ACCELINK(SZ:002281) Ju Chao Zi Xun·2025-09-09 15:03Core Viewpoint - Wuhan Guangxun Technology Co., Ltd. plans to raise up to 3.5 billion yuan through a private placement to strengthen its position in the global optical communication core devices and AI computing hardware sectors [2] Fund Allocation - The total amount raised will be allocated as follows: 2.083 billion yuan for the construction of optical connection and high-speed optical transmission products, 617 million yuan for R&D of high-speed optical interconnection and emerging optoelectronic technologies, and 800 million yuan for working capital [2][3] Project Details - The production construction project will involve the establishment of approximately 97,000 square meters of facilities in Wuhan, with a construction period of four years, aiming for an annual production capacity of 4.99 million high-speed optical modules and other products [3] - The project is expected to yield a post-tax internal rate of return of 17.2% and a static investment payback period of 7.85 years, indicating significant economic benefits [3] R&D Focus - The R&D project will focus on cutting-edge technologies such as pluggable optical modules with speeds of 1.6T and above, and CPO optical engines, with a construction period of three years for a 7,300 square meter pilot center [4] - The project aims to overcome bandwidth, latency, and energy consumption bottlenecks, ensuring the company's technological leadership in next-generation intelligent computing centers and data center markets [4] Market Outlook - The global demand for AI computing is driving rapid expansion in the optical device market, with projections indicating that the scale of optical modules will reach 15.4 billion USD by 2025 and exceed 25.8 billion USD by 2029 [4] - The optical device market is expected to grow from 30 billion USD in 2024 to 52 billion USD by 2029, highlighting the necessity for the company to expand production and R&D capabilities to meet the urgent demand from leading cloud service providers [4] Financial Performance - The company anticipates a compound annual growth rate of 9.4% in revenue from 2022 to 2024, driven by the acceleration of 5G and AI data center construction [4] - The 800 million yuan allocated for working capital will optimize the capital structure, reduce the debt-to-asset ratio, and enhance the company's ability to withstand market fluctuations [4] Strategic Alignment - The board believes that the fundraising projects align with the company's core business and national industrial policies, reinforcing its vertical integration strategy from materials to subsystems, thereby enhancing competitiveness and delivering long-term returns to shareholders [5]