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]

Core Viewpoint - Shanghai Awinic Technology Co., Ltd. is focusing on raising funds through convertible bonds to enhance its research and development capabilities in the semiconductor industry, particularly in high-performance mixed-signal chips, power management, and signal chain technologies, to meet the growing demand in various applications such as consumer electronics, automotive, and industrial sectors [1][2][3]. Group 1: Company's Main Business - The company specializes in integrated circuit design, particularly in high-performance mixed-signal, power management, and signal chain chips, with over 1,400 product models and annual sales exceeding 6 billion units by the end of 2024 [1][11]. - The company has established a strong technical foundation and competitive advantage in the high-performance mixed-signal chip sector, continuously innovating and expanding its product categories to meet domestic demand for localization [2][3]. Group 2: Fundraising and Investment Plans - The total amount to be raised through the issuance of convertible bonds is not to exceed 1,901.32 million yuan, which will be allocated primarily to the development and industrialization of edge AI and supporting chips [3][4]. - The company plans to invest in a global R&D center to enhance research efficiency and support the development of its core product lines, including mixed-signal chips, power management chips, and signal chain chips [5][6]. Group 3: Project Necessity and Feasibility - The establishment of the global R&D center is crucial for improving the company's research environment, meeting the increasing demand for R&D projects, and achieving cost reduction and efficiency enhancement [8][9]. - The project aligns with national policies supporting the semiconductor industry, providing a favorable environment for its implementation [10][28]. Group 4: Market Opportunities - The edge AI market is experiencing rapid growth, with a projected market size of 193.9 billion yuan in 2023, and the company aims to capitalize on this trend by developing compatible chips [17][21]. - The automotive chip market is also expanding, driven by the increasing demand for electric and intelligent vehicles, with the company planning to develop a range of automotive chips to enhance its competitive position [22][31].