SONAVOX(SH:688533) 汽车琰究·2025-05-13 11:29Core Viewpoint - The company plans to issue convertible bonds to raise up to 330 million yuan for two main projects: upgrading speaker manufacturing technology and industrializing in-vehicle digital audio and video technology [1][2]. Group 1: Project Details - The funds will primarily be allocated to two projects: 1. Speaker Intelligent Manufacturing Technology Upgrade Project with a total investment of 374 million yuan, using 260 million yuan from the raised funds, and a construction period of 3 years. This project aims to upgrade old production lines at the company's Suzhou headquarters with high automation equipment to enhance product consistency and production efficiency while reducing costs [2]. 2. In-Vehicle Digital Audio and Video Technology Industrialization Project with a total investment of 21.465 million yuan, using 20 million yuan from the raised funds, and a construction period of 2 years. This project will leverage existing R&D mechanisms and introduce advanced equipment to develop new LCD display materials for streaming rearview mirrors, AI amplifier systems, and digital speaker ASIC chips [2]. Group 2: Financial Performance - In 2024, the company expects speaker revenue to reach 2.05 billion yuan, a year-on-year increase of 10.84%, accounting for 73.84% of total revenue. Amplifier revenue is projected at 534 million yuan, up 47.97%, making up 19.23% of total revenue. AVAS revenue is anticipated to be 121 million yuan, a 40.10% increase, representing 4.35% of total revenue [3]. - The company has maintained a strong market share in the automotive speaker sector, with global market shares of 12.95%, 13.11%, and 15.24% from 2022 to 2024, and domestic market shares of 20.66%, 23.32%, and 25.42% during the same period [3]. Group 3: Expansion and Market Trends - The company is advancing its production line upgrades in Czech Republic and Mexico to enhance overseas delivery capabilities and reduce supply chain risks. The new factory in Hefei has completed basic construction and will begin trial production and small batch deliveries this year [4]. - The trend towards electric and intelligent vehicles positions in-vehicle acoustics as a preferred choice for smart cockpit enhancements. The company is expected to benefit from this trend, with projected revenues of 3.256 billion yuan, 3.844 billion yuan, and 4.373 billion yuan from 2025 to 2027, alongside net profits of 246 million yuan, 413 million yuan, and 559 million yuan respectively [5][6].