[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 澳弘转债定价：首日转股溢价率 45%~50% ---东北固收转债分析 报告摘要： [Table_Summary] 12 月 9 日，澳弘电子公告拟于 2025 年 12 月 11 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 5.80 亿元。本次 发行募集资金扣除发行费用后，5.80 亿元拟全部用于泰国生产基地建设 项目，项目总投资 5.96 亿元。 澳弘转债发行方式为优先配售，网上发行，债项和主体评级 AA-。发行 规模为 5.80 亿元，初始转股价格为 34.04 元，参考 12 月 12 日正股收盘 价格 29.79 元，转债平价 87.51 元，参考同期限同评级中债企业债到期收 益率（12 月 12 日）为 3.75%，到期赎回价 112 元，计算纯债价值为 92.83 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，流动性一般，评级尚可，债底保护性较好。机构入库不难 ...

Core Viewpoint - Changzhou Aohong Electronics Co., Ltd. is issuing convertible bonds to unspecified objects to finance the construction of a production base in Thailand, which is expected to generate significant revenue and has a favorable internal rate of return [1][2]. Financing Scale and Effectiveness Assessment - The total investment for the Thailand production base project is estimated at 595.04 million yuan, with an expected annual revenue of 663.2 million yuan upon reaching full production [1][2]. - The project's internal rate of return before tax is projected at 13.77%, with a payback period of approximately 7.39 years, including a 2-year construction period [1][2]. Project Investment Breakdown - The investment structure includes: - Construction costs: 157.51 million yuan (26.4%) - Site decoration: 19.11 million yuan (3.2%) - Hardware equipment: 384.28 million yuan (64.4%) - Software tools: 2.5 million yuan (0.4%) - Other construction costs: 29.83 million yuan (5.0%) [2][4][7]. Construction and Equipment Details - The total construction area for the project is 70,574 square meters, which includes main and auxiliary factories, employee living quarters, and various utility buildings [1][8]. - The average construction cost is estimated at 0.22 million yuan per square meter, which is consistent with local pricing [1][12]. - The hardware equipment investment is primarily based on historical procurement prices and current market rates, with a total of 384.28 million yuan allocated for various production and testing equipment [4][6]. Production Capacity and Comparison - The project aims to achieve an annual production capacity of 1.2 million square meters of single-sided, double-sided, and multilayer boards [1][8]. - The unit capacity corresponding to the construction area is 588.11 square meters per million square meters, which is comparable to previous projects and within the reasonable range of industry standards [8][9]. Cost Comparison with Industry Peers - The construction cost per square meter for this project is 0.25 million yuan, which is within the range of similar projects in the region, indicating a competitive pricing strategy [12][13]. - The equipment investment per unit capacity is 320.23 yuan per square meter, which aligns with the average of comparable projects in the industry [11][13].