SONAVOX(688533) 民生证券·2025-05-13 10:45Investment 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]