长进光子冲击IPO，专注于特种光纤领域，主要产品均价呈下降趋势

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. (referred to as "Changjin Photon") is seeking an IPO on the Sci-Tech Innovation Board, capitalizing on the growth potential of the specialty optical fiber industry, particularly benefiting from the development of the AI industry, despite facing competition and declining sales prices for its main products [2][27]. Company Overview - Changjin Photon was established in July 2012 and completed its share reform in November 2022, headquartered in Wuhan, Hubei Province [4]. - The company is a leading domestic manufacturer of specialty optical fibers, focusing on high-performance and multi-category fiber research and industrialization [6]. - The main product, rare-earth-doped fiber, is a crucial optical material in the laser industry, widely used in advanced manufacturing, optical communication, measurement sensing, national defense, healthcare, and scientific research [6][21]. Financial Performance - Revenue for Changjin Photon has shown growth, with figures of 108 million yuan in 2022, 145 million yuan in 2023, and projected 192 million yuan in 2024 [10]. - The net profit for the same years was 36.78 million yuan, 54.66 million yuan, and 75.76 million yuan respectively [10]. - The gross profit margin for the main business has remained high, around 68.7% to 69.31% over the past few years, outperforming industry averages [13][14]. Market Dynamics - The specialty optical fiber market is projected to grow significantly, with the global market size reaching approximately $2 billion in 2023, and the domestic market expected to rise from 4.3 billion yuan in 2019 to 7.6 billion yuan in 2023 [22][25]. - The market for rare-earth-doped fiber specifically is anticipated to grow from 2.6 billion yuan in 2023 to 4.7 billion yuan by 2028 [22]. - Changjin Photon faces competition from both domestic and international players, with a market share concentration among top manufacturers like Yangtze Optical Fibre and Cable Co., Ltd. and Wuhan Ruixin [26]. Product and Pricing Trends - The average sales price of Changjin Photon’s main products has been declining, attributed to aggressive pricing strategies to capture market share during its growth phase [14][27]. - The sales price changes for rare-earth-doped fiber and other specialty fibers have shown significant fluctuations, with a decrease of 9.07% for rare-earth-doped fiber in early 2025 [15]. Research and Development - The company has invested 67.85 million yuan in R&D over the past three years, accounting for 15.27% of its cumulative revenue [17]. - A significant portion of the workforce, 17.37%, is dedicated to R&D, indicating a strong focus on innovation [16]. Supply Chain Considerations - Changjin Photon relies on both domestic and international suppliers for raw materials, with approximately 68% of quartz tube materials imported in 2024 [18]. - The company has a high customer concentration, with over 70% of sales coming from its top five clients, which may pose risks related to accounts receivable [20].