[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 - Maolai Optical is a leading provider of precision optical solutions, with a focus on the development, design, manufacturing, and sales of precision optical devices, high-end optical lenses, and advanced optical systems. The company was listed on the Shanghai Stock Exchange in March 2023 and operates primarily in the optical, virtual reality, machine vision, nuclear fusion, superconducting concepts, and nuclear power sectors [1]. Financial Performance - For Q3 2025, Maolai Optical reported a revenue of 503 million yuan, ranking 16th among 26 companies in the industry. The top company, O-film, had a revenue of 15.816 billion yuan, while the industry average was 1.718 billion yuan [2]. - The company's net profit for the same period was 45.69 million yuan, placing it 12th in the industry. The leading company, Crystal Optoelectronics, reported a net profit of 988 million yuan, with the industry average at 92.01 million yuan [2]. Financial Ratios - As of Q3 2025, Maolai Optical's debt-to-asset ratio was 23.28%, an increase from 18.13% year-on-year, but still below the industry average of 36.11%, indicating lower financial risk [3]. - The company's gross profit margin was 47.75%, slightly down from 48.15% year-on-year, but significantly higher than the industry average of 26.98%, reflecting strong profitability and product competitiveness [3]. Executive Compensation - The chairman, Fan Hao, received a salary of 1.9255 million yuan in 2024, a decrease of 762,400 yuan from 2023. The general manager, Fan Yi, had a salary of 1.9253 million yuan, down 754,100 yuan from the previous year [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 40.03% to 9,725. The average number of circulating A-shares held per shareholder decreased by 28.59% to 1,727.51 shares [5]. Market Outlook - Huaxi Securities expects Maolai Optical's revenue for 2025 to be 680 million yuan, with net profits of 65 million yuan, and projects growth through 2027. Key growth areas include the semiconductor sector, life sciences, and AR/VR detection [6]. - CITIC Securities anticipates net profits of 74 million yuan for 2025, with a "buy" rating, highlighting strong growth driven by the semiconductor and AR/VR sectors [7].

Core Insights - Maolai Optical reported a revenue of 503 million yuan for the first three quarters of 2025, representing a year-on-year increase of 34.05% [1] - The net profit attributable to shareholders reached 45.69 million yuan, up 86.57% year-on-year, while the net profit excluding non-recurring items was 38.92 million yuan, reflecting a growth of 109.45% [1] - Basic earnings per share stood at 0.87 yuan [1] Financial Performance - The gross profit margin for the first three quarters of 2025 was 47.75%, a decrease of 0.40 percentage points year-on-year, while the net profit margin improved by 2.56 percentage points to 9.08% [2] - In Q3 2025, the gross profit margin was 44.46%, down 4.55 percentage points year-on-year and 4.53 percentage points quarter-on-quarter; the net profit margin was 7.02%, up 0.38 percentage points year-on-year but down 2.10 percentage points from the previous quarter [2] - Total operating expenses for Q3 2025 amounted to 168 million yuan, an increase of 24.99 million yuan year-on-year, with an expense ratio of 33.45%, down 4.73 percentage points year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 9,725, an increase of 2,780 or 40.03% from the end of the previous half [3] - The average market value per shareholder rose from 2.187 million yuan at the end of the previous half to 2.3835 million yuan, an increase of 8.99% [3] Company Overview - Nanjing Maolai Optical Technology Co., Ltd. was established on August 24, 1999, and went public on March 9, 2023 [3] - The company specializes in the research, design, manufacturing, and sales of precision optical devices, high-end optical lenses, and advanced optical systems [3] - The revenue composition includes optical devices (44.03%), optical lenses (28.34%), optical systems (27.00%), services (0.61%), and others (0.03%) [3] - The company is classified under the electronic industry, specifically optical optoelectronics and optical components, and is involved in sectors such as optical, virtual reality, machine vision, augmented reality, and autonomous driving [3]

Group 1 - The core point of the news is that Maolai Optical experienced a decline of 5.09% in its stock price, reaching 374.10 CNY per share, with a trading volume of 386 million CNY and a turnover rate of 5.97%, resulting in a total market capitalization of 19.752 billion CNY [1] - Maolai Optical, established on August 24, 1999, is located in Jiangning Development Zone, Nanjing, Jiangsu Province, and specializes in the research, design, manufacturing, and sales of precision optical devices, high-end optical lenses, and advanced optical systems [1] - The revenue composition of Maolai Optical includes optical devices at 44.03%, optical lenses at 28.34%, optical systems at 27.00%, services at 0.61%, and others at 0.03% [1] Group 2 - According to data, one fund under Bank of China Securities holds a significant position in Maolai Optical, with the Bank of China Securities Advantage Manufacturing Stock A (011269) holding 7,012 shares, accounting for 2.61% of the fund's net value, ranking as the tenth largest holding [2] - The Bank of China Securities Advantage Manufacturing Stock A (011269) was established on July 8, 2021, with a latest scale of 60.1665 million CNY, and has achieved a year-to-date return of 50.8%, ranking 398 out of 4,218 in its category [2] - The fund has a one-year return of 56.65%, ranking 551 out of 3,864 in its category, and a cumulative return since inception of 24.18% [2]

