优迅股份IPO隐忧：毛利水平“两连降”，研发费用率不及行业均值

Core Viewpoint - Recently, Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has changed its IPO review status to "inquired" on the Sci-Tech Innovation Board, with CITIC Securities as its sponsor [1] Group 1: Company Overview - Youxun was established in February 2003 and is one of the first companies in China specializing in the design of high-speed transceiver chips for optical communication [3] - The company has become a "national champion" in the optical communication field and has participated in the formulation of numerous national and industry standards [3] Group 2: Financial Performance - Youxun's revenue for 2022, 2023, and 2024 was 339.07 million, 313.13 million, and 410.56 million respectively, with a decline of 7.65% in 2023 [9] - The net profit for the same years was 81.40 million, 72.08 million, and 77.87 million, also showing a decrease of 8.02% in 2023 [9] - The company's R&D investment for 2022, 2023, and 2024 was 71.68 million, 66.05 million, and 78.43 million respectively, with a cumulative investment of 216 million over three years [6][7] Group 3: Market Position and Product Development - Youxun has established a complete core technology system in optical communication chip design, achieving breakthroughs in key areas such as transceiver integration and high-speed modulation [6] - The company has successfully entered the global supply chain and ranks first in China and second in the world for products with speeds below 10Gbps [6] - Youxun is actively developing high-value-added new products, including 50G PON transceiver chips and automotive optical communication chips [6] Group 4: R&D and Profitability - The R&D expense ratio for Youxun was 21.14%, 21.09%, and 19.10% for 2022, 2023, and 2024, significantly lower than the industry average of 31.65% and 31.45% [7][9] - The gross profit margin for the main business decreased from 55.26% in 2022 to 46.75% in 2024, indicating pressure from rising raw material costs and declining sales prices [13][14] Group 5: Supply Chain and Inventory Management - The average purchase price of wafers increased by approximately 40.19% from 6,815.70 yuan per piece in 2022 to 9,555.07 yuan in 2024 [15][16] - The company's inventory value at the end of each reporting period was 130 million, 90.36 million, and 175 million, accounting for 38.48%, 25.45%, and 32.55% of current assets respectively [19] Group 6: Ownership Structure - As of the IPO application, the founder and chairman, Ke Binglan, directly holds 10.92% of the shares, with a total of 15.51% when including indirect holdings [22] - The actual controller's voting rights may be diluted to 20.35% post-issuance, raising concerns about potential control changes [24]