[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 茂莱转债定价：首日转股溢价率 40%~45% ---东北固收转债分析 报告摘要： [Table_Summary] 11 月 19 日，茂莱光学发布公告，拟于 2025 年 11 月 21 日通过网上发行 可转债，公司本次计划发行可转换公司债券募集资金总额不超过 5.63 亿 元。扣除发行费用后，4.2 亿元拟用于超精密光学生产加工项目，1.2 亿 元拟用于超精密光学技术研发中心项目，剩余 0.2 亿元拟用于补充流动 资金。 茂莱转债发行方式为优先配售,网上发行，债项和主体评级 A+。发行规 模为 5.63 亿元，初始转股价格为 364.43 元，参考 11 月 20 日正股收盘价 格 345 元，转债平价 94.67 元，参考同期限同评级中债企业债到期收益 率（11 月 20 日）为 6.08%，到期赎回价 113 元，计算纯债价值为 83.19 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券发行规模 一般，流动性一 ...

Core Viewpoint - The rapid growth in demand for commercial satellites, particularly low Earth orbit communication satellites, is significantly increasing the demand for space solar cells, leading to a positive growth trend in the global usage of solar germanium wafers [1][2] Group 1: Company Overview - Yunnan Germanium's main products include germanium ingots (metallic germanium) and germanium dioxide, with deep processing products such as solar germanium wafers and infrared germanium single crystals [1] - The company's photovoltaic products are primarily solar germanium wafers used in solar germanium cells, which are known for their high photoelectric conversion efficiency and stability, making them suitable for space vehicles like satellites [1] Group 2: Production Capacity and Future Plans - Currently, the production capacity for photovoltaic-grade germanium products is 300,000 wafers per year (4-inch) and 200,000 wafers per year (6-inch) [2] - The company plans to implement a "germanium wafer construction project for space solar cells" starting in March 2025, with a construction period of 18 months, aiming to reach an annual production capacity of 1.25 million wafers by the end of 2025 and 2.5 million wafers upon full completion [2]

Group 1: Company Overview and Products - Yunnan Ge Industry focuses on materials-grade germanium products, including germanium ingots and germanium dioxide, as well as deep-processed products like solar germanium wafers and infrared germanium products [2][3] - The main applications of the company's products span infrared optoelectronics, solar cells, fiber optics communication, LEDs, and high-power lasers [3] Group 2: Supply Chain and Raw Materials - The company does not produce raw materials like arsenic, gallium, phosphorus, and indium; all necessary raw materials for semiconductor production are sourced externally [4] - The downstream customers for compound semiconductor materials primarily include epitaxy manufacturers or device manufacturers with epitaxy capabilities [6] Group 3: Market Demand and Applications - The highest usage of germanium metal is in infrared optics, followed by fiber optics communication and photovoltaics [7] - The demand for solar germanium wafers is expected to grow significantly due to the increasing need for commercial satellites, particularly low-orbit communication satellites [11] Group 4: Production Capacity and Future Projects - Current production capacity for solar germanium wafers is 300,000 pieces per year (4 inches) and 200,000 pieces per year (6 inches), with plans to expand to 1.25 million pieces by the end of 2025 [10] - The company has initiated several key projects, including advanced germanium materials and high-quality gallium arsenide wafer construction projects, to enhance production capabilities [13] Group 5: Strategic Direction and Resource Management - The company aims to enhance its competitiveness by increasing the sales and proportion of deep-processed products while continuing to develop compound semiconductor materials [13] - There is an ongoing effort to seek resource reserves through acquisitions and integrations, with plans to disclose specific matters as they arise [13]

