week. Steel (12.27%), non - ferrous metals (9.77%), basic chemicals (7.15%), environmental protection (6.96%), and coal (5.92%) led the gains; media (-5.10%), commercial retail (-1.64%), food and beverage (-1.54%), and non - bank finance (-1.18%) performed poorly [9] Bond Market - At the beginning of the week, the bond market adjusted continuously under the suppression of factors such as the unexpected implementation of the Shanghai real - estate new policy and the strong linkage between stocks and commodities. On Friday, the capital market loosened, and the tone of the Politburo meeting was stable. Market sentiment gradually stabilized, and the yields of various maturities declined slightly. The whole week showed a pattern of gradually stabilizing during the adjustment. The 10 - year Treasury bond rate closed at 1.7877% on Friday, down 0.51bp from the last trading day before the Spring Festival [1][9] Convertible Bond Market - Last week, most convertible bond issues fell. The CSI Convertible Bond Index fell 0.23% for the whole week, the median price rose 1.22%, the calculated arithmetic average parity rose 3.46% for the whole week, and the market conversion premium rate decreased by 4.65% compared with the previous week. In terms of individual bonds, Youcai (polyester staple fiber), Shuangliang (space photovoltaic), Guanglian (commercial aerospace), Dazhong (lithium mine), and Guanzhong (environmental protection) convertible bonds led the gains; Huicheng (advanced packaging), Weidao (semiconductor equipment), Ruichuang (military industry), Xinfu (software), and Hengshuai (automotive motor) convertible bonds led the losses [2][9][13] - Most industries in the convertible bond market fell last week. Steel (4.73%), non - ferrous metals (1.99%), public utilities (1.90%), and building decoration (1.87%) performed well, while media (-4.45%), social services (-2.47%), commercial retail (-2.33%), and non - bank finance (-2.23%) performed poorly [12] - The total trading volume of the convertible bond market last week was 27.2551 billion yuan, with an average daily trading volume of 681.38 million yuan, a slight decrease from the previous week [15] Views and Strategies (2026/3/2 - 2026/3/6) Stock Market - After the new year, the introduction of structural monetary policies and the relaxation of real - estate control in Shanghai are better than the previous stable and moderate policy expectations, which is beneficial for maintaining a relatively high risk preference in the equity market. From the perspective of past seasonal effects, the winning rate of small - cap stocks is extremely high between the Spring Festival and the Two Sessions, and after the Two Sessions, the correlation between the stock market trend and performance gradually increases. During the spring rally, the price - increase chain in the technology + resource product sectors has obvious excess returns. As the economic data for January - February are gradually released, it is expected that March - April will be an important window for the market to further verify price increases and performance. The main sectors will face "separating the wheat from the chaff", and sectors that have lagged behind in the early stage and have current performance are more advantageous [3][18] Convertible Bond Market - After the Spring Festival, the divergence in the convertible bond market has increased. On the 25th and 26th, the premium rates of high - price and high - premium targets were significantly compressed. Some investors are worried that the spring market will gradually come to an end in terms of duration. According to the previous judgment (the sustainability of the polarized valuation of convertible bonds depends on the stock market expectations), it is expected that the volatility of convertible bonds in March (especially the volatility of the premium rate) will further increase. It should be recognized that there are obvious differences between selecting convertible bonds and selecting underlying stocks at this stage. Most of the core targets related to the main equity lines are expected to have a poor Sharpe ratio for convertible bonds at a conversion premium rate of over 30%, and they are not the best choice for the current portfolio allocation. Bond selection needs to sort out the upward logic one by one and screen by considering both the price and premium rate of the available convertible bond targets [3][18] - In the context of power shortages in North America, most convertible bonds related to main lines such as high - volume orders for gas turbines, price increases in the upstream and downstream of the electronic industry chain such as power semiconductors/silicon wafers/carrier tapes, and the increasing prosperity of liquid cooling are all high - price and high - premium, and many targets are close to triggering redemption. At present, when the divergence in the convertible bond market has emerged, the volatility of convertible bonds may be greater than that of the underlying stocks in the short term, and the odds are limited. Some targets are about to enter the conversion period. If the major shareholders reduce their holdings and the market corrects, and the convertible bond valuation is significantly compressed, then additional allocation can be considered [18] - For the AI main line, consider allocating to the divergent fields that have relatively lagged behind in the early stage and have performance support, such as computing power leasing, energy storage, embodied intelligence, and autonomous driving [18] - Against the background of the global increase in strategic reserves of resource products and the downward trend of the US dollar, pay attention to the polyester industry chain, engineering machinery, resource products and mining services. In addition, pay attention to the innovative drug industry chain, two - wheeled vehicles, and the post - cycle of the real - estate chain [18] - If the equity market turns down, funds will replenish the defensive sectors that have fallen significantly in the early stage. Referring to past experience, at the beginning of the equity market decline, the parity and valuation of the entire convertible bond market will fall together. Then, the low - price bottom - position varieties with high ratings will stabilize first. It is recommended to reduce positions as a response. After that, pay attention to the defensive sectors such as banks and power that have adjusted more in the early stage [18] Valuation Overview - As of last Friday (2026/02/27), for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 54.87%, 46.47%, 35.03%, 26.27%, 23.02%, and 15.61% respectively, which were at the 99%/99%, 98%/99%, 99%/99%, 98%/98%, 98%/100%, and 98%/97% percentile values since 2010/2021 [19] - For bond - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was -5.14%, which was at the 1%/3% percentile values since 2010/2021 [19] - The average implied volatility of all convertible bonds was 49.88%, which was at the 95%/98% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 8.63%, which was at the 96%/98% percentile values since 2010/2021 [19] Primary Market Tracking - Last week (2026/2/24 - 2026/2/27), Xianghe and Tonglian convertible bonds announced their issuance, and Aiwei convertible bonds were listed [26] - As of the announcements on February 27, there are no convertible bonds announced for issuance and listing next week (2026/3/2 - 2026/3/6). Last week, the exchanges accepted applications from 2 companies (Zuoli Pharmaceutical and Zhenyu Technology), and the general meetings of shareholders passed the applications of 3 companies (Shenghui Integration, Aopute, and Shenling Environment). There are no new companies approved for registration by the exchanges, passed by the listing committees, or with board proposals. As of now, there are a total of 102 convertible bonds to be issued, with a total scale of 166.28 billion yuan, including 5 that have been approved for registration with a total scale of 4.39 billion yuan and 7 that have passed the listing committee with a total scale of 6.97 billion yuan [29]

