优迅股份IPO过会背后：营收增长净利反降，毛利率连年失守

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has been approved for a second time to submit its registration for IPO, following a previous delay in September. The company holds a leading position in the domestic market for products with speeds of 10Gbps and below, but faces challenges such as declining revenue and net profit, as well as ongoing control risks and governance uncertainties [2][3]. Financial Performance - Youxun's revenue has shown an overall growth trend, with reported revenues of 339 million, 313 million, 411 million, and 238 million CNY for the years 2022 to the first half of 2025, respectively. However, net profits have declined during the same periods, with figures of approximately 81.4 million, 72.1 million, 77.9 million, and 46.9 million CNY [5][6]. - The company's gross profit margin has been under pressure, decreasing from 55.26% in 2022 to 43.48% in the first half of 2025, reflecting a cumulative decline of 11.78 percentage points [6][12]. - Inventory levels have raised concerns, with a significant increase of 93.64% in 2024 compared to 2023, and the inventory value as a percentage of current assets has fluctuated, indicating potential overvaluation risks [7][10]. Market Position - Youxun holds the largest market share in China and the second largest globally in the 10Gbps and below segment, with a 99% revenue contribution from this product line in the first half of 2025 [3][5]. - The company’s product structure is heavily reliant on a limited range of products, which may weaken its resilience against market fluctuations [14]. Cost and Pricing Issues - The average selling price of key products has been declining, with the price of the core optical communication transceiver chip dropping from 2.66 CNY per unit in 2022 to 2.29 CNY in the first half of 2025 [15][16]. - Rising unit costs, attributed to factors such as increased wafer costs and currency fluctuations, have also contributed to the declining gross margin [16][17]. Research and Development - R&D expenditures have decreased as a percentage of revenue, falling from 21.14% in 2022 to 15.81% in the first half of 2025, indicating potential underinvestment in innovation [17][18]. - The company’s R&D expense ratio is significantly lower than industry averages, raising concerns about its competitive edge [18][19]. Governance and Control Risks - The company has experienced multiple changes in actual control, with the current controlling shareholders holding approximately 27.13% of voting rights, which is expected to dilute to around 20% post-IPO [21][22]. - Concerns have been raised regarding the governance structure, particularly in light of the company's history of control disputes and the potential for future control changes [21][22]. Funding and Capital Structure - Youxun has faced scrutiny over its decision to distribute dividends while simultaneously seeking to raise funds through an IPO, which has led to questions about the necessity of the capital raise [23][26]. - The company plans to use the proceeds from the IPO for the development of next-generation access network and high-speed data center chips, among other projects [27][28].