Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company plans to raise up to 330 million yuan through a convertible bond issuance to fund two major projects: the intelligent manufacturing technology upgrade for speakers and the industrialization of in-vehicle digital audio and video technology [1][2] - The speaker business remains robust, with projected revenue of 205 billion yuan in 2024, a year-on-year increase of 10.84%, while the amplifier revenue is expected to reach 53.4 billion yuan, showing a significant growth of 4797% [3] - The company is expanding its production capacity and enhancing its overseas operations, particularly in Czech Republic and Mexico, to reduce supply chain risks and meet increasing demand [4] Summary by Sections Project Funding and Utilization - The convertible bond proceeds will be allocated to two projects: 1. Intelligent manufacturing technology upgrade for speakers with a total investment of 374 million yuan, using 260 million yuan from the bond [2] 2. Industrialization of in-vehicle digital audio and video technology with a total investment of 21.465 million yuan, utilizing 20 million yuan from the bond [2] Revenue and Market Position - The company is expected to maintain a strong market position in the automotive speaker sector, with market shares of 12.95%, 13.11%, and 15.24% in the global market from 2022 to 2024, and 20.66%, 23.32%, and 25.42% in the domestic market [3] - The company is focusing on increasing R&D investments to strengthen its existing advantages in automotive speakers while developing new automotive electronic products [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 325.6 billion yuan, 384.4 billion yuan, and 437.3 billion yuan respectively, with net profits expected to be 24.6 billion yuan, 41.3 billion yuan, and 55.9 billion yuan [5][10] - The report anticipates a steady growth in earnings per share (EPS) from 1.51 yuan in 2025 to 3.43 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 19, 11, and 8 [5][10]

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].

Core Viewpoint - The company, Shangsheng Electronics, announced a plan to issue convertible bonds to unspecified investors, aiming to raise a total of up to 330 million yuan for various projects and working capital [1][2]. Group 1: Convertible Bond Issuance - The company plans to issue convertible bonds with a face value of 100 yuan each, with a total issuance amount not exceeding 330 million yuan [2][4]. - The bonds will have a term of six years and will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1]. - The initial conversion price will be determined based on the average trading price of the company's stock over the 20 trading days prior to the announcement [1][2]. Group 2: Fund Allocation - The raised funds will be allocated to three main projects: 1. Speaker Intelligent Manufacturing Technology Upgrade Project with a total investment of 37.41 million yuan, using 26 million yuan from the raised funds [3]. 2. In-vehicle Digital Audio and Video Technology Industrialization Project with a total investment of 2.15 million yuan, using 2 million yuan from the raised funds [3]. 3. Supplementing working capital with 5 million yuan from the raised funds [3]. - The total investment for these projects amounts to 44.55 million yuan, with the raised funds covering 33 million yuan [3]. Group 3: Financial Performance - In the first quarter of 2025, the company reported a revenue of 636 million yuan, a year-on-year increase of 6.4% [5]. - The net profit attributable to shareholders decreased by 53.27% to 27.33 million yuan [5]. - The net cash flow from operating activities was reported at 77.63 million yuan [5].

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].

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]

公司第三届董事会第十三次会议、第三届监事会第九次会议审议 通过了关于公司向不特定对象发行可转换公司债券的相关议案。根据 相关法律法规的要求，为保障投资者知情权，维护投资者利益，公司 对近五年是否被证券监管部门和证券交易所采取监管措施或处罚的 情况进行了自查，自查结果如下： 苏州上声电子股份有限公司 关于最近五年未被证券监管部门和证券交易所采取 监管措施或处罚的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 苏州上声电子股份有限公司（以下简称"公司"）严格按照《中 华人民共和国公司法》、《中华人民共和国证券法》、《上海证券交易所 科创板股票上市规则》等法律法规及《苏州上声电子股份有限公司章 程》的相关规定和要求，不断完善公司法人治理结构，建立健全内部 管理和控制制度，提高公司规范运作水平，积极保护投资者合法权益， 促进公司持续、稳定、健康发展。 证券代码：688533 证券简称：上声电子 公告编号：2025-021 债券代码：118037 债券简称：上声转债 经自查，公司最近五年不存在被证券监管部门和证券交易所采取 ...

