2025 年 12 月 9 日 星期二 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 3,924.08 | 0.55 | | | 深证成指 | | 13,329.99 | 1.39 | | | 沪深 | 300 | 4,621.75 | 0.81 | 就龙头地位 | | 中小板指 | | 8,047.28 | 1.12 | | | 创业板指 | | 3,190.27 | 2.60 | | | 科创 | 50 | 1,350.80 | 1.86 | | | 资料来源：常闻 | | | | | 分析师： 李明阳 执业登记编码：S0760525050002 研究早观点 【山证宏观】宏观政策积极有为——2025 年 12 月中央政治局会议点评 【山证纺服】行业周报-李宁品牌旗下专业户外门店开业，4 季度以来 周大福同店销售加速 【山证中小盘】美湖股份深度报告-泵类主业稳中求进，AI+机器人打 开成长空间 【衍生品研究】卓镁转债投资价值分析-汽车轻量化，镁合金替代铝合 金明确且加速 【衍生品 ...

衍生品研究 上声转债投资价值分析 深耕汽车声学领域 30 年，成就龙头地位 2025 年 12 月 8 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 上声转债（127088.SZ）： 正股业绩与估值均处低位，转债各项指标也具有吸引力：合肥工厂尚处 运行初期，低产能利用率拖累公司业绩，我们预期随着产能释放，公司盈利 将逐季回升。2025E PE 20.6x，处于历史较低位，低于汽车零部件行业平均。 上声转债市价低于市场中位数且转股溢价率也处于合理范围。 上声转债合理估值推导 基于山证可转债估值模型，若正股股价不变，不考虑强赎和下修，上声转债 合理估值在 129-135 元。 风险提示：汽车市场需求不佳；合肥工厂产能释放和盈利修复低于预期等 A+级，债券余额 4.68 亿元，占发行总额 89.99%，剩余期限 3.59 年。12 月 3 日收盘价 128.86 元，转股溢价率 36.11%，YTM -3.04%。 正股：上声电子（002810.SZ）： 资料来源：常闻 我国最大的汽车声学产品供应商，主要产品车载扬声器 2024 年全球市场份 额 15.24%，且国内和全球市占连续三年提升。2025.1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][35] Core Insights - The company has shown a revenue growth of 1.7% year-on-year in Q3 2025, with total revenue for the first three quarters reaching 2.135 billion yuan, a 7.06% increase year-on-year. However, the net profit attributable to the parent company decreased by 28.83% to 135 million yuan [1][9] - The company is focusing on enhancing its competitive edge in the automotive acoustic system market, with a significant increase in the value of its products per vehicle, which can reach up to 1,000 yuan for certain models [2][27] - The company is actively expanding its production capacity and improving its manufacturing capabilities, with plans to upgrade its production lines and enhance smart manufacturing [30][32] Financial Performance - In Q3 2025, the company achieved a gross margin of 20.8%, a decrease of 8.0 percentage points year-on-year, but an increase of 0.8 percentage points quarter-on-quarter. The net margin was 6.5%, down 3.7 percentage points year-on-year [1][14] - The company’s revenue projections for 2025-2027 are 3.262 billion, 3.702 billion, and 4.202 billion yuan, respectively, with net profit estimates of 209 million, 305 million, and 398 million yuan [4][35] Market Position - The company has increased its market share in the global automotive speaker market, achieving a share of 15.24% in 2024, up from 12.64% in 2020 [2][23] - The company has been recognized for its leadership in the automotive acoustic product field, having developed a fully self-researched AI panoramic sound system technology [2][31] Future Outlook - The company plans to continue its focus on research and development, with a commitment to maintaining high levels of investment in technology and innovation [31][30] - The company is also looking to expand its customer base and deepen relationships with existing clients, aiming to secure new project approvals from well-known automotive manufacturers [30][31]

