Core Viewpoint - The article discusses the IPOs of several companies, including 蘅东光, 天溯计量, and 锡华科技, highlighting their business models, market positions, and potential risks associated with their operations. Group 1: 蘅东光 - 蘅东光, established in September 2011, specializes in the R&D, manufacturing, and sales of passive optical devices in the optical communication field, recognized as a national high-tech enterprise [2] - The company has achieved significant technological milestones, including 111 domestic patents and 1 international patent, and has established long-term partnerships with major clients like AT&T, Verizon, and Google [2] - 蘅东光's assets and revenue are projected to grow rapidly, with a compound annual growth rate (CAGR) of 61.34% for total assets and 66.33% for revenue from 2022 to 2024 [3] Group 2: 天溯计量 - 天溯计量, founded in 2009, is an independent third-party measurement and testing service provider, offering calibration, testing, and certification services across various fields [4] - The company has developed extensive battery testing capabilities and serves notable clients in the new energy sector, including 中创新航 and 小鹏汽车 [4] - 天溯计量's gross margin has shown a declining trend, with figures of 52.67%, 53.86%, 53.40%, and 51.56% from 2022 to the first half of 2025, indicating potential pricing pressures in the market [5][6] Group 3: 锡华科技 - 锡华科技 focuses on the R&D, manufacturing, and sales of specialized components for large high-end equipment, particularly in the wind power sector, and is recognized for its comprehensive service capabilities [6] - The company has a high customer concentration risk, with revenue from its top five clients accounting for over 90% of its main business income from 2022 to 2025 [7] - 锡华科技 aims to reduce its customer concentration by expanding its production capacity and acquiring new clients, although it remains vulnerable to fluctuations in its major clients' performance [7] Group 4: 纳百川 - 纳百川, established in 2007, specializes in thermal management products for electric vehicle batteries and fuel vehicles, being one of the early entrants in the new energy vehicle sector [8] - The company has a strong partnership with 宁德时代, with significant revenue dependence on this client, accounting for over 44% of its sales from 2022 to the first quarter of 2025 [9][10] - Despite its growth, 纳百川 acknowledges the risks associated with its reliance on 宁德时代, particularly if market conditions change and demand decreases [10]
光通信领域“小巨人”今日申购，另有三只新股上市丨打新早知道