源杰科技A+H：销管费用率达20%、资金长期入不敷出 存货跌价达营收10%、募投项目均延期|CPO融资潮

Core Viewpoint - The capital heat in the optical communication industry is shifting from secondary market stock price surges to IPOs, private placements, and mergers and acquisitions, driven by the demand for AI computing power and the emergence of CPO technology as a core infrastructure [2][15]. Company Overview - SourceJ Technology is planning an A+H listing, having recently turned a profit in the first three quarters of the year, with revenue of 383 million and a net profit of 106 million, marking a year-on-year increase of 115.09% [4][17]. - The company specializes in the research, design, production, and sales of optical chips, including products for telecommunications, data centers, and automotive laser radar markets [17]. Financial Performance - Despite the revenue growth, SourceJ Technology has experienced significant performance volatility, with a sales and management expense ratio around 20%, which is considerably higher than its peers, eroding profits [4][19]. - The company has faced challenges with cash flow, maintaining a collection ratio between 60% and 90% since 2021, and its operating cash flow has consistently fallen short of capital expenditures [7][19]. IPO and Fund Utilization - SourceJ Technology's IPO in December 2022 raised 1.5 billion for projects including the construction of production lines for 10G/25G optical chips and the industrialization of 50G optical chips, but all three fundraising projects have been delayed [8][22]. - As of June 2023, only 44.85% and 28.22% of the planned investment for the 50G optical chip industrialization project and the research center construction project, respectively, have been completed [8][22]. Market Context - The CPO market is projected to reach $8.1 billion by 2030, with a compound annual growth rate of 137%, indicating a rapidly growing sector within the optical communication industry [12][27]. - The ongoing capital operations in the optical communication industry raise questions about whether they represent a necessary path to secure technological leadership or if they are indicative of potential overcapacity and speculative behavior [12][27].