艾为转债：国内数模混合龙头企业

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report recommends actively subscribing to the Aiwei Convertible Bond, expecting its listing price on the first day to be between 133.78 and 148.51 yuan, with an estimated subscription success rate of 0.0060% [2] Summary by Directory 1. Convertible Bond Basic Information - The Aiwei Convertible Bond (118065.SH) started online subscription on January 22, 2026, with a total issuance scale of 1.901 billion yuan. The net proceeds after deducting issuance fees will be used for four projects [2] - The current bond floor valuation is 98.8 yuan, with a YTM of 2.01%. The conversion parity is 104.4 yuan, and the parity premium rate is -4.29% [2][12] - The convertible bond terms are standard, with a total share capital dilution rate of 9.27% and a dilution rate of 14.93% for the floating shares, indicating relatively small dilution pressure on the share capital [2][13] 2. Investment Subscription Recommendations - Based on comparable targets and empirical results, considering the good bond floor protection of the Aiwei Convertible Bond and the average attractiveness of its rating and scale, the expected conversion premium rate on the listing day is around 35%, corresponding to a listing price between 133.78 and 148.51 yuan [2][15] - The expected priority subscription ratio of original shareholders is 70.50%, and the expected subscription success rate is 0.0060% [16] 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - Aiwei Electronics focuses on high-performance analog-digital mixed signals, power management, and signal chain IC design, with products widely used in various markets. It has multiple certifications and many products are dominant in the smartphone field [17] - Since 2020, the company's revenue has steadily increased, with a compound growth rate of 19.51% from 2020 - 2024. In 2024, the operating income was 2.933 billion yuan, a year-on-year increase of 15.88%. The compound growth rate of net profit attributable to the parent from 2020 - 2024 was 25.82%, and in 2024, it reached 255 million yuan, a year-on-year increase of 399.68% [18] - The company's sales net profit margin and gross profit margin are stable, the sales expense ratio has decreased, the financial expense ratio is stable, and the management expense ratio has decreased. The high-performance analog-digital mixed chips and power management chips contribute significantly to the gross profit [25] 3.2 Company Highlights - Aiwei Electronics is a leading domestic analog-digital mixed enterprise. As of 2025, it has over 1,500 main product models, with product sales exceeding 6 billion pieces in 2024, applicable to consumer electronics, industrial Internet, and automotive fields [34]