光迅科技资金充裕仍定增补流 毛利率畸低、存货/周转天数/跌价全线攀升|CPO融资潮

Core Viewpoint - The capital market is witnessing a surge in interest in the optical communication industry, driven by the demand for AI computing power, with companies like Guangxun Technology planning significant fundraising despite having substantial cash reserves and low debt levels [2][3][6]. Group 1: Fundraising and Financial Position - Guangxun Technology is in the final stages of a private placement, aiming to raise up to 3.5 billion yuan for the production of optical connection and high-speed optical transmission products, as well as for research in emerging optoelectronic technologies [3][6]. - The company currently holds over 4.1 billion yuan in cash, with interest-bearing liabilities below 500 million yuan, indicating a low debt burden [3][6]. - Out of the 3.5 billion yuan to be raised, 800 million yuan is planned for working capital, raising questions about the necessity of this allocation given the company's strong cash position [6]. Group 2: Performance Metrics - In the first three quarters of the year, Guangxun Technology reported revenues of 8.532 billion yuan, a year-on-year increase of 58.65%, and a net profit of 719 million yuan, up 54.95% [7]. - The third quarter alone saw revenues of 3.289 billion yuan, reflecting a 45.01% year-on-year growth and a 9% quarter-on-quarter increase, with net profit reaching 347 million yuan, a 35.76% increase year-on-year [7]. Group 3: Competitive Landscape and Challenges - Guangxun Technology's gross margin is significantly lower than comparable companies, hovering around 20%, indicating insufficient product competitiveness [7][9]. - The company is facing rising inventory levels, with inventory value reaching 6.183 billion yuan, a more than 50% increase year-on-year, and inventory turnover days extending to 208.72 days, a 7.7% increase [9]. - The optical module market is experiencing an oversupply of low-end products, while high-end segments are under pressure from leading competitors like Zhongji Xuchuang, which has secured significant orders from Nvidia [12].