Core Viewpoint - Changjin Photonics, a hard-tech company emerging from Hubei, is redefining the boundaries of light with "special optical fibers" and is currently pursuing an IPO [1][2]. Company Overview - Established in 2012, Changjin Photonics' core technology originates from Huazhong University of Science and Technology, particularly from the optical fiber laser technology team led by Professor Li Jinyan, who is also the chairman of the company [5]. - The company's main products include special optical fibers, such as rare-earth-doped fibers, passive fibers for lasers, and special fibers for communication [6]. Product Features - Rare-earth-doped fibers enhance the optical performance of standard fibers by incorporating rare-earth elements, improving laser generation efficiency [6]. - Special optical fibers are designed for complex and specialized applications, such as precision laser surgery and high-power laser applications in automotive welding and chip cutting [6]. Market Dynamics - The industry has historically relied heavily on imported products, with 30% of high-end special optical fibers in China being imported, often at 2-5 times the price of domestic alternatives [7][8]. - Changjin Photonics offers competitive pricing, with its products costing about half of imported counterparts, significantly reducing costs for manufacturers [9]. Financial Performance - In 2024, the company is projected to achieve a revenue of 445 million yuan, representing a year-on-year growth of 30.96%, and a net profit of 69 million yuan, with a growth of 66.53% [10]. Emerging Opportunities - The new opportunities in the special optical fiber market are primarily driven by AI computing power connections and satellite internet [11]. - The demand for AI data centers is expected to surge, with major cloud providers planning significant capital expenditures, such as Amazon's over $100 billion and Microsoft's $80 billion for data center construction [11]. - The global market for special optical fibers is anticipated to exceed $15 billion by 2025, with China accounting for nearly 40% of this market [12].