光通信芯片龙头优迅股份IPO过会！福建厦门两级国资参投

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. successfully passed the IPO review for the Sci-Tech Innovation Board, becoming the second company from Xiamen to achieve this in 2023 [1] Company Overview - Youxun is one of the earliest companies in China to enter the optical communication chip design industry, focusing on the research, design, and sales of optical communication transceiver chips [3][4] - The company was established in 2003 and is located in Xiamen, Fujian Province [3] - Youxun's IPO represents a story of innovation in the optical communication industry, breaking international monopolies and showcasing the growth of a "national manufacturing single champion" [3][9] Industry Context - The optical communication industry is rapidly developing due to the demands of the digital and AI era, which require high-speed data transmission and large capacity [4] - Optical communication technology uses light waves for information transmission, offering advantages such as high-speed data transfer, large data capacity, long-distance transmission, and low signal loss [4] Product Portfolio - Youxun's main products include optical communication transceiver chips, transimpedance amplifier chips, limiting amplifier chips, and laser driver chips [5] - The optical communication transceiver chip contributes the most to revenue, accounting for over 80% in each reporting year [5] Financial Performance - Revenue for Youxun from 2022 to 2024 is projected to be 339 million, 313 million, and 411 million CNY respectively, with net profits of approximately 81.4 million, 72.1 million, and 77.9 million CNY [6] - The company maintains a high gross margin, with rates of 55.26%, 49.14%, and 46.75% over the reporting period, which is above the industry average [7][8] Market Position - Youxun has established a complete core technology system in optical communication chip design, achieving breakthroughs in key areas and becoming one of the few companies in China to provide comprehensive optical communication chip solutions [9][10] - The company has a leading market share in the 10Gbps and below segment in China, ranking second globally [12] Research and Development - Youxun has accumulated a rich pool of technology and core patents, with 114 authorized patents as of June 30, 2025 [15] - The company is actively developing new products to meet the increasing demand for high-speed optical communication chips, including 50G PON transceiver chips and 400Gbps data center transceiver chips [11] Ownership and Investment - The actual controllers of Youxun are Ke Binglan and Ke Tenglong, who collectively hold 27.13% of the voting rights [16] - The company has received investments from state-owned capital at both the provincial and municipal levels in Fujian and Xiamen [19] IPO Plans - Youxun plans to raise approximately 809 million CNY through its IPO, with funds allocated for the development and industrialization of next-generation access network and high-speed data center chips, as well as vehicle-mounted chip projects [19]