10月16日，茂莱光学跌5.09%，截至发稿，报374.10元/股，成交3.86亿元，换手率5.96%，总市值197.52 亿元。 资料显示，南京茂莱光学科技股份有限公司位于江苏省南京市江宁开发区铺岗街398号，成立日期1999 年8月24日，上市日期2023年3月9日，公司主营业务涉及精密光学器件、高端光学镜头和先进光学系统 的研发、设计、制造及销售。主营业务收入构成为：光学器件44.03%，光学镜头28.34%，光学系统 27.00%，服务0.61%，其他0.03%。 从茂莱光学十大流通股东角度 德邦半导体产业混合发起式A（014319）基金经理为雷涛。 截至发稿，雷涛累计任职时间3年294天，现任基金资产总规模36.89亿元，任职期间最佳基金回报 205.06%， 任职期间最差基金回报-35.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，德邦基金旗下1只基金位居茂莱光学十大流通股东。德邦半导体产业混合发起式A （014319 ...

Core Viewpoint - The stock of Maolai Optical experienced a decline of 5.08% on October 10, closing at 398.58 CNY per share, with a trading volume of 2.23 billion CNY and a turnover rate of 3.29%, resulting in a total market capitalization of 210.45 billion CNY [1] Company Overview - Nanjing Maolai Optical Technology Co., Ltd. was established on August 24, 1999, and went public on March 9, 2023. The company specializes in the research, design, manufacturing, and sales of precision optical devices, high-end optical lenses, and advanced optical systems [1] - The revenue composition of the company is as follows: optical devices 44.03%, optical lenses 28.34%, optical systems 27.00%, services 0.61%, and others 0.03% [1] Fund Holdings - According to data, Guotou Ruijin Fund has a significant holding in Maolai Optical, with its fund "Guotou Ruijin Industrial Upgrade Two-Year Holding Mixed A" (014488) holding 27,300 shares, accounting for 3.54% of the fund's net value, making it the fourth-largest holding [2] - The fund has reported a floating loss of approximately 581,500 CNY as of the latest data [2] - The fund was established on March 11, 2022, with a current size of 210 million CNY. Year-to-date returns stand at 53.27%, ranking 1191 out of 8166 in its category, while the one-year return is 61.46%, ranking 712 out of 8014 [2] Fund Manager Performance - The fund manager, Shi Cheng, has a tenure of 6 years and 198 days, with the fund's total asset size at 7.347 billion CNY. The best return during his tenure is 179.67%, while the worst is -23.28% [3] - Co-manager Li Wei has a tenure of 1 year and 360 days, managing assets of 222 million CNY, with a best return of 51.05% and a worst return of 49.35% during his tenure [3]

Group 1 - The core point of the news is that Maolai Optical experienced a decline of 5.23% in its stock price, reaching 416.02 CNY per share, with a trading volume of 216 million CNY and a turnover rate of 3.03%, resulting in a total market capitalization of 21.966 billion CNY [1] - Maolai Optical, established on August 24, 1999, and listed on March 9, 2023, specializes in the research, design, manufacturing, and sales of precision optical devices, high-end optical lenses, and advanced optical systems [1] - The revenue composition of Maolai Optical includes optical devices at 44.03%, optical lenses at 28.34%, optical systems at 27.00%, services at 0.61%, and others at 0.03% [1] Group 2 - According to data, one fund under Bank of China Securities holds Maolai Optical as a top ten heavy stock, with 7,012 shares held in the Bank of China Securities Advantage Manufacturing Stock A fund, accounting for 2.61% of the fund's net value [2] - The Bank of China Securities Advantage Manufacturing Stock A fund has a current scale of 60.1665 million CNY and has achieved a year-to-date return of 63.56%, ranking 294 out of 4,221 in its category [2] - The fund manager, Zhang Lixin, has been in position for 2 years and 291 days, with the fund's total asset scale at 122 million CNY, achieving a best return of 13.29% and a worst return of 4.26% during the tenure [3]

Core Viewpoint - Maolai Optical experienced a decline of 5.23% on October 9, with a stock price of 416.02 CNY per share and a total market capitalization of 21.966 billion CNY [1] Company Overview - Nanjing Maolai Optical Technology Co., Ltd. was established on August 24, 1999, and went public on March 9, 2023. The company specializes in the research, design, manufacturing, and sales of precision optical devices, high-end optical lenses, and advanced optical systems [1] - The revenue composition of the company is as follows: optical devices 44.03%, optical lenses 28.34%, optical systems 27.00%, services 0.61%, and others 0.03% [1] Fund Holdings - Guotou Ruijin Fund has a significant holding in Maolai Optical, with its fund "Guotou Ruijin Industrial Upgrade Two-Year Holding Mixed A" (014488) holding 27,300 shares, accounting for 3.54% of the fund's net value, making it the fourth-largest holding [2] - The fund has reported a floating loss of approximately 626,800 CNY as of the latest data [2] Fund Performance - The "Guotou Ruijin Industrial Upgrade Two-Year Holding Mixed A" fund was established on March 11, 2022, with a current size of 210 million CNY. Year-to-date, it has achieved a return of 53.97%, ranking 1065 out of 8238 in its category. Over the past year, it has returned 69.17%, ranking 524 out of 8082 [2] - The fund manager, Shi Cheng, has a tenure of 6 years and 197 days, with a total asset size of 7.347 billion CNY. The best return during his tenure is 179.67%, while the worst is -23.28% [3] - The co-manager, Li Wei, has a tenure of 1 year and 359 days, managing assets of 222 million CNY, with a best return of 51.05% and a worst return of 49.35% during his tenure [3]

