EOPTOLINK(SZ:300502) Ge Long Hui·2025-09-15 09:35Group 1 - The core viewpoint of the article highlights that Xiamen Youxin Chip Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, with a focus on optical communication chips, which are expected to benefit from the construction of AI data centers [1][33] - The company was established in February 2003 and transformed into a joint-stock company in May 2024, headquartered in Xiamen Software Park [3] - The actual controller of the company has changed twice, with the current control held by the father-son duo, Ke Binglan and Ke Tenglong, who control 27.13% of the voting rights [5][6] Group 2 - Youxin Chip specializes in the research, design, and sales of optical communication front-end transceiver chips, operating under a Fabless model [9][10] - The main products include laser driver chips, transimpedance amplifier chips, limiting amplifier chips, and optical transceiver chips, with a focus on products with speeds of 10Gbps and below [12][21] - The company has established good relationships with major optical module manufacturers, with over 60% of its revenue coming from the top ten customers [15][21] Group 3 - The company's revenue has fluctuated in recent years, with reported revenues of 339 million yuan in 2022, 313 million yuan in 2023, and projected revenues of 411 million yuan in 2024 [19] - The gross profit margin has been declining, with figures of 55.26%, 49.14%, 46.75%, and 43.48% over the past four years, primarily due to price reductions and rising costs [22] - The company faces high accounts receivable pressure, with balances reaching 645.3 million yuan, 134 million yuan, 115 million yuan, and 129 million yuan over the past four years, representing 19.03%, 42.67%, 27.93%, and 54.25% of revenue respectively [24] Group 4 - The optical communication chip market is expected to grow significantly, with the global market for telecom-side optical communication chips projected to reach $1.85 billion in 2024 and the data center-side market expected to reach $2.09 billion [26][27] - Youxin Chip holds a market share of approximately 28% in the 10Gbps and below segment, ranking first in China and second globally [25][29] - The company is positioned to benefit from the ongoing AI data center construction wave, although it has faced challenges due to the semiconductor cycle affecting its performance in 2023 [33]