本次冲击上市，天博智能拟募集资金约20.57亿元，扣除发行费用后，将按轻重缓急顺序拟投资于智能 热管理部件及系统制造建设项目、汽车热管理系统及核心元器件生产基地扩产技术改造项目、天博研发 中心建设项目、信息化中心升级建设项目。 据悉，天博智能是汽车热管理系统零部件制造商，并拓展了汽车声学部件等业务，公司主营产品主要应 用于汽车领域。 北京商报讯（记者 马换换 李佳雪）12月30日晚间，上交所官网显示，天博智能科技（山东）股份有限 公司（以下简称"天博智能"）主板IPO获得受理。 ...

衍生品研究 上声转债投资价值分析 深耕汽车声学领域 30 年，成就龙头地位 2025 年 12 月 8 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 上声转债（127088.SZ）： 正股业绩与估值均处低位，转债各项指标也具有吸引力：合肥工厂尚处 运行初期，低产能利用率拖累公司业绩，我们预期随着产能释放，公司盈利 将逐季回升。2025E PE 20.6x，处于历史较低位，低于汽车零部件行业平均。 上声转债市价低于市场中位数且转股溢价率也处于合理范围。 上声转债合理估值推导 基于山证可转债估值模型，若正股股价不变，不考虑强赎和下修，上声转债 合理估值在 129-135 元。 风险提示：汽车市场需求不佳；合肥工厂产能释放和盈利修复低于预期等 A+级，债券余额 4.68 亿元，占发行总额 89.99%，剩余期限 3.59 年。12 月 3 日收盘价 128.86 元，转股溢价率 36.11%，YTM -3.04%。 正股：上声电子（002810.SZ）： 资料来源：常闻 我国最大的汽车声学产品供应商，主要产品车载扬声器 2024 年全球市场份 额 15.24%，且国内和全球市占连续三年提升。2025.1 ...

Core Viewpoint - The company, 汇通控股, is actively expanding its product offerings in automotive styling components and acoustic products, with a focus on increasing per-vehicle value and responding to market demands for improved driving experiences [1][2][3]. Product Value and Revenue Growth - The per-vehicle value for styling components is approximately 1,300 RMB, while acoustic products can reach around 1,200 RMB, leading to a total value of about 2,500 RMB for interior and exterior trim [2]. - In 2024, the revenue from automotive acoustic products is projected to be 464.55 million RMB, reflecting a year-on-year growth of 126.73%, primarily driven by increased sales from production bases in Fuzhou and Dalian [2]. - The total market size for automotive acoustic products in China is estimated to be nearly 40 billion RMB, indicating significant growth potential in this segment [2][3]. Technological Advantages and Production Capacity - The company has developed automotive acoustic packaging products since 2006, leveraging advanced foreign technologies and establishing a competitive edge in the market [3]. - The company has new production lines in Wuhu and Anqing, with the potential to produce 700,000 sets of bumpers annually in Anqing and 400,000 sets in Wuhu once fully operational, contributing to an estimated revenue of about 2 billion RMB if all production bases operate at full capacity [4]. Market Challenges and Strategies - The automotive industry is facing intense competition, with major clients like Chery and BYD exerting pressure on suppliers to reduce costs, which may impact the company's gross margins [5]. - The company plans to mitigate the effects of price reductions by continuously acquiring new projects and expanding its product range, aiming for sustained revenue growth and improved net profit performance [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 259 million RMB, a year-on-year increase of 32.54%, while net profit attributable to shareholders decreased by 19.65% to 29.06 million RMB [6]. - The company's debt ratio stands at 31.34%, with a gross margin of 23.27%, indicating a stable financial position despite the challenges faced [6].

Investment Rating - Maintain BUY with a target price of HK$58.78, reflecting a potential upside of 61.3% from the current price of HK$36.65 [3][12]. Core Insights - The company is expected to achieve revenue growth of 10-15% YoY in 2025, driven by multiple growth drivers across various segments including optics, precision mechanics, electromagnetic drive, and automotive acoustics [1][9]. - Key growth drivers for 2025 include upgrades in optics specifications, increased adoption of VC in high-end models, expansion in automotive acoustics, and advancements in MEMS microphones for AI smartphones [9]. - The company has a solid product roadmap and is expanding into strategic markets such as robotics and AI glasses, with plans to acquire a stake in a Chinese automotive microphone module company to enhance its offerings [9]. Revenue and Earnings Forecast - Revenue is projected to grow from RMB 20,419 million in FY23 to RMB 32,566 million in FY25, representing a YoY growth of 19.2% [2][11]. - Net profit is expected to increase significantly from RMB 740.4 million in FY23 to RMB 2,488.6 million in FY25, with a YoY growth of 38.5% [2][11]. - The company’s EPS is forecasted to rise from RMB 0.63 in FY23 to RMB 2.12 in FY25, indicating a growth of 38.5% [2][11]. Segment Performance - The revenue breakdown indicates that acoustics will contribute RMB 9,466 million in FY25, while optics is expected to generate RMB 5,672 million [10]. - The gross profit margin is anticipated to improve from 16.9% in FY23 to 23.1% in FY25, reflecting operational efficiency and product mix enhancement [11][18]. Valuation Metrics - The stock is currently trading at a P/E ratio of 15.8x for FY25, which is attractive compared to the expected EPS growth of 39% [12][18]. - The target price is based on a sum-of-the-parts (SOTP) valuation methodology, assigning different P/E multiples to various business segments [12][13].