Core Viewpoint - The company has announced a significant adjustment to its convertible bond issuance plan, reducing the scale to no more than 324.85 million yuan, while also decreasing the supplementary liquidity amount to 44.85 million yuan, a reduction of 5.15 million yuan [1] Group 1: Convertible Bond Issuance - The issuance scale of the convertible bonds has been reduced to no more than 324.85 million yuan [1] - The supplementary liquidity amount has been decreased to 44.85 million yuan, a reduction of 5.15 million yuan [1] - The funding allocation for the two major investment projects remains unchanged [1] Group 2: Production Capacity and Utilization - The overall capacity utilization rate for the company's automotive speakers from 2022 to Q1 2025 has shown a declining trend, with rates of 109.17%, 104.86%, 92.58%, and 82.51% respectively [1] - The decline in capacity utilization is attributed to three main factors: completion of previous investment projects, optimization of production lines to meet order demands, and additional investments in production lines during periods of tight capacity [1] Group 3: Investment Projects - The current investment project is aimed at upgrading and extending existing business operations, with no instances of duplicate construction [2] - The smart manufacturing technology upgrade project has a planned total investment of 374 million yuan, with 260 million yuan expected to be funded from the raised capital [2] - The project focuses on the renovation of outdated production lines at the Suzhou headquarters, primarily updating equipment without increasing existing production capacity, while adding an annual production capacity of 9 million high-frequency speakers [2] Group 4: Financial Performance - In Q3 2025, the company achieved operating revenue of 768 million yuan, a year-on-year increase of 1.67% [2] - Cumulative revenue for the first three quarters reached 2.135 billion yuan, with a year-on-year growth of 7.06% [2] - The net profit attributable to shareholders in Q3 was 50.125 million yuan, a year-on-year decline of 35.79%, primarily due to initial operational costs at the Hefei factory and increased competition in the automotive market [2]

Core Viewpoint - The company is experiencing growth in revenue and expanding its product offerings in the automotive acoustic system market, with a focus on enhancing its competitive edge through technological advancements and customer collaborations [2][6][8]. Financial Performance - In H1 2025, the company achieved revenue of 1.367 billion yuan, a year-on-year increase of 10.35%, while net profit decreased by 23.96% to 85 million yuan [3][9]. - In Q2 2025, revenue reached 731 million yuan, up 14.03% year-on-year and 14.85% quarter-on-quarter, with net profit of 57 million yuan, reflecting an 8.34% increase year-on-year and a 110.40% increase quarter-on-quarter [3][8]. - The gross margin for H1 2025 was 20.3%, down 4.5 percentage points year-on-year, while the net margin was 6.0%, down 2.9 percentage points year-on-year [5][14]. Product Performance - The company’s revenue from automotive speakers in H1 2025 was 1.052 billion yuan, a growth of 11.6%, with a gross margin of 19.39%. Revenue from automotive amplifiers was 238 million yuan, up 15.2%, with a gross margin of 21.50% [3][8]. - The company is enhancing its product mix from speakers to a combination of speakers, amplifiers, and AVAS, significantly increasing the per-vehicle value from 100-200 yuan to potentially over 1000 yuan for certain models [7][22][23]. Market Position - The company has seen its global market share for automotive speakers increase from 12.64% in 2020 to 15.24% in 2024, indicating a steady growth trajectory in the automotive acoustic market [19][21]. - The company has secured new project designations from several well-known automotive manufacturers, indicating strong customer relationships and market demand [28]. Technological Advancements - The company is focusing on R&D, with 13 patents filed in H1 2025, including advancements in AI panoramic sound system technology, showcasing its leadership in automotive acoustic products [29][30]. - The company is committed to building a comprehensive technology system that includes self-developed chips, smart algorithms, and automotive-grade verification to enhance its product offerings [29][30]. Operational Strategy - The company is expanding its production capacity and upgrading its technology through the establishment of a new factory in Hefei, which began operations in late 2024 [8][30]. - The company is also planning to issue convertible bonds to fund the technological upgrade of its speaker production line in Suzhou, aimed at improving smart manufacturing capabilities [8][30].

