存货跌价计提比例不及同行一半，优迅股份IPO现金充足分红5800万元

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, focusing on the research, design, and sales of optical communication front-end transceiver chips [2] Financial Performance - The company reported total assets of 8.174 billion yuan, equity attributable to the parent company of 725.12 million yuan, and a debt-to-asset ratio of 11.30% for the year ending December 31, 2024 [3] - Revenue for the years 2022, 2023, and 2024 was 339 million yuan, 313 million yuan, and 411 million yuan respectively, while net profit for the same years was 81.40 million yuan, 72.08 million yuan, and 77.87 million yuan [3] - The company’s basic earnings per share for 2024 is 1.86 yuan, with a return on equity of 12.05% [3] Inventory Management - The company's inventory has fluctuated, with year-end values of 130 million yuan, 90 million yuan, and 175 million yuan for 2022, 2023, and 2024 respectively, representing 38.48%, 25.45%, and 32.55% of current assets [4] - The inventory consists of raw materials, commissioned processing materials, finished goods, and goods in transit, with respective proportions for 2024 being 38.62%, 20.24%, 41.07%, and 0.07% [6] Inventory Write-downs - Youxun's inventory write-down provision is significantly lower than its peers, with write-down ratios of 7.96%, 4.64%, and 0.73% for 2022, 2023, and 2024, compared to an industry average of 16% [7][8] - The company attributes its lower write-downs to strong product sales and differences in product types compared to competitors [8] Liquidity and Debt Management - As of December 31, 2024, the company had cash and cash equivalents of 68.05 million yuan and short-term debt of only 851,300 yuan, resulting in a current ratio of 6.23 and a quick ratio of 4.20 [9][10] - The debt-to-asset ratio has consistently remained low at 21.09%, 13.64%, and 11.30% from 2022 to 2024, indicating a strong financial position [9][10] Dividend Policy - The company has implemented cash dividends in 2022 and 2024, distributing 40 million yuan and 18 million yuan respectively, totaling 58 million yuan [10]