歌尔可转债怎么样配图，仅供参考
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歌尔股份（002241）发行过两只可转债，分别为歌尔转债（128009）（2014年发行，已退市）和歌尔转2（128112）（2020年发行，存续中）。以下从历史表现、条款设计、风险收益特征等方面综合分析：
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# 一、歌尔转债（128009）历史表现
1. 发行与赎回情况?
?? - 2014年12月发行，规模25亿元，初始转股价26.43元/股，转股期为2015年6月19日至2020年12月11日。
?? - 因正股表现优异，2017年5月触发赎回条款（连续30个交易日中有15日收盘价高于转股价130%），于2017年6月30日提前赎回，最终退市时仅剩余81.78万元未转股，大部分投资者通过转股获利。
2. 价格波动与收益?
?? - 歌尔转债历史最高价达237元（2017年），退市时价格约146元，期间因正股上涨和转股溢价率变化，投资者若持有至赎回可获得较高收益。
?? - 但若在强赎前未及时转股，可能面临价格腰斩风险（如2022年因客户事件导致股价暴跌时，可转债价格一度大幅下跌）。
---
# 二、歌尔转2（128112）当前情况
1. 发行与条款设计?
?? - 2020年6月发行，规模40亿元，初始转股价23.27元/股，转股期为2020年12月18日至2026年6月11日。
?? - 条款亮点：?
???? - 债底保护强：AA 评级，YTM为2.31%，债底约90.21元。?
???? - 赎回条款较宽松：连续15个交易日收盘价高于转股价130%可触发赎回。?
???? - 下修条款：需股东大会通过，条件为“15/30，85%”。
2. 市场表现与估值?
?? - 上市首日平价溢价率约17%，开盘价130元，最高触及172元，属于“大肉签”。
?? - 截至2025年3月，歌尔股份股价26.78元，对应转股价值约115元（转股价23.27元），溢价率约-5.5%，处于合理区间。
---
# 三、风险与机会分析
1. 正股驱动因素?
?? - 行业前景：歌尔股份为消费电子龙头，布局TWS耳机、VR/AR、智能硬件等领域，受益于AI硬件需求增长。?
?? - 客户依赖：苹果为第一大客户（占比超60%），存在订单波动风险（如2022年因砍单导致业绩下滑）。?
?? - 自研能力：子公司歌尔微芯片自研率不足30%，依赖英飞凌等供应商，可能影响毛利率。
2. 财务风险?
?? - 公司资产负债率长期高于行业均值（54%-61%），短期偿债压力较大（2024年9月末短期借款106.99亿元）。?
?? - 分拆歌尔微上市或缓解资金压力，但需关注融资进展。
3. 可转债策略建议?
?? - 持有转股：若看好歌尔股份长期增长（如VR/AR业务放量），可持有至转股，当前转股溢价率低，安全性较高。?
?? - 波段操作：关注消费电子行业周期及苹果订单动态，利用股价波动进行交易。?
?? - 警惕强赎：若正股连续上涨触发赎回条款，需及时转股或卖出，避免价格下跌风险。
---
# 四、总结
歌尔可转债历史表现优异，但需结合正股基本面与市场环境动态评估：?
- 歌尔转债（已退市）：曾因正股上涨实现高收益，但强赎风险需警惕。?
- 歌尔转2（存续中）：债底保护性强，当前估值合理，适合长期持有或波段操作，建议关注消费电子行业复苏及公司自研能力提升进展。?
风险提示：大客户订单波动、汇率风险、自研芯片进展不及预期等可能影响正股表现。
