中信证券股份有限公司 关于上海艾为电子技术股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对上海艾为电子技术股份有限公司（以下简称"艾为电子"、"公 司"或"上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 彭捷、王彬 （三）现场检查人员 彭捷、刘煜麟 （四）现场检查时间 2025 年 4 月 1 日、4 月 18 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 1 （六）现场检查手段 本次现场检查的手段主 ...

4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； 中信证券股份有限公司 关于上海艾为电子技术股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海艾 为电子技术股份有限公司（以下简称"艾为电子"、"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理 办法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持 续督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 1 日、4 月 18 日对公司进行了现场检查。 （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2024 年度 ...

上海艾为电子技术股份有限公司 2024 年年度股东大会会议资料 证券代码：688798 证券简称：艾为电子 上海艾为电子技术股份有限公司 Shanghai Awinic Technology Co., Ltd. 2024 年年度股东大会会议资料 二〇二五年四月 1 上海艾为电子技术股份有限公司 2024 年年度股东大会会议资料 目录 | 上海艾为电子技术股份有限公司 2024 | | 年年度股东大会会议议程 | 5 | | --- | --- | --- | --- | | 议案一：关于《2024 | | 年度董事会工作报告》的议案 7 | | | 议案二：关于《2024 | | 年度监事会工作报告》的议案 8 | | | 议案三: 关于《2024 年年度报告》及摘要的议案 | | 9 | | | 议案四：关于《2024 年度财务决算报告》的议案 | | 10 | | | 议案五：关于《2025 年度财务预算报告》的议案 | | 11 | | | 议案六: 关于公司董事 2025 | | 年度薪酬方案的议案 | 12 | | 议案七: 关于公司监事 2025 | | 年度薪酬方案的议案 | 13 | | 议案 ...

Core Viewpoint - Aiwai Electronics (688798) has experienced significant profit growth, driven by a recovering consumer electronics market and the acceleration of domestic substitution due to U.S. tariffs, with a focus on expanding into industrial and automotive sectors while strengthening overseas markets [1][2]. Financial Performance - The company reported a revenue of 2.933 billion yuan, an increase of 15.88% year-on-year, and a net profit attributable to shareholders of 255 million yuan, representing a nearly fourfold increase [1]. - Aiwai Electronics achieved a historical high in overall sales, exceeding 6 billion units last year, with over 1,400 product models in various applications [1]. Product and Market Strategy - The company has established a comprehensive audio ecosystem combining hardware, algorithms, and services, with applications in consumer electronics, industrial interconnectivity, and automotive sectors [2]. - Aiwai Electronics is actively expanding its international market presence, with overseas revenue surpassing domestic revenue, growing nearly 17% year-on-year, and an increase in gross margin by 7.9 percentage points [2]. Future Outlook - The management anticipates that emerging technologies such as generative AI, autonomous driving, humanoid robots, and energy storage will significantly boost demand in the semiconductor industry, presenting new opportunities for the company [2]. - The company plans to enhance its product offerings in high-performance mixed-signal, power management, and signal chain categories, aiming to diversify its product and market applications [1][2]. Operational Efficiency - The company has improved its inventory turnover days to 132 days, a reduction of 32 days year-on-year, marking the best performance in recent years [3].

Core Viewpoint - The consumer electronics market is experiencing a sustained recovery, and AI technology is expected to drive new application demands, particularly in AI smartphones and AI PCs, as well as various AI edge applications [1] Group 1: Market Trends - The consumer electronics market is currently showing signs of recovery [1] - The demand for semiconductors is anticipated to increase due to the rapid development of new technologies and markets such as generative AI, autonomous driving, humanoid robots, and energy storage [1] Group 2: Company Opportunities - The growth in AI applications is expected to create new opportunities and revenue streams for the company [1]

