ACCELINK(SZ:002281) Xin Lang Cai Jing·2025-09-11 12:40Core Viewpoint - The company plans to raise up to 3.5 billion yuan through a private placement of A-shares to expand its production capacity for high-speed optical modules and develop cutting-edge technologies like CPO [1][2] Group 1: Fundraising and Investment Plans - The company intends to issue A-shares to no more than 35 specific investors, with the total amount not exceeding 3.5 billion yuan, primarily for expanding high-speed optical module capacity and developing advanced technologies [1] - The controlling shareholder, China Information Communication Technologies Group, will participate in the fundraising, committing to subscribe for 10%-30% of the shares [1] - The raised funds will be allocated to enhance computing center capacity, tackle cutting-edge optical packaging technology, and supplement working capital [1] Group 2: Market Demand and Product Expansion - The company aims to significantly expand its production of high-speed optical modules to meet the surging demand driven by AI and large model training, with a focus on data communication [2] - A total of 2.08 billion yuan from the fundraising will be invested in the production of optical connection and high-speed transmission products, with a planned annual capacity of 4.99 million high-speed optical modules and 192 million high-density connectors [2] - The company is also focusing on developing CPO technology, which offers advantages in power consumption and connection density, with an investment of 620 million yuan for research and development [2] Group 3: Financial Performance - In the first half of 2025, the company reported revenue of 5.24 billion yuan, a year-on-year increase of 68.6%, with the second quarter alone exceeding 3 billion yuan [3] - The net profit attributable to shareholders for the first half of 2025 was 370 million yuan, reflecting a year-on-year growth of 79.0% [3] - Despite a slight decline in gross margin due to product pricing and structure, the company expects margins to recover in the second half of the year, enhancing profit growth potential [3] Group 4: Future Outlook - The company is positioned as a leader in the domestic optical module market, with ongoing AI demand expected to accelerate performance growth [4] - The investment projects will enable the company to cover the entire scene from "computing terminal to transmission link to backbone network," enhancing its vertical integration capabilities [4] - Revenue projections for 2025-2027 are 11.37 billion yuan, 14.67 billion yuan, and 17.47 billion yuan, with net profits of 940 million yuan, 1.35 billion yuan, and 1.81 billion yuan respectively [4]