3家公司IPO集中上会，优迅股份二度迎考

Core Viewpoint - Three companies are scheduled for IPO hearings from October 13 to 17, with Beijing Angrui Microelectronics Technology Co., Ltd. and Xiamen Youxun Chip Co., Ltd. targeting the Sci-Tech Innovation Board, while Shenzhen Tiansu Measurement and Testing Co., Ltd. is aiming for the Growth Enterprise Market. Notably, Youxun Chip is making a second attempt after a previous delay in its review process. All three companies have R&D expense ratios below the industry average [1][4][8]. Group 1: IPO Details - The Shanghai Stock Exchange's listing review committee will review Youxun Chip and Angrui Micro on October 15, while the Shenzhen Stock Exchange will review Tiansu Measurement on October 16 [4]. - Angrui Micro plans to raise approximately 2.067 billion yuan, focusing on the development and industrialization of 5G RF front-end chips and related projects [4][5]. - Youxun Chip aims to raise about 809 million yuan for the development of next-generation access network chips and other projects [5][6]. - Tiansu Measurement plans to raise around 424 million yuan, the lowest among the three, for various projects including enhancing measurement capabilities [6]. Group 2: Financial Performance - Angrui Micro has not yet achieved profitability, with projected revenues of approximately 923 million yuan, 1.695 billion yuan, 2.101 billion yuan, and 844 million yuan for the years 2022 to 2025, respectively, and corresponding net losses [5]. - Youxun Chip's revenues for the same period are approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan, with net profits showing a positive trend [5]. - Tiansu Measurement's revenues are projected at approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, with net profits also showing growth [6]. Group 3: R&D Expense Ratios - Angrui Micro's R&D expense ratios for 2022 to 2025 are 29.25%, 23.38%, 14.94%, and 16.4%, all below the industry average [8]. - Youxun Chip's R&D expense ratios are 21.14%, 21.09%, 19.1%, and 15.81%, also below the industry average [8]. - Tiansu Measurement's R&D expense ratios are significantly lower at 4.43%, 4.3%, 4.13%, and 4.2%, compared to the industry average [8]. Group 4: Concerns and Risks - The low R&D expense ratios of the three companies raise concerns about their long-term competitiveness and ability to innovate [9]. - Youxun Chip has faced scrutiny regarding its declining gross margins, which were 55.26%, 49.14%, 46.75%, and 43.48% over the reporting periods [10]. - The stability of Youxun Chip's actual controller's voting rights is also in question, as their control will decrease from 27.13% to 20.35% post-IPO [10].