长进光子科创板IPO过会：硬科技属性铸就高盈利壁垒，多元布局打开成长新空间

Core Viewpoint - The article highlights the successful IPO application of Changjin Photon Technology Co., Ltd., a leading manufacturer of specialty optical fibers in China, emphasizing its strong growth potential and technological capabilities in various sectors [1]. Group 1: Company Overview - Changjin Photon was established in 2012 and is recognized as a leading manufacturer of specialty optical fibers, particularly rare-earth-doped fibers, which are essential materials in the laser industry [1]. - The company’s products are widely used in advanced manufacturing, optical communication, measurement and sensing, national defense, healthcare, and scientific research, making it a key player in the optoelectronic industry [1]. Group 2: Technological Capabilities - The company has built a comprehensive and self-controlled core technology system, creating a multi-dimensional capability in advanced manufacturing, optical communication, national defense, and commercial aerospace [2]. - Changjin Photon has developed an integrated innovation platform that covers the entire production process from fiber design to testing, ensuring high-quality and consistent mass production [2]. - As of the end of 2025, the company is expected to hold 57 patents, including 37 invention patents, showcasing its commitment to innovation [2]. Group 3: Product Matrix and Market Expansion - The company has established a diverse product matrix across multiple fields, optimizing its business structure over the years [3]. - In advanced manufacturing, Changjin Photon has developed a range of rare-earth-doped fiber products and formed stable partnerships with major laser manufacturers [3]. - The company’s revenue from new specialty fiber products is projected to grow from 14.52 million yuan in 2023 to 80.23 million yuan in 2025, with its revenue share increasing from 10.05% to 32.66%, indicating significant market expansion [3]. Group 4: Financial Performance and Growth Potential - The company’s gross margin is expected to remain above 65% from 2023 to 2025, reflecting its technological advantages and high-end product structure [4]. - The revenue share from the optical communication sector is anticipated to rise from 15.03% in 2023 to 23.95% in 2025, while the national defense sector's share is expected to increase from 1.96% to 10.79% during the same period [5]. - Changjin Photon’s production capacity utilization is projected to stay above 96% from 2023 to 2025, indicating strong market demand [5]. - The IPO funding will support the establishment of a high-performance specialty fiber production base and R&D center, aiming to significantly enhance production capacity [5].