Core Viewpoint - The company achieved a revenue of 730 million yuan in Q2 2025, marking a year-on-year growth of 14.0%, while the net profit attributable to shareholders decreased by 23.96% due to rising operational costs and declining overall gross margins [1][2]. Financial Performance - In H1 2025, the company reported a total revenue of 1.367 billion yuan, a year-on-year increase of 10.35%, with a net profit of 85 million yuan, down 23.96% [1]. - Q2 2025 saw a revenue of 731 million yuan, a year-on-year increase of 14.03% and a quarter-on-quarter increase of 14.85%, with a net profit of 57 million yuan, up 8.34% year-on-year and up 110.40% quarter-on-quarter [1]. - The gross margin for Q2 2025 was 19.9%, down 5.5 percentage points year-on-year and 0.7 percentage points quarter-on-quarter, while the net profit margin was 7.6%, down 0.5 percentage points year-on-year but up 3.5 percentage points quarter-on-quarter [2]. Product Performance - In H1 2025, the revenue from automotive speakers was 1.052 billion yuan, up 11.6% year-on-year, with a gross margin of 19.39%. The revenue from automotive amplifiers was 238 million yuan, up 15.2% year-on-year, with a gross margin of 21.50%. The revenue from AVAS was 60 million yuan, up 2.4% year-on-year, with a gross margin of 27.85% [1]. Market Position and Strategy - The company is enhancing its competitive edge in the acoustic system market, with an upgrade in product categories from speakers to a combination of speakers, amplifiers, and AVAS, increasing the per vehicle value from 100-200 yuan to potentially 1000 yuan for certain models [3]. - The company has demonstrated its leadership in automotive acoustic products by achieving full self-research capabilities from hardware to software, including AI panoramic sound system technology [3]. - The company has seen an increase in market share for automotive speakers, rising from 12.64% in 2020 to 15.24% in 2024, and has secured new project designations from several well-known automotive manufacturers [3]. Production Capacity and Investment - The new factory in Hefei began production at the end of 2024, with capacity gradually ramping up. The company plans to issue convertible bonds to fund technological upgrades for its Suzhou speaker production line, aiming to enhance its smart manufacturing capabilities [3].

Company Overview - Suzhou Aosheng Electronics Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on June 27, 1992. The company went public on April 19, 2021. Its main business involves the research and design of acoustic products, system solutions, and related algorithms [1]. Business Performance - The company's main revenue composition includes: 73.84% from automotive speakers, 19.23% from automotive amplifiers, 4.35% from AVAS, and 2.58% from other supplementary products [1]. - As of September 1, the stock price increased by 5.03% to 30.90 CNY per share, with a trading volume of 144 million CNY and a turnover rate of 2.95%. The total market capitalization is 5.032 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders, E Fund's New Silk Road Mixed Fund (001373) reduced its holdings by 187,800 shares in the second quarter, now holding 579,400 shares, which accounts for 0.36% of the circulating shares. The estimated floating profit today is approximately 857,500 CNY [2]. - The New Silk Road Mixed Fund was established on May 27, 2015, with a current scale of 2.787 billion CNY. Year-to-date returns are 12.62%, ranking 5308 out of 8254 in its category; the one-year return is 27.68%, ranking 4936 out of 8037; and since inception, the return is 91.9% [2]. Fund Management - The fund managers of E Fund's New Silk Road Mixed Fund are Wang Sinan and Qiu Tianlan. Wang has been in position for 1 year and 16 days, with a total fund size of 2.787 billion CNY, achieving a best return of 26.42% during his tenure. Qiu has been in position for 287 days, with the same fund size, achieving a best return of 9.16% during his tenure [3].