苏州上声电子股份有限公司 未来三年（2025-2027 年）股东回报规划 为充分维护苏州上声电子股份有限公司（以下简称"公司"）股东依法 享有的资产收益等权利，重视股东的合理投资回报，增强利润分配决策的 透明度和可操作性，建立起对投资者持续、稳定、科学的回报规划与机制， 并保证股利分配政策的连续性和稳定性，综合考虑公司发展战略规划、公 司实际情况和发展目标、股东要求和意愿、社会资金成本以及外部融资环 境等因素，根据《中华人民共和国公司法》《上市公司监管指引第 3 号—— 上市公司现金分红》《上海证券交易所科创板上市公司自律监管指引第 1 号 ——规范运作》和《苏州上声电子股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，现制订公司未来三年（2025-2027 年）股东回报规划 （以下简称"本规划"），具体内容如下： 一、 制定本规划所考虑的因素 保持利润分配政策的连续性和稳定性，重视对投资者的合理回报并兼 顾公司的可持续发展；利润分配不得超过累计可分配利润的范围，不得损 害公司持续经营能力。公司董事会、股东大会对利润分配政策的决策和论 证过程中应当充分考虑中小投资者的意见。 三、 公司未来三年（20 ...

苏州上声电子股份有限公司 关于本次募集资金投向属于科技创新领域的说明 苏州上声电子股份有限公司（以下简称"上声电子"或"公司"） 根据《上市公司证券发行注册管理办法》等有关规定，结合公司本次 向特定对象发行股票方案及实际情况，对 2025 年度向特定对象发行 A股股票募集资金投向属于科技创新领域情况进行了研究，制定了《关 于本次募集资金投向属于科技创新领域的说明》（以下简称"本说明"）， 具体内容如下： 一、公司的主营业务 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。公司拥有声学产品、系统方案及相关算法的研发设计能力， 产品主要涵盖车载音响系统产品及 AVAS，能够为客户提供全面的产 品解决方案。公司较早实现了车载扬声器的国产化配套，通过持续的 自主创新，已具备较强的国际市场竞争能力。 二、本次募集资金投向方案 （一）募集资金的使用计划 为进一步增强公司综合竞争力，根据公司发展需要，拟向特定对 象发行 A 股股票募集资金总额不超过 33,000.00 万元，扣除发行费用 后，实际募集资金将用于扬声器智能制造技术升级项目、车载数 ...

证券代码：688533 证券简称：上声电子 公告编号：2025-019 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 第三届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 一、监事会会议召开情况 苏州上声电子股份有限公司（以下简称"公司"）第三届监事会 第九次会议通知于 2025 年 5 月 7 日以书面文件的方式送达全体监事， 会议于 2025 年 5 月 12 日在公司三楼视频会议室以现场会议方式召开， 本次会议由李蔚女士主持，会议应参加监事 3 人，实际出席监事 3 人。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等 法律、法规和《苏州上声电子股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，会议所作的决议合法、有效。 二、监事会会议的审议情况 本次会议审议的议案以书面、记名的投票方式进行表决，经与会 监事认真审议，通过以下决议： (一) 审议通过《关于公司符合向不特定对象发行可转换公司债 券条件的议案》 经审议，根据《中华人民共和国公司法 ...

证券代码：688533 证券简称：上声电子 公告编号：2025-018 债券代码：118037 债券简称：上声转债 苏州上声电子股份有限公司 第三届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 一、董事会会议召开情况 苏州上声电子股份有限公司（以下简称"公司"）第三届董事会 第十三次会议（以下简称"会议"）于 2025 年 5 月 12 日在公司三楼 C105 会议室以现场结合通讯会议方式召开。会议通知已于 2025 年 5 月 7 日以书面文件方式通知全体董事。会议应出席董事 9 人，实际出 席董事 9 人。 本次会议由公司董事长周建明先生召集和主持,公司监事与高级 管理人员列席了会议。会议的召集和召开程序符合有关法律、行政法 规、部门规章、规范性文件和《苏州上声电子股份有限公司章程》 （以下简称"《公司章程》"）的规定，会议决议合法、有效。 二、董事会会议审议情况 本次董事会会议审议议案，经与会董事充分讨论,审议并通过了 如下议案并形成决议： (一) 审议通过《关于公司符合向不特定对象发 ...