优迅股份/688807/科创板/2025-12-08申购
Xin Lang Cai Jing·2025-12-08 05:32

Core Viewpoint - The company is a chip design enterprise operating under a Fabless model, primarily producing optical chips for optical modules, which are used in communication and traditional data centers, but not in AI computing centers [5][35]. Group 1: Company Overview - The company was established in 2003 and is located in Xiamen, Fujian [2]. - The main products include laser driver chips (LDD), transimpedance amplifier chips (TIA), limiting amplifier chips (LA), and optical transceiver chips [5][6][35]. - The company's products are utilized in various applications such as access networks, 4G/5G wireless networks, data centers, metropolitan area networks, and backbone networks [5][35]. Group 2: Financial Performance - Revenue for 2022 was 339 million yuan, which decreased to 313 million yuan in 2023, but is projected to increase to 411 million yuan in 2024 [15][45]. - The profit for 2022 was 96 million yuan, dropping to 55 million yuan in 2023, with a forecast of 69 million yuan in 2024 [15][46]. - The gross margin has declined from 55.26% in 2022 to 49.14% in 2023, and is expected to be 46.75% in 2024 [15][46]. Group 3: Market Position - The company holds the largest market share in China and the second largest globally in the segment of products with speeds of 10Gbps and below [24][54]. - The global market for optical communication chips on the telecom side is projected to grow, with specific segments like 100G and above being dominated by a few players [17][18][54]. - The company faces competition primarily from domestic manufacturers, with a significant portion of the market being captured by Chinese firms [54][57]. Group 4: Industry Trends - The demand for optical modules in the communication sector is currently stagnant due to a slowdown in 5G construction and the long timeline for 6G development [55]. - The AI computing center's growth is expected to drive demand for optical modules, but the company's products are primarily in the lower speed range, which may limit its benefits from this trend [55]. - The development of higher-speed products (100Gbps and above) presents significant technical challenges, which the company currently does not address [55][56].