Investment Highlights - Aiwai Electronics (688798) has received a "Buy" rating from Zhongyou Securities, highlighting its diverse product offerings that cater to various AI device needs [1] - The company provides high-performance audio solutions, mature Aiwai lighting products, comprehensive haptic feedback solutions, high-performance mixed chips, power management, and signal chain IC products [1] - The latest AI smart glasses from Xiaomi utilize Aiwai's high-performance DSP digital SmartK audio amplifier, which enhances speaker amplitude by 20% and low-frequency response by 3dB, significantly improving loudness and immersion [1] New Product Launch - Aiwai Electronics has launched a new low-power high-voltage 180Vpp piezoelectric micro-pump liquid cooling driver, which is expected to address performance bottlenecks in computing chips and ultra-thin terminals [2] - This product features active temperature control and is capable of achieving over three times the cooling efficiency compared to passive solutions [2] - The micro-pump has already undergone validation testing with multiple clients and is anticipated to enter mass production in Q4 of this year [2] Financial Projections - The company forecasts revenues of 3.54 billion, 4.27 billion, and 5.12 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 410 million, 580 million, and 750 million yuan for the same years [3] - The "Buy" rating is maintained based on these projections [3] Analyst Coverage - Recent reports indicate that 10 institutions have rated Aiwai Electronics as a "Buy" in the last 90 days, with an average target price of 82.83 yuan [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company offers a range of products that support various forms of AI devices, addressing customer demands in the AI product market. Key products include high-performance audio solutions, mature AI lighting products, comprehensive haptic feedback solutions, high-performance mixed-signal chips, power management, and signal chain IC products. Notably, the audio component of Xiaomi's latest AI smart glasses utilizes the company's high-performance DSP digital SmartK audio amplifier, which enhances sound quality significantly [4] - The company has launched a new piezoelectric micro-pump liquid cooling driver, which is expected to open new growth opportunities in industrial interconnection and consumer electronics. This product boasts a cooling efficiency that is over three times better than passive solutions and is anticipated to enter mass production in the fourth quarter of this year [5] Financial Projections - The projected revenues for the company are as follows: 3.54 billion yuan in 2025, 4.27 billion yuan in 2026, and 5.12 billion yuan in 2027. The net profit attributable to the parent company is expected to be 410 million yuan in 2025, 579 million yuan in 2026, and 748 million yuan in 2027, maintaining a "Buy" rating [6] - The company's revenue growth rates are projected at 15.88% for 2024, 20.77% for 2025, 20.53% for 2026, and 20.02% for 2027. The net profit growth rates are forecasted at 399.68% for 2024, 60.93% for 2025, 41.04% for 2026, and 29.34% for 2027 [8][10]

在当前国防现代化与智能化加速推进的大背景下，军工电子行业正迎来深度发展机遇。受益于国家对自 主可控能力的高度重视，军工电子正从单一配套型产业逐步迈向系统集成与智能协同的新阶段。王子新 材（002735）在这一趋势中加快布局，围绕旗下中电华瑞与成都高斯两大业务平台，持续打造以技术牵 引为核心的产业协同体系，推动公司在军工电子赛道构建长期增长动能。 多平台协同释放垂直整合优势 中电华瑞作为王子新材军工电子板块的主力军，聚焦于舰船电子信息系统领域，能够为军方客户提供全 流程、定制化的解决方案。中电华瑞产品多为定制化军用电子设备，采用"以销定产、直销为主"的运营 模式，并结合"快速响应+全流程跟踪"的服务体系，在长周期项目中建立了强客户黏性。 随着舰船装备更新换代和国产化比例不断提升，中电华瑞依托其稳定的技术基础和客户资源，持续拓展 在航天、兵器等多元军工领域的项目配套，在多个型号产品的预研与科研批产中取得突破。 王子新材紧抓这一行业脉络，通过内部整合与外部协同双轮并进，在军工电子这一核心赛道不断夯实技 术基础，拓展业务边界。未来，随着技术持续升级和产业链逐步完善，公司有望以更全面的能力体系参 与到军用电子装备的深度 ...

