ACCELINK(SZ:002281) Sou Hu Cai Jing·2025-12-12 09:41Core Viewpoint - The capital heat in the optical communication industry is shifting from stock market exuberance to private placements and mergers, driven by the demand for AI computing power and the emergence of CPO technology as a core infrastructure [1] Group 1: Company Financials - Guangxun Technology plans to raise up to 3.5 billion yuan through a private placement, with 800 million yuan allocated for working capital, despite having over 4 billion yuan in cash and less than 500 million yuan in interest-bearing debt [2][5] - As of the end of Q3 2025, Guangxun Technology reported cash reserves of 4.158 billion yuan and interest-bearing liabilities of only 426 million yuan, indicating a low debt burden [2] - The company achieved a revenue of 8.532 billion yuan in the first three quarters of this year, a year-on-year increase of 58.65%, with a net profit of 719 million yuan, up 54.95% [6] Group 2: Market Position and Competition - Guangxun Technology's gross margin is significantly lower than comparable companies, hovering just above 20%, indicating insufficient product competitiveness [7] - The company faces challenges with increasing inventory levels, with inventory value reaching 6.183 billion yuan, a year-on-year increase of over 50%, and inventory turnover days rising to 208.72 days [9] - The market for low-end optical modules is oversaturated, while high-end products face pressure from leading competitors like Zhongji Xuchuang, which has secured significant orders from Nvidia [11] Group 3: Industry Outlook - The CPO market is expected to soar to 8.1 billion USD by 2030, with a compound annual growth rate of 137%, indicating a rapid development phase in the optical communication industry [12] - The ongoing capital operations in the industry raise questions about whether they are a necessary step to secure technological advantages or a potential precursor to overcapacity [12]