Core Insights - Hunan Tianchuang Precision Technology Co., Ltd. (referred to as "Tianchuang Precision") has completed its first round of financing amounting to 110 million yuan, marking a significant milestone in its development journey [2] - The financing round was led by Sanyuan Capital's Sanyuan Aerospace Investment Fund, with participation from Mingxi Equity Investment Fund, Zhentai Intelligent Manufacturing Venture Capital Fund, and Lushang Anzhi Partnership [2] - The raised funds will be primarily used for expanding ultra-precision manufacturing capacity, process research and development, and talent acquisition, significantly enhancing the company's capabilities in ultra-precision optical components, optical systems, and ultra-precision processing equipment [2] Company Strategy - As an emerging force in the domestic ultra-precision manufacturing sector, Tianchuang Precision aims to become a comprehensive solution provider integrating research and development, manufacturing, and testing [4] - The company is focused on addressing national major needs and technological frontiers, continuously breaking through bottlenecks in ultra-precision processing technology to resolve the "bottleneck" issues in domestic high-end optical manufacturing [4] - Tianchuang Precision will uphold its core value philosophy of "perfection, excellence, and creating excellence," while increasing its efforts in technological innovation and research and development to create greater value for shareholders, employees, and society [4]

Core Viewpoint - The company, Maolai Optics (688502), has shown significant growth in its financial performance and is actively engaging with investors regarding its business developments and market expectations [1][6]. Company Overview - Maolai Optics specializes in the research, design, manufacturing, and sales of precision optical devices, optical lenses, and optical systems [6]. - The company reported a main revenue of 142 million yuan in Q1 2025, representing a year-on-year increase of 28.23% [6]. Financial Performance - The net profit attributable to shareholders for Q1 2025 was 16.64 million yuan, up 288.73% year-on-year [6]. - The net profit after deducting non-recurring gains and losses was 13.27 million yuan, reflecting a substantial increase of 455.51% year-on-year [6]. - The gross margin for Q1 2025 was 50.49%, showing a slight improvement compared to 2024 [2][6]. Research and Development - The company has emphasized self-innovation and has made significant advancements in its core technologies, including polishing, coating, bonding, and optical lens design [3]. - The production capacity for key applications, particularly objective lenses, has significantly improved due to stable production processes [3]. Market Expectations - In the semiconductor sector, the company has achieved notable results in 2024, with some products successfully transitioning from the R&D phase to mass production [4]. - The company is optimistic about its business development and does not solely rely on external market growth [4]. Investor Engagement - The company has been actively communicating with investors while adhering to information disclosure regulations, ensuring that discussions do not involve undisclosed significant information [2]. Analyst Ratings - In the last 90 days, two institutions have provided ratings for the stock, both recommending an increase in holdings [7]. Financing Activity - Recent financing data indicates a net inflow of 93.73 million yuan in the last three months, with an increase in financing balance [8].

Core Viewpoint - The fundraising by Nanjing Maolai Optical Technology Co., Ltd. is directed towards projects in the field of technological innovation, specifically focusing on the production and research of ultra-precision optical components, which are essential for various high-tech applications [28][30]. Company Overview - Nanjing Maolai Optical is a provider of precision optical solutions, specializing in the research, design, manufacturing, and sales of precision optical devices, lenses, and systems [1][2]. - The company has developed capabilities across the ultraviolet to infrared spectrum, offering integrated solutions that encompass optics, mechanics, electronics, and computing [1]. Product Range - The main products include precision optical devices, optical lenses, and optical systems, which are utilized in critical applications such as photolithography machines, high-resolution satellites, and aerospace projects [2]. - The precision optical devices are characterized by high surface quality and performance, while the optical lenses are known for their high precision and imaging quality, applicable in semiconductor inspection and gene sequencing [2]. Research and Development - The company emphasizes enhancing its R&D capabilities and has established partnerships with leading tech firms and research institutions to advance optical product development [3]. - It has accumulated significant technical expertise in precision optical coating, polishing, and assembly technologies, holding one patent and eight software copyrights [3]. Fundraising Plan - The company plans to raise up to 562.5 million yuan through the issuance of convertible bonds, with the funds allocated primarily for ultra-precision optical component production and R&D projects [4][29]. - The total investment for the ultra-precision optical component project is estimated at 417.46 million yuan, with the company aiming to achieve mass production capabilities [5][11]. Market Context - The semiconductor industry is a core driver of modern technology, with increasing demand for precision optical components due to the rapid evolution of devices like smartphones and IoT applications [5][6]. - The domestic semiconductor equipment market has surpassed 200 billion yuan, with a significant portion attributed to photolithography equipment, indicating a robust demand for ultra-precision optical components [11][12]. Economic Benefits - The project is expected to yield an internal rate of return of 16.51% and a payback period of approximately 8.3 years, indicating strong economic viability [19]. - The fundraising will also support the company's operational liquidity, enhancing its ability to respond to market changes and invest in innovation [27][28]. Strategic Alignment - The fundraising initiatives align with national policies promoting technological innovation and the development of strategic emerging industries, particularly in the semiconductor sector [14][30]. - The projects funded will enhance the company's technological capabilities and market competitiveness, reinforcing its position as a key player in the ultra-precision optical field [30].