公司披露向不特定对象发行可转换公司债券预案，拟募资不超过 3.30 亿元（含 3.30 亿元）用于扬声器智能制造技术升级项 目、车载数字音视频技术产业化项目等两个项目的投资建设及补充流动资金。 02 分析判断 ► 产线升级降本提效 业务布局持续拓展 根据可转债预案，本次募资主要用于以下两大项目建设及补充流动资金： 1 ）扬声器智能制造技术升级项目， 总投资额 3.74 亿元，拟使用募集资金额 2.60 亿元，建设周期 3 年。项目用于对公司 苏州总部生产基地部分老旧产线进行技术升级，公司拟购置高自动化程度的生产、检测等设备，对上料、组装、焊锡、检测等 环节进行智能化升级，以提升公司产品的一致性，同时提高生产效率降低生产成本； 01 事件概述 2 ）车载数字音视频技术产业化项目， 总投资额为 2,146.50 万元，拟使用募集资金额为 2,000.00 万元，建设周期 2 年。 项目将依托公司现有研发机制、人员和技术储备，并引进先进的研发设备，进行流媒体后视镜新型液晶显示材料、 AI 功放系 统与数字扬声器 ASIC 芯片等方向的研发，以更好地贴合汽车智能化发展趋势，满足下游客户多样化、集成化需求。 ► 扬声器 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 28.07 CNY per share on May 12, 2025 [6]. Core Viewpoints - The company is set to raise up to 330 million CNY through a convertible bond issuance to fund two major projects: the smart manufacturing technology upgrade for speakers and the industrialization of automotive digital audio and video technology [1][2]. - The speaker business remains robust, with projected revenue of 2.05 billion CNY in 2024, reflecting a year-on-year growth of 10.84%. The company is also seeing rapid growth in its amplifier and AVAS product lines, with respective revenue increases of 47.97% and 40.10% [3]. - The company is expanding its production capabilities both domestically and internationally, with ongoing projects in the Czech Republic and Mexico to enhance delivery capabilities and reduce supply chain risks [4]. Summary by Sections Funding and Projects - The convertible bond proceeds will primarily support two projects: 1. Smart manufacturing technology upgrade for speakers, with a total investment of 374 million CNY and a planned use of 260 million CNY from the bond proceeds over a 3-year construction period [2]. 2. Industrialization of automotive digital audio and video technology, with a total investment of 21.465 million CNY and a planned use of 20 million CNY from the bond proceeds over a 2-year construction period [2]. Revenue and Market Position - The company is expected to maintain a strong market position in the automotive speaker sector, with market shares increasing from 12.95% in 2022 to 15.24% in 2024 in the global market, and from 20.66% to 25.42% in the domestic market during the same period [3]. Financial Projections - Revenue projections for 2025-2027 are 3.256 billion CNY, 3.844 billion CNY, and 4.373 billion CNY respectively, with net profits expected to be 246 million CNY, 413 million CNY, and 559 million CNY [5][10]. - The earnings per share (EPS) are projected to grow from 1.51 CNY in 2025 to 3.43 CNY in 2027, with corresponding price-to-earnings (PE) ratios of 19, 11, and 8 [5][10].

Fundraising Plan - The company plans to raise a total of 330 million yuan through the issuance of convertible bonds, with a total investment of 445.55 million yuan allocated to various projects [1] - The company will initially invest using its own funds if the actual net amount raised is less than the planned investment amount, and will adjust the investment amounts accordingly [1] Market Background - The global electric vehicle (EV) market is experiencing rapid growth, with global sales expected to reach 18.24 million units in 2024, a year-on-year increase of 24.4% [2] - In China, EV production and sales are projected to reach 12.89 million and 12.87 million units respectively in 2024, with year-on-year growth rates of 34.4% and 35.5% [2] - The proportion of new energy vehicles in total new car sales is expected to rise to 40.9% in 2024, significantly exceeding the 20% target set for 2025 in the national development plan [2] Demand for Acoustic Products - The rapid development of the EV market is driving demand for automotive acoustic products such as speakers, subwoofers, and amplifiers [2][3] - Consumers are increasingly prioritizing in-car entertainment experiences, leading to higher expectations for sound quality and personalization in automotive acoustic systems [2][3] Project Details Speaker Intelligent Manufacturing Technology Upgrade Project - The project aims to invest 374.08 million yuan to upgrade outdated production lines at the company's Suzhou headquarters, enhancing automation and efficiency [4][5] - The company holds the leading market share in automotive speakers in China, with a global market share of 15.24% projected for 2024 [5][6] - Upgrading production lines is essential for maintaining competitiveness and meeting rising market demands for higher quality speakers [5][6] Vehicle Digital Audio-Video Technology Industrialization Project - An investment of 21.47 million yuan is planned for the development of new technologies such as AI amplifiers and digital speaker ASIC chips [9][10] - The project aims to enhance the company's R&D capabilities and align with the trend of increasing integration and intelligence in automotive systems [10][11] Industry Support and Technological Foundation - National policies are strongly supporting the development of the automotive acoustic industry, providing a solid foundation for project implementation [7][8] - The company has a rich technical reserve and a strong R&D framework, including multiple patents and research centers, which supports the project's success [7][8] Financial Impact - The fundraising will enhance the company's capital strength and improve its ability to respond to market demands, thereby increasing competitiveness and profitability [16][17] - The issuance of convertible bonds is expected to optimize the company's capital structure and reduce financial risks over time [16][17]

