优迅股份IPO： 首发上会遭暂缓审议 实控人控制权是否稳定备受关注

Core Viewpoint - The initial public offering (IPO) application of Xiamen Youxun Chip Co., Ltd. has been postponed for review, raising concerns in the market regarding the company's declining gross margin and the sustainability of its operating performance [2][3][9]. Group 1: Company Overview - Youxun Chip, established in 2003, is a leading domestic player in optical communication chips, focusing on the research, design, and sales of optical communication front-end transceiver chips [6]. - The company's main products include laser driver chips (LDD), transimpedance amplifier chips (TIA), limiting amplifier chips (LA), and integrated optical communication transceiver chips, which provide a complete solution for efficient and reliable optoelectronic signal conversion, amplification, and processing [6]. Group 2: Financial Performance - The company's main business compound annual growth rate (CAGR) over the last three years is 10.26%, but it has shown significant volatility [9]. - In 2022, Youxun Chip's revenue was 339 million yuan, which decreased by 7.67% to 313 million yuan in 2023, but is projected to increase by 31.31% to 411 million yuan in 2024 [9]. - The gross margin has been declining, with figures of 55.26%, 49.14%, 46.75%, and 43.48% for the years 2022 to 2025 (first half) respectively [10]. Group 3: IPO Review and Concerns - The Shanghai Stock Exchange announced that the review of Youxun Chip's IPO application was postponed due to concerns about the continuous decline in gross margin and the sustainability of its operating performance [3][9]. - Key questions raised during the review include the company's product structure, pricing power, market expansion, and the stability of its actual controller's control rights [3][6]. Group 4: Funding and Future Projects - Youxun Chip plans to raise 809 million yuan to enhance its competitiveness, with funds allocated to projects such as the development and industrialization of next-generation access network and high-speed data center chips, automotive chips, and 800G and above optical communication chips [13][16]. - The company aims to address the core demands of global infrastructure upgrades and keep pace with industry trends through these projects [16][17].