Core Viewpoint - The document provides a supplementary legal opinion regarding Nanjing Maolai Optical Technology Co., Ltd.'s issuance of convertible bonds to unspecified objects, addressing inquiries from the Shanghai Stock Exchange and confirming the legality and compliance of the issuance process [2][3]. Group 1: Issuance Details - The issuance involves a project for "ultra-precision optical production processing" which aims to establish mass production capabilities for ultra-precision optical components and lenses [3][10]. - The "ultra-precision optical technology research center project" will create high-standard laboratories focusing on various technical research and improvements [3][10]. - Environmental impact assessments (EIA) for the projects are currently being processed [3][9]. Group 2: Environmental Compliance - The projects require the preparation of an Environmental Impact Report, as they fall under specific categories that necessitate such evaluations according to national regulations [9][10]. - The company has submitted the EIA report to the relevant authorities and is currently making adjustments based on preliminary review comments, with an expected approval by the end of July 2025 [9][10]. Group 3: Financial and Operational Impact - The main products from the "ultra-precision optical production processing" project include precision optical devices, high-end optical lenses, and advanced optical systems [10][11]. - The projects align with the company's existing business operations, which involve the research, design, manufacturing, and sales of precision optical components [11][19]. Group 4: Shareholder Participation - Major shareholders, directors, and senior management have provided commitments regarding their participation in the convertible bond issuance and have confirmed no plans for share reduction in the six months preceding or following the issuance [12][19]. - The company has not issued convertible bonds since its initial public offering [12][19]. Group 5: Legal Compliance - The company and its subsidiaries have not faced administrative penalties or major legal violations during the reporting period, confirming compliance with relevant legal standards [19][26]. - The issuance of convertible bonds meets the requirements set forth in the applicable securities regulations, ensuring no legal obstacles to the financing process [19][26].

Core Viewpoint - Nanjing Maolai Optical Technology Co., Ltd. plans to issue convertible bonds to unspecified objects, aiming to raise a total of no more than RMB 581.25 million [1][2]. Group 1: Basic Information of the Issuer - The issuer, Nanjing Maolai Optical Technology Co., Ltd., is registered in Nanjing and was listed on the Sci-Tech Innovation Board on March 9, 2023 [2]. - The company specializes in the research, production, and sales of optical and optoelectronic components and related design services [3]. Group 2: Issuance Details - The total amount to be raised from the issuance of convertible bonds is capped at RMB 581.25 million [1]. - The bonds will be issued at a face value of RMB 100 each, and the shares converted from these bonds will have equal rights with existing shares [21]. Group 3: Financial Performance - The company's net profit attributable to the parent company for the year 2024 is projected to be RMB 35.52 million, with previous years showing RMB 46.72 million in 2023 and RMB 59.01 million in 2022 [4][6]. - The total assets of the company as of December 31, 2024, are estimated at RMB 1,460.57 million, with total liabilities at RMB 288.84 million [4][6]. Group 4: Shareholding Structure - As of December 31, 2024, the total share capital of the company is 52,800,000 shares, with 69.27% being restricted shares and 30.73% being unrestricted shares [3]. - The top ten shareholders include major financial institutions, indicating a diversified ownership structure [3]. Group 5: Compliance and Regulatory Aspects - The issuer has complied with the necessary legal and regulatory requirements for the issuance of convertible bonds, including obtaining approvals from the board and shareholders [15][21]. - The underwriting institution, China International Capital Corporation, has conducted due diligence and confirmed the issuer's eligibility for the bond issuance [12][15].