Core Viewpoint - In 2025, Aiwai Electronics reported significant growth in revenue and net profit, driven by strategic advancements in high-performance mixed-signal, power management, and signal chain product lines, as well as market expansion in industrial interconnect and automotive electronics [1][2]. Financial Performance - The total operating revenue for Aiwai Electronics in 2025 was 2.854 billion yuan [1]. - The net profit attributable to shareholders was 317 million yuan, representing a year-on-year increase of 24.2% [1]. - The net profit excluding non-recurring items was 220 million yuan, showing a year-on-year growth of 40.79% [1]. Strategic Initiatives - The company has focused on enhancing its product matrix in consumer electronics, industrial interconnect, and automotive electronics, leading to the gradual increase in new product volumes [1]. - Aiwai Electronics has made progress in market expansion within the industrial interconnect and automotive electronics sectors, optimizing its product structure and improving the overall gross margin by approximately 5 percentage points compared to the previous year [1]. Long-term Value Creation - Aiwai Electronics adheres to a long-term value creation philosophy, achieving significant results through strategic focus, structural optimization, and operational efficiency in a complex market environment [1]. - The company continues to deepen its engagement in high-value areas such as high-performance mixed-signal chips, power management chips, and signal chain chips, developing comprehensive solution capabilities for multiple scenarios [1].

Core Viewpoint - Aiwai Electronics (688798.SH) reported its 2025 annual performance, showing a decline in revenue but significant growth in profits [1] Financial Performance - The company achieved an operating revenue of 2.854 billion yuan, a decrease of 2.71% compared to the same period last year [1] - Operating profit reached 302 million yuan, with a profit total of 302 million yuan, both reflecting a growth of 26.09% year-on-year [1] - The net profit attributable to the owners of the parent company was 317 million yuan, marking a 24.20% increase from the previous year [1] - The net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was 220 million yuan, showing a significant increase of 40.79% [1]

Core Viewpoint - Aiwai Electronics announced that it achieved an operating revenue of 2,853.53 million yuan for the fiscal year 2025, with a net profit attributable to the parent company of 316.55 million yuan, representing a year-on-year growth of 24.20% [2] Financial Performance - The company reported an operating revenue of 2,853.53 million yuan for 2025 [2] - The net profit attributable to the parent company reached 316.55 million yuan, marking a 24.20% increase compared to the previous year [2]

Core Viewpoint - Aiwai Electronics (688798.SH) reported a slight decline in revenue but a significant increase in profitability for the fiscal year 2025, indicating strong internal growth momentum. Financial Performance - The company achieved an annual revenue of 2,853.53 million yuan, a decrease of 2.71% year-on-year, while net profit attributable to shareholders rose to 316.55 million yuan, a substantial increase of 24.20% [1] - The net profit excluding non-recurring gains and losses reached 220.04 million yuan, marking a remarkable growth of 40.79% year-on-year, showcasing robust internal growth [1] - Total assets at the end of the reporting period reached 5,301.33 million yuan, an increase of 4.18% from the beginning of the period [1] - Shareholders' equity attributable to the parent company was 4,195.76 million yuan, up 6.95% from the start of the period, with earnings per share reaching 18.00 yuan, a growth of 6.74% [1] - The comprehensive gross margin exceeded 35%, improving by approximately 5 percentage points year-on-year, the highest level in recent years [1] Strategic Direction - Aiwai Electronics demonstrates strong strategic determination amidst cyclical fluctuations in the consumer electronics industry, focusing on technology upgrades and deepening customer value [2] - The company is actively expanding into new growth areas such as intelligent upgrades in the new energy vehicle sector and industrial automation, while consolidating its traditional advantages in consumer electronics [2] - Aiwai Electronics is committed to high-performance mixed-signal chips, power management chips, and signal chain chips, forming comprehensive solution capabilities for multiple scenarios [2] - The company is increasing R&D investment in strategic areas such as edge AI chips, automotive chips, and motion control chips to ensure breakthroughs in key technologies [2] Financial Health - The company maintains a high and stable operating net cash flow and a reasonable asset-liability structure, providing solid financial support for high-quality development [3] - Aiwai Electronics' strong financial health allows it to maintain strategic determination during industry fluctuations and continue investing in core technology R&D and market expansion [3]