AWINIC(SH:688798) Soochow Securities·2026-01-23 05:24Investment Rating - The investment rating for the company is suggested to be "actively subscribe" for the convertible bond issuance [14]. Core Views - The report highlights that the company, Aiwei Electronics, is a leading domestic player in the mixed-signal and analog chip design sector, focusing on high-performance integrated circuits [17][34]. - The expected listing price range for the convertible bond is between 133.78 and 148.51 yuan, with an anticipated conversion premium rate of around 35% [15][14]. - The company has shown steady revenue growth since 2020, with a compound annual growth rate (CAGR) of 19.51% projected from 2020 to 2024 [18]. Summary by Sections 1. Convertible Bond Basic Information - The total issuance scale of the Aiwei convertible bond is 1.901 billion yuan, with net proceeds allocated for global R&D center construction and various chip development projects [12][11]. - The bond has a maturity of 6 years, with a credit rating of AA+sti/AA+sti, and a face value of 100 yuan [12][10]. 2. Investment Subscription Suggestions - The report estimates a first-day price for the convertible bond between 133.78 and 148.51 yuan, with a conversion price of 79.83 yuan per share [14][15]. - The expected subscription rate for online investors is projected to be 0.0060% [16]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - The company has maintained a steady revenue growth trajectory, with a projected revenue of 2.933 billion yuan in 2024, reflecting a year-on-year increase of 15.88% [18]. - The net profit margin and gross profit margin have remained stable, with sales net profit margins recorded at 7.07%, 12.39%, -2.55%, 2.02%, and 8.69% from 2020 to 2024 [25]. 3.2 Company Highlights - Aiwei Electronics is recognized as a high-tech enterprise and has developed over 1,500 product models, with sales exceeding 6 billion units in 2024 [34].