新股前瞻|海光芯正：营收高复合增长，“AI热”背后仍不乏成长困扰

Core Viewpoint - The rapid growth of the AI industry has significantly increased demands on communication networks, leading to a booming optical module market, with Beijing Haiguang Xinzhen Technology Co., Ltd. (Haiguang Xinzhen) seeking to capitalize on this trend through its upcoming IPO [1][7]. Company Overview - Haiguang Xinzhen, established in November 2011, specializes in optical interconnect products, including optical modules and active optical cables (AOC), with a focus on AI data centers [2]. - The company ranks as the tenth largest professional optical module provider globally, with a market share of 0.7% and is the fastest-growing among the top ten manufacturers from 2022 to 2024 [2][3]. Financial Performance - Revenue has shown rapid growth, with figures of 103 million, 175 million, 862 million, and 698 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively, reflecting a compound annual growth rate (CAGR) of 189.6% from 2022 to 2024 [5]. - Despite revenue growth, the company has not yet achieved profitability, with net losses of 60.21 million, 109 million, 18.22 million, and 34.85 million RMB for the same periods [5][6]. Competitive Advantages - The company possesses significant technological barriers, leveraging silicon photonics technology to create an end-to-end capability from chip design to module manufacturing [3]. - Haiguang Xinzhen has established strong customer relationships through a Joint Design Manufacturing (JDM) model, particularly with leading Chinese internet and cloud service providers [3]. - Cost control is a key strength, with silicon photonic chips designed to share production capacity with traditional CMOS, reducing costs by 30-40% compared to overseas competitors [3]. Future Outlook - The company is focusing on three main technology directions: next-generation high-speed optical interconnect products (1.6T, 3.2T), advanced packaging technologies (NPO and CPO), and PCIe AEC and AOC products [4]. - The global optical interconnect market is projected to grow from 4.2 billion RMB in 2020 to 46.2 billion RMB in 2024, with a CAGR of 82.3%, indicating a robust growth environment for Haiguang Xinzhen [7][8]. - The AI optical module market is expected to grow significantly, with projections of 42.3% CAGR from 2024 to 2029 in China, driven by domestic AI data center developments [7][8]. Industry Trends - The optical module technology is evolving towards higher speeds, greater integration, and lower power consumption, aligning with Haiguang Xinzhen's technological advancements [8]. - The company is making progress in developing 1.6T silicon photonic modules and is advancing research on 3.2T and 6.4T optical chips to meet market demands [8].