纳真科技港股IPO，聚焦光通信领域，净利润大幅波动

Group 1 - The core viewpoint of the article highlights the significant growth in the A-share technology sector, particularly in optical communication stocks like Zhongji Xuchuang, New Yisheng, and Guangxun Technology [1] - The optical communication industry is rapidly developing due to advancements in AI, cloud computing, and the widespread deployment of 5G networks [2][4] - Nazhen Technology, a key player in the optical communication sector, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for product development and market expansion [2][28] Group 2 - Nazhen Technology generates over 60% of its revenue from optical modules, which are critical components in optical communication systems [3][4] - The company has developed and mass-produced DFB laser chips and is working on 100G/200G EML laser chips, indicating its strong R&D capabilities [4][11] - The revenue breakdown for Nazhen Technology shows a growing trend in optical module sales, contributing 64% of total revenue in recent years [4][5] Group 3 - The optical communication industry is characterized by a complex value chain, with upstream components including optical chips and circuit boards, and downstream products delivered to cloud service providers and telecom operators [6][7] - Nazhen Technology's major clients include cloud service providers and telecom equipment suppliers, with over 65% of its revenue coming from China [11][12] - The company faces credit risks due to extended payment terms granted to customers, with accounts receivable showing an upward trend [12] Group 4 - Nazhen Technology's financial performance has been volatile, with net profits declining in 2023 and 2024 due to market price drops and increased competition [15][23] - The company's revenue for 2022 was approximately 5.04 billion RMB, with a projected increase in 2024 driven by higher sales volumes in the data communication sector [15][17] - The gross profit margin has been decreasing, influenced by product pricing and competition, with a notable drop in 2024 [17][18] Group 5 - The global optical module market is expected to grow from 77.5 billion RMB in 2020 to 126.7 billion RMB by 2024, with a compound annual growth rate (CAGR) of 13.1% [18] - Nazhen Technology ranks fifth globally in the optical module market with a 2.9% market share, while holding a 7.2% share in the Chinese market [23] - The company has a history of dividend payouts prior to its IPO, indicating a commitment to returning value to shareholders [28]