Core Viewpoint - Maolai Optics (688502.SH) is accelerating its expansion by issuing convertible bonds to raise up to 581 million yuan for the construction of ultra-precision optical production and R&D projects, which will enhance its production capacity and operational efficiency [1][2]. Group 1: Financial Performance - In Q1 2025, Maolai Optics reported revenue of 142 million yuan, a year-on-year increase of 28.23%, and a net profit of 16.64 million yuan, up 288.73% [5]. - For 2024, the company achieved revenue of 503 million yuan, a 9.78% increase, but net profit decreased by 23.98% to 35.52 million yuan [4]. - The gross profit margin for Q1 2025 was 50.49%, an increase of 1.01 percentage points year-on-year [5]. Group 2: Investment Projects - The ultra-precision optical production project has a total investment of 417 million yuan, with the raised funds expected to cover this amount entirely [2]. - The project is projected to achieve an internal rate of return of 16.51% (after tax) and a payback period of 8.3 years, with expected annual sales revenue of 600 million yuan upon reaching full capacity [2][3]. Group 3: Market Context - The semiconductor equipment market in China has surpassed 200 billion yuan, with photolithography equipment demand being particularly strong, accounting for over 20% of the market [3]. - Maolai Optics aims to leverage its technological and production advantages to expand its market share in the semiconductor ultra-precision optical sector [3]. Group 4: R&D Investment - From 2022 to 2024, Maolai Optics' R&D expenses increased annually, totaling 192 million yuan over the three years [4][5]. - The company has developed several core technologies, contributing to its high gross profit margins, which were 49.52%, 51.89%, and 48.48% for the years 2022, 2023, and 2024, respectively [5].

Group 1 - The core viewpoint of the article emphasizes that lithography machines are the most critical equipment in wafer manufacturing, with the highest technical difficulty and currently the lowest domestic production rate [2][7][31] - Lithography machines are the cornerstone for sustaining the "Moore's Law" in the semiconductor industry, with advancements in lithography technology being essential for increasing chip integration and performance [7][11] - The global lithography machine market is dominated by a few players, with ASML holding a 61.2% market share in 2024, particularly as the sole supplier of EUV lithography machines [19][22][27] Group 2 - The optical system is identified as the most critical component of lithography machines, with Carl Zeiss being the exclusive supplier of optical components for ASML [36][40] - The global market for lithography optical components is estimated to be $3.5 billion, with Zeiss holding a dominant position [36][44] - Domestic production of optical components has made progress, but significant gaps remain compared to Zeiss, particularly in terms of surface accuracy and quality [58][60] Group 3 - The light source and dual-stage systems are also crucial components that significantly impact the efficiency of lithography machines, with the wavelength of the light source being a key determinant of the machine's processing capability [4][60] - The main light sources have evolved from g-line (436nm) and i-line (365nm) to KrF (248nm), ArF (193nm), and now to EUV (13.5nm) [60][61] Group 4 - Domestic supply chain companies are making efforts to overcome challenges, with significant advancements expected in the high-end lithography machine sector [4][32] - The Chinese market has a high demand for lithography machines, with ASML being the largest customer, and the revenue from China is projected to grow from 29% in 2023 to 41% in 2024 due to increased production capacity [27][30]