证券时报·数据宝统计，4月15日共17家公司被机构调研，按调研机构类型看，基金参与14家公司的调研 活动，其中，10家以上基金扎堆调研公司共6家。东方钽业最受关注，参与调研的基金达35家；翔楼新 材、艾为电子等分别获34家、18家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有4家，创业板公司有5家，沪市主板公司有2 家，科创板公司有3家。所属行业来看，基金调研的公司共涉及10个行业，所属电子、机械设备、计算 机、有色金属等行业个股最多，均有2只个股上榜。 从基金调研公司的A股总市值统计，总市值不足100亿元的有9家，分别是凌霄泵业、东方钽业、翔楼新 材等。 市场表现上，基金调研股中，近5日上涨的有13只，涨幅居前的有翔楼新材、茂莱光学、艾为电子等， 涨幅为28.82%、19.06%、13.16%；下跌的有1只，跌幅居前的有苏试试验等，跌幅为0.24%。 数据宝统计，基金参与调研股中，近5日资金净流入的有7只，翔楼新材近5日净流入资金1.24亿元，主 力资金净流入最多；净流入资金较多的还有茂莱光学、艾为电子等，净流入资金分别为5724.57万元、 2197.18万元。 昨日基金共对14家公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a revenue of 2.933 billion yuan for 2024, representing a year-on-year growth of 15.88%, and a net profit attributable to shareholders of 255 million yuan, which is a significant increase of 399.68% year-on-year [4][5] - The company is actively expanding into consumer electronics, industrial interconnect, and automotive markets, significantly enhancing its profitability through timely technological and product innovations [5] - The company has launched over 1,400 products across 42 categories, achieving an annual shipment of over 6 billion units by the end of 2024 [5] Financial Performance - The company achieved a gross margin of 30.43% in 2024, an increase of 5.58 percentage points year-on-year [5] - The projected revenues for 2025, 2026, and 2027 are 3.542 billion yuan, 4.269 billion yuan, and 5.124 billion yuan respectively, with corresponding net profits of 405 million yuan, 578 million yuan, and 787 million yuan [10][12] - The earnings per share (EPS) are expected to grow from 1.10 yuan in 2024 to 3.38 yuan in 2027 [12] Product Innovation - The company has made significant advancements in high-performance mixed-signal chips, including audio amplifiers, haptic products, and camera driver chips, achieving mass production and certification for automotive applications [6][8] - The power management chip segment has seen the introduction of various products, including high PSRR LDOs and DCDC converters, with successful penetration into the automotive sector [7] - The signal chain chip category has expanded with new offerings in operational amplifiers and comparators, targeting industrial applications [8][9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 2.933 billion yuan for 2024, representing a year-on-year growth of 15.88%, and a net profit attributable to shareholders of 255 million yuan, which is a significant increase of 399.68% year-on-year [4][5] - The company is actively expanding into consumer electronics, industrial interconnect, and automotive markets, leading to a notable improvement in profitability [5] - The company has launched over 1,400 products across 42 categories, with an annual shipment volume exceeding 6 billion units by the end of 2024 [5] Financial Performance - The company achieved a comprehensive gross margin of 30.43% in 2024, an increase of 5.58 percentage points year-on-year [5] - The projected revenues for 2025, 2026, and 2027 are 3.542 billion yuan, 4.269 billion yuan, and 5.124 billion yuan respectively, with corresponding net profits of 405 million yuan, 578 million yuan, and 787 million yuan [10][12] - The earnings per share (EPS) are expected to grow from 1.10 yuan in 2024 to 3.38 yuan by 2027 [12] Product Innovation - The company has made significant advancements in high-performance mixed-signal chips, including audio amplifiers and power management chips, which have been successfully mass-produced and certified [6][7][8] - The company has introduced various power management chips and has achieved breakthroughs in automotive applications, enhancing power supply efficiency for vehicle communication systems [7][9] Market Outlook - The company is expected to maintain a strong growth trajectory, with revenue growth rates projected at 20.77% for 2025, 20.53% for 2026, and 20.02% for 2027 [12] - The company is well-positioned to capitalize on emerging trends in the electronics industry, particularly in the automotive and industrial sectors [5][10]

Investment Rating - The report maintains a "Buy" rating for several companies in the semiconductor sector, including 圣邦股份 (Sengbang), 纳芯微 (Naxinwei), and others [8][16]. Core Insights - The newly released semiconductor origin recognition rules indicate that the location of wafer fabrication will be considered the origin, potentially increasing costs for chips fabricated in the U.S. due to tariffs [4][14]. - The CITE 2025 exhibition showcased over 1,000 exhibitors and highlighted advancements in smart terminals, AI, and other cutting-edge technologies [5][15]. - The electronic industry experienced a decline of 3.31% from April 7 to April 11, ranking 14th among all sectors, with a current P/E ratio of 52.63 [21][24]. Summary by Sections Market Performance - The electronic sector's performance was down by 3.31% during the week of April 7-11, with semiconductor equipment and analog chip design showing slight increases [21][25]. - The report notes that the semiconductor materials and discrete devices sectors ranked fourth and fifth in terms of valuation [25]. Key Companies and Earnings Forecast - The report highlights several companies with their respective earnings per share (EPS) and price-to-earnings (P/E) ratios, recommending a "Buy" for companies like 圣邦股份 (Sengbang) and 纳芯微 (Naxinwei) [8][16]. - The earnings forecasts for 2023, 2024E, and 2025E are provided for each company, indicating growth potential [16][33]. Industry Dynamics - The report discusses the impact of U.S. tariffs on semiconductor products, particularly affecting analog chips fabricated in the U.S. [4][14]. - The CITE 2025 event emphasized the importance of innovation in the electronics sector, showcasing new products and technologies [5][15]. Overseas Leaders Overview - The report notes that overseas semiconductor leaders showed varied performance, with 博通 (Broadcom) leading with a 17.78% increase [17][18]. - The Philadelphia Semiconductor Index reflects a mixed trend, indicating fluctuations in the semiconductor market [19][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.93 billion yuan for 2024, representing a year-on-year growth of 15.9%, and a net profit attributable to shareholders of 255 million yuan, a significant increase of 399.7% year-on-year [4][5] - The company is experiencing a decline in quarterly performance, with Q4 2024 revenue at 570 million yuan, down 24.2% year-on-year and 27.8% quarter-on-quarter, attributed to the exit from low-margin products and customer inventory adjustments [5][6] - The gross margin for 2024 improved to 30.4%, up 5.6 percentage points year-on-year, with Q4 2024 gross margin at 33.5%, marking five consecutive quarters of growth [6] - The company is expanding its market presence in consumer electronics, industrial interconnect, and automotive electronics, with a 17% increase in customer numbers and a 45% growth in new markets [6] Financial Summary - For 2024, the company achieved a revenue of 2.93 billion yuan, with a projected revenue growth of 26.6% for 2025 [9] - The net profit attributable to shareholders is expected to reach 400 million yuan in 2025, reflecting a year-on-year growth of 57% [9] - The projected EPS for 2025 is 1.72 yuan per share, with a P/E ratio of 36.6 [7][9] - The company anticipates continued improvement in gross margin, reaching 33.2% in 2025 [9]