3 6 Ke·2025-09-15 23:20Core Viewpoint - Xiamen Youxin Chip Co., Ltd. is preparing for its IPO on the Sci-Tech Innovation Board, focusing on optical communication chips, with potential growth driven by AI data center construction, despite recent performance declines due to the semiconductor cycle [1][28]. Company Background - Youxin Chip was established in February 2003 and became a joint-stock company in May 2024, headquartered in Xiamen Software Park [2]. - The company has undergone two changes in actual controllers, with the current control held by the father-son duo, Ke Binglan and Ke Tenglong, since November 2022 [4][5]. Business Focus - Youxin Chip specializes in the research, design, and sales of optical communication front-end transceiver chips, operating under a Fabless model [6]. - The company's products play a crucial role in the optical communication industry, serving as key components in optical modules [6][10]. Financial Performance - 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 411 million yuan in 2024 [15]. - The gross profit margin has been declining, with figures of 55.26% in 2022, 49.14% in 2023, and 43.48% in the first half of 2025, primarily due to price competition and rising costs [18][19]. Market Position - Youxin Chip holds approximately 28% market share in the 10Gbps and below segment, ranking first in China and second globally [21][26]. - The global market for optical communication chips is expected to grow significantly, particularly in data centers, with a projected market size of 20.9 billion USD in 2024 and 60.2 billion USD by 2029 [23][26]. Customer Base - The company has established strong relationships with major optical module manufacturers, with over 60% of its revenue coming from the top ten clients [13][15].