Group 1 - This week, four companies successfully passed the IPO review, aiming to raise a total of 12.233 billion yuan [1] - Among the approved IPOs, the company "Mole Thread" achieved the fastest review time of 88 days since the beginning of 2024 [2] - The company "Bai'ao Saitu" also submitted its registration on the same day it passed the review [2] Group 2 - Two companies were approved for refinancing this week, with a total fundraising target of 824 million yuan [1] - "Pulan Software" and "Maolai Optics" are the two companies that received approval for refinancing [1][2] Group 3 - "Bai'ao Saitu" focuses on preclinical CRO and biotechnology services, utilizing its self-developed gene editing technology [3] - The company plans to invest 45.358 million yuan in early drug development services, which constitutes 38.28% of its total fundraising [5] - The company reported a net profit of 33.54 million yuan for the last year, marking a significant turnaround from previous losses [4] Group 4 - "Hengdongguang" specializes in the research, manufacturing, and sales of passive optical devices in the optical communication field [7] - The company aims to raise 493.6329 million yuan through its IPO, with a focus on expanding its product offerings [8] - The company reported a net profit of 142.79 million yuan for the first half of 2025, reflecting a strong growth trajectory [9] Group 5 - "Mole Thread" is engaged in the research, design, and sales of GPUs and related products, having launched four generations of GPU architecture [14] - The company plans to raise 800 million yuan, with a significant portion allocated to AI chip development [18] - The company reported a net loss of 27.094 million yuan for the first half of 2025, indicating ongoing challenges despite its innovative product offerings [17] Group 6 - "Nanwang Digital" provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [21] - The company aims to raise between 300 million and 476 million yuan through its IPO [22] - The company reported a net profit of 15.47 million yuan for the first half of 2025, showing a positive trend in profitability [23]

Group 1: IPO Approvals - Two companies, Moer Thread and Southern Power Grid Digital, received IPO approvals from the Shanghai and Shenzhen Stock Exchanges [1][11] - Moer Thread has accumulated losses exceeding 5 billion yuan over the past three years, with a loss of 1.492 billion yuan in 2024 [1][2] Group 2: Moer Thread Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for AI and high-performance computing [2][8] - The company has launched four generations of GPU architectures and offers a diverse product matrix covering various applications, including AI, high-performance computing, and consumer entertainment [2][8] Group 3: Financial Data of Moer Thread - The company reported significant losses in recent years, with total revenues of 460.883 million yuan, 1.24 billion yuan, 4.38 billion yuan, and 7.02 billion yuan for the respective years [5] - The total assets as of June 30, 2025, were approximately 70.2157 billion yuan, with total liabilities of about 26.9737 billion yuan [4][5] Group 4: Fundraising Plans of Moer Thread - Moer Thread plans to raise 8 billion yuan through its IPO, which will be allocated to four major projects, including the development of AI training chips and graphics chips [6][8] Group 5: Southern Power Grid Digital Overview - Southern Power Grid Digital focuses on providing comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform [11][18] - The company is expanding its services to other sectors, including transportation, water supply, and urban construction, leveraging its experience in digital transformation [11][19] Group 6: Financial Data of Southern Power Grid Digital - As of June 30, 2025, the company reported total assets of approximately 117.5221 billion yuan and a net profit of 15.4703 million yuan [14] - The company has maintained positive net profits over the last two years, with net profits of 377.4361 million yuan and 570.3083 million yuan [17] Group 7: Fundraising Plans of Southern Power Grid Digital - Southern Power Grid Digital aims to raise 2.554 billion yuan for various projects, including the construction of a digital twin platform and an intelligent IoT control system [16][18] Group 8: Moer Thread's Market Position - Moer Thread is one of the few domestic GPU companies selling directly to consumers through e-commerce platforms, with its MTT S80 graphics card competing with NVIDIA's RTX 3060 [9][10] - The company has achieved significant performance improvements and compatibility with numerous games, establishing a strong reputation among younger consumers [9][10] Group 9: Moer Thread's Technological Innovations - The company has made breakthroughs in technology, such as implementing ray tracing technology to enhance rendering realism for high-end content creation and gaming [10][26] - Moer Thread is exploring AI and graphics integration, proposing new solutions for AI-accelerated graphics rendering pipelines [10][26] Group 10: Southern Power Grid Digital's Strategic Focus - The company aims to optimize the production and operation of power grids by leveraging data as a production factor, enhancing the digitalization of the power system [18][19] - Southern Power Grid Digital is committed to becoming a leading enterprise in the digitalization of the power energy sector, aligning with national strategies for energy and digital revolutions [19]