Core Viewpoint - The company, Suzhou Aosheng Electronics Co., Ltd., has shown a mixed performance in terms of financing and stockholder dynamics, with a notable increase in revenue but a significant decline in net profit [1][2]. Financing Summary - On August 26, Aosheng Electronics had a financing buy-in amount of 11.51 million yuan, with a net financing buy of 3.26 million yuan, resulting in a total financing and securities balance of 102 million yuan [1]. - The current financing balance of 102 million yuan accounts for 2.14% of the circulating market value, which is below the 50th percentile level over the past year, indicating a low financing level [1]. - There were no shares sold or repaid in the securities lending market on August 26, with a securities lending balance of 0, which is above the 70th percentile level over the past year, indicating a high level of securities lending [1]. Company Performance Summary - As of March 31, the number of shareholders increased by 4.22% to 7,071, while the average circulating shares per person decreased by 4.04% to 23,030 shares [2]. - For the first quarter of 2025, Aosheng Electronics reported a revenue of 636 million yuan, reflecting a year-on-year growth of 6.4%, but the net profit attributable to shareholders decreased by 53.27% to 27.33 million yuan [2]. - Since its A-share listing, the company has distributed a total of 171 million yuan in dividends, with 152 million yuan distributed over the past three years [2]. Shareholder Dynamics Summary - As of March 31, 2025, the sixth largest circulating shareholder is E Fund New Silk Road Mixed Fund, holding 767,200 shares as a new shareholder [2]. - The seventh largest circulating shareholder, Southern Science and Technology Innovation Board 3-Year Open Mixed Fund, reduced its holdings by 485,100 shares to 762,500 shares [2]. - Several funds, including China Europe Value Discovery Mixed A and China Europe Potential Value Flexible Allocation Mixed A, have exited the top ten circulating shareholders list [2].

Core Viewpoint - AAC Technologies (02018) has seen a stock price increase of over 6%, currently trading at HKD 43.54 with a transaction volume of HKD 266 million, following the completion of the second tranche of shares acquisition of Premium Sound Solutions (PSS) [1] Group 1: Acquisition Details - AAC Technologies has completed the acquisition of the second tranche of shares in Premium Sound Solutions, making PSS an indirect wholly-owned subsidiary [1] - The first tranche of 80% equity in PSS was completed in February of the previous year [1] - PSS is a well-established European automotive acoustics company, with its in-car speakers already dominating the market among top-tier automotive manufacturers in Europe and the US [1] Group 2: Financial Performance - According to recent research from CMB International, AAC Technologies is expected to see a year-on-year revenue growth of 24% and a net profit growth of 66% for the first half of the year [1] - The growth is driven by upgrades in acoustic and haptic product specifications from major US clients, increased orders for thermal products, acquisition of automotive acoustic clients, and improved profitability in optical business [1] Group 3: Future Outlook - Looking ahead to the second half of the year and into 2026, AAC Technologies is well-positioned to capitalize on new opportunities and trends in AI smartphones, AI glasses, automotive acoustics, optical products, and robotics, thanks to its technological advantages across multiple product lines [1]

Core Viewpoint - AAC Technologies (02018) has seen a stock price increase of over 6%, currently trading at HKD 43.54, with a transaction volume of HKD 266 million, following the completion of the second tranche of shares acquisition of Premium Sound Solutions (PSS) [1] Group 1: Company Developments - On July 31, AAC Technologies announced the completion of the second tranche of shares acquisition of PSS, which is now an indirect wholly-owned subsidiary of AAC Technologies [1] - Last year, AAC Technologies completed the first tranche acquisition of 80% of PSS [1] - PSS is a well-established European automotive acoustics company, whose in-car speakers have already captured the market of leading automotive manufacturers in Europe and the US [1] Group 2: Financial Performance - According to a recent report by CMB International, AAC Technologies is expected to see a year-on-year revenue growth of 24% and a net profit growth of 66% for the first half of the year [1] - The growth is driven by upgrades in acoustic and haptic product specifications from major US clients, increased orders for thermal products, acquisition of automotive acoustic clients, and improved profitability in optical business [1] Group 3: Future Outlook - Looking ahead to the second half of the year and into 2026, the company is well-positioned to capitalize on new opportunities and upgrade trends in AI smartphones, AI glasses, automotive acoustics, optical products, and robotics, thanks to its technological advantages across multiple product lines [1]