长进光子科创板IPO已问询 产品下游客户集中度较高

Core Viewpoint - Changjin Photon Technology Co., Ltd. is undergoing a listing review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 780 million yuan, focusing on the research, production, and sales of specialty optical fibers, particularly rare-earth-doped fibers, which are crucial in various high-tech applications [1][2]. Company Overview - Changjin Photon specializes in rare-earth-doped optical fibers, which are essential components in the laser industry, used in laser devices, amplifiers, and LiDAR systems, with applications in advanced manufacturing, optical communication, defense, healthcare, and scientific research [1]. - The company has developed a self-controlled core technology system, mastering key industry technologies such as doping composition, waveguide structure design, preform preparation, and performance testing [1]. Financial Performance - The company reported revenues of approximately 108 million yuan, 145 million yuan, 192 million yuan, and 44.73 million yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [2]. - Net profits for the same periods were 36.78 million yuan, 54.66 million yuan, 75.76 million yuan, and 15.18 million yuan [2]. - The total assets of the company increased from 324.23 million yuan in 2022 to 624.59 million yuan by March 31, 2025, indicating significant growth [3]. - The company's asset-liability ratio has improved from 22.71% in 2022 to 12.68% in March 2025, reflecting a stronger financial position [3]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 88.03%, 82.26%, 73.19%, and 72.41% of total revenue in the respective reporting periods, which is attributed to the concentrated nature of the downstream fiber laser market [2].