Core Viewpoint - The company plans to issue convertible bonds to unspecified investors, which may dilute immediate returns for existing shareholders, and has proposed measures to mitigate this impact [1][5][6]. Financial Impact Analysis - The issuance of convertible bonds is expected to affect key financial metrics, with specific assumptions made for the analysis, including net profit scenarios of 0%, 5%, and 10% growth [2][3][4]. - The projected net profit attributable to the parent company for 2025 is 235.1738 million yuan, with similar figures for 2026 under different growth assumptions [2][4]. Use of Proceeds - The funds raised will be invested in projects that enhance the company's core competitiveness and sustainable development, focusing on upgrading production lines and establishing advanced R&D laboratories [7][8]. Company Background - The company is a leading supplier of automotive acoustic products in China, with a strong client base including major automotive manufacturers [9]. Measures to Mitigate Dilution - The company has outlined several measures to protect shareholder interests, including improving operational efficiency, ensuring proper management of raised funds, and maintaining a stable profit distribution policy [10][11][12]. - Commitments from major shareholders and management have been made to ensure the effectiveness of these measures [12][13].

上声电子 20250508 Q&A 上声电子 2024 年年报和 2025 年一季报的主要财务数据及业务表现如何？ 2024 年，上声电子实现营业收入 27.76 亿元，同比增长 19.32%；归母净利 润 2.35 亿元，同比增长 47.9%；扣非后的净利润为 1.89 亿元，同比增长 21%。整体业绩与之前的业绩预告较为接近。2025 年一季度，公司营收超过 6 亿元，同比增长约 6%。公司三大主要产品线均实现了较好的增长，尤其是 功放和 AVAS 汽车电子产品，增速均超过 40%。 • 合肥工厂总投资超 5 亿元，折旧影响显著，目标今年盈亏平衡。公司目标 2025 年收入超 30 亿元，需关注市场变化及合肥工厂产能提升。特斯拉 Model Y 供货稳定，Model 3 项目正在沟通。 • 2025 年一季度扬声器占比约 70%-73%，功放占比约 20%，Alps 占比约 7%。综合毛利率约 24%-25%，扬声器毛利率较高，功放和 Alps 较低。 境外毛利率下滑受捷克工厂影响，解决亏损问题将显著提升利润。 • 公司计划加快产能转移至墨西哥，2026 年将部分产品移至墨西哥生产， 并增加低频扬声器组装 ...

本报讯 （记者张文湘见习记者占健宇）近日，有投资者在互动平台向上海艾为电子技术股份有限公司 （以下简称"艾为电子"）询问央视《新闻联播》展示的上海AR（增强现实）智能眼镜是否搭载公司芯 片，并关注公司在智能眼镜行业的布局。公司在互动平台回应称，该产品搭载了公司SmartK类DSP数字 音频功放芯片，通过配合自主研发的awinicSKTune®神仙算法，实现高保真音质与动态响应的精准调 控。同时，配备公司过压保护（OVP）芯片，有效保障设备运行安全，充分展现科技与场景应用的深度 融合。 公司在互动平台上亦表示，艾为电子作为国内首批布局AI智能眼镜领域的芯片设计公司，相关产品已 被应用于全球头部智能眼镜厂商的产品中，能够为客户提供完整且优质的芯片解决方案。目前，艾为电 子已拥有高性能音频解决方案、灯语系列产品、Haptic触觉反馈解决方案，以及高性能数模混合芯片、 电源管理、信号链等IC产品，能够支持包括AR等在内的不同形态的智能眼镜设备以及各种端侧的产 品，可以全方位满足客户需求。 技术优势正加速转化为经营成果。公司2025年一季报显示，公司通过对高性能数模混合、电源管理、信 号链三大产品战略布局，持续为消费电 ...

证券之星消息，2025年5月6日上声电子（688533）发布公告称公司于2025年5月6日召开业绩说明会。 具体内容如下： 问：公司近期基本情况介绍 答：1、2025年，合肥工厂已经投用，开始进行折旧摊销，且初期产能爬坡期各项制造成本较高，这对业 绩产生了一定影响。随着产能利用率的逐步提升，盈利能力有望改善2、公司将努力提升经营表现，增强 市场对于股价的信心，促进转股。3、公司有一部分收入来源于美国客户，由于此类事件过去没有先例， 我们正在与客户进行磋商，寻求比较好的解决方案。除美国以外的地区目前未受到影响。 Q2、前段时间我国出台稀土出口限制政策，是否对上声电子的捷克工厂的经营活动造成影响？ 公司的海外业务包括欧洲，北美和南美几大市场。中美关税政策短期内对贸易秩序会产生一定干扰。由于 政策的不确定性，目前我们和美国客户都不能确定将来到底会产生多大的影响。我们已经开始与客户协商 应对策略。我们有完善的海外生产基地布局，具备较好的抗风险能力。 上声电子（688533）主营业务：公司致力于运用声学技术提升驾车体验,是国内技术领先的汽车声学产品 方案供应商,已融入国内外众多知名汽车制造厂商的同步开发体系。公司拥有声 ...