ACCELINK(SZ:002281) 3 6 Ke·2025-09-22 23:16Core 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 AI technology, despite facing competition and declining average sales prices of its main products [2][22]. Company Overview - Changjin Photon was established in July 2012 and completed its share reform in November 2022, headquartered in Wuhan, Hubei Province [3]. - The company is controlled by Li Jinyan, who holds 43.12% of the voting rights through various entities [3]. - Key shareholders include Jietu, Lihua Hongxin, Zhuhai Zijing, and Huawei Hubble Investment [3]. Product and Market Position - Changjin Photon is a leading domestic manufacturer of specialty optical fibers, focusing on high-performance and diverse product development [4]. - The main product, rare-earth-doped fiber, is crucial for laser applications and is widely used in advanced manufacturing, optical communication, defense, healthcare, and scientific research [4]. - 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 grow from 4.3 billion yuan in 2019 to 7.6 billion yuan in 2023 [18][21]. Financial Performance - The company's revenue has shown growth, with reported revenues of 108 million yuan in 2022, 145 million yuan in 2023, and projected 192 million yuan in 2024 [6]. - Net profits for the same periods were 36.78 million yuan, 54.66 million yuan, and 75.76 million yuan respectively [6]. - The gross profit margin has remained high, averaging around 68.7% during the reporting period, which is above the industry average [9][10]. Sales and Pricing Trends - The average sales price of the main products has been declining, attributed to aggressive pricing strategies to increase market share [10][11]. - The sales revenue from the optical communication sector has increased significantly, while the advanced manufacturing sector's revenue share has decreased [8]. Research and Development - The company has invested 67.85 million yuan in R&D over the past three years, accounting for 15.27% of total revenue [13]. - A total of 37 employees are dedicated to R&D, representing 17.37% of the workforce [12]. Competitive Landscape - The specialty optical fiber market is currently dominated by international players, with major companies from the US and Europe leading the sector [21]. - In China, the market is concentrated, with leading manufacturers holding a combined market share of 35% [21]. Future Outlook - The specialty optical fiber industry is expected to benefit from the growth of AI and related technologies, presenting opportunities for companies like Changjin Photon [22]. - However, the company faces challenges from both domestic and international competitors, as well as pressures related to accounts receivable [22].