证券研究报告 | 首次覆盖报告 gszqdatemark 2026 01 30 年 月 日 优迅股份（688807.SH） 深耕光通信电芯片，高速产品蓝图徐徐展开 深耕光通信电芯片领域二十余载，技术积累驱动公司进入稳健成长通道。优 迅股份自 2003 年成立以来持续聚焦光通信前端电芯片研发设计，围绕光通 信系统关键环节不断推进产品迭代与产业化落地，逐步构建起覆盖光通信收 发合一芯片、跨阻放大器芯片（TIA）、限幅放大器芯片（LA）及激光驱动器 芯片（LDD）在内的完整产品体系。公司主营业务高度集中于光通信电芯片 核心领域，从 2022 年的 3.39 亿元增长至 2024 年的 4.11 亿元，其中光通信 收发合一芯片长期贡献 80%以上收入，主业基本盘稳固；2025 年前三季度 归母净利润同比增长 17.11%至 0.73 亿元。 高速率升级与算力建设共振，光通信电芯片行业需求持续抬升。在 AI 智算 中心建设、云计算扩张及终端应用升级推动下，光通信电芯片在多类应用场 景中的需求同步提升；光通信系统正由低速率向高速及超高速方向演进，形 成多层级速率体系，推动上游核心电芯片需求同步扩容。行业结构上，低速 率产 ...

Core Viewpoint - The financing difficulties faced by small and medium-sized private enterprises (SMEs) in China are significant, characterized by challenges such as high costs, limited access, and slow processes, which hinder their growth and development [1][2]. Group 1: Financing Challenges - SMEs contribute over 50% of tax revenue and 60% of GDP in China, representing over 90% of all enterprises and providing more than 80% of urban employment [1]. - The financing issues can be summarized as "difficult to borrow, expensive to borrow, and slow to borrow" [2]. - Key factors contributing to these challenges include short loan terms, insufficient loan amounts, limited financing channels, and high overall costs [3][4][5][6][7]. Group 2: Case Studies of Successful Financing - Xiamen Youxun Co., a leading private enterprise in optical communication chips, overcame initial funding challenges with the help of local financial support, including a 1 million yuan technology loan guarantee from Xiamen Jinyuan Group [9][10]. - Xiamen Yaxun Zhiliang has become a leading player in the vehicle networking sector, receiving investment from Xiamen Jinyuan Group to support its growth in the rapidly developing new energy industry [12][13]. - The success stories highlight the importance of financial institutions in providing timely support to SMEs, enabling them to navigate funding difficulties and seize market opportunities [14]. Group 3: Innovative Financial Solutions - Xiamen Jinyuan Investment Group has developed over 200 financial products and services tailored to the lifecycle of enterprises, addressing the specific needs of SMEs [15][16]. - The group has implemented a government-backed financing guarantee system to assist enterprises lacking collateral, offering favorable guarantee rates for loans up to 10 million yuan [17]. - Customized financing services are provided based on industry characteristics and business stages, including innovation funds for tech companies and emergency repayment projects for those under financial pressure [18]. Group 4: Digital and Efficient Financing Processes - Xiamen Jinyuan Group has established a "digital + inclusive" service platform, allowing enterprises to apply for loans and complete approvals online, significantly reducing processing times [20][21]. - The platform has streamlined approval processes, cutting down traditional approval times from weeks to days, enhancing accessibility for SMEs [21]. - By integrating various financial tools, the group has supported over 2,600 enterprises and approved funding exceeding 16 billion yuan in the first half of 2024 [25].

Group 1: New Stock Offerings - This week (December 8 to 12), there are five new stocks available for subscription, including one from the Shenzhen main board, one from the Shanghai main board, two from the ChiNext board, and one from the Sci-Tech Innovation board [1] - The subscription dates are as follows: Nabai Chuan and Youxun Co., Ltd. on December 8, Yuanchuang Co., Ltd. on December 9, and Tiansu Measurement and Xihua Technology on December 12 [1] Group 2: Company Highlights - Nabai Chuan focuses on thermal management systems for power batteries in electric vehicles and has become a benchmark enterprise in the domestic battery liquid cooling plate sector, benefiting from over ten years of technological accumulation [2] - Youxun Co., Ltd. is a leading enterprise in the optical communication chip sector, recognized for providing comprehensive optical communication chip solutions and has achieved significant market presence in both domestic and global markets [3][4] - Yuanchuang Co., Ltd. is a major player in the rubber track industry, offering over a thousand types of rubber track products and recognized for its technical strength and industry position [4] - Xihua Technology specializes in the research, manufacturing, and sales of components for large high-end equipment, particularly wind power gearbox components, and is a leader in the global industry [4] - Tiansu Measurement, established in 2009, is a national independent third-party measurement and testing service provider, recognized as a national high-tech enterprise and a champion in the manufacturing sector [5]

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 1: Company Details and Financials 纳百川 (Nabichuan) - Industry: Leading company in battery thermal management in China - IPO Price: 22.63 CNY per share, PE ratio: 28.70, industry PE ratio: 28.71 [2] - Revenue and Profit: Expected revenues of 1.031 billion CNY in 2022, 1.136 billion CNY in 2023, and 1.437 billion CNY in 2024; net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3] 优迅股份 (Youshun) - Industry: Leading company in optical communication chips in China - IPO Price: 51.66 CNY per share, PE ratio: 60.27, industry PE ratio: 58.09 [2] - Revenue and Profit: Expected revenues of 339 million CNY in 2022, 313 million CNY in 2023, and 411 million CNY in 2024; net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4] 元创股份 (Yuanchuang) - Industry: Leading company in rubber track manufacturing in China - IPO Price: 24.75 CNY per share, PE ratio: 12.93, industry PE ratio: 26.37 [2] - Revenue and Profit: Expected revenues of 1.261 billion CNY in 2022, 1.141 billion CNY in 2023, and 1.349 billion CNY in 2024; net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5] 天溯计量 (Tiansu) - Industry: Leading company in measurement and testing services in China - IPO Price: Not specified, but expected to issue 16.3043 million shares [6] - Revenue and Profit: Expected revenues of 597 million CNY in 2022, 726 million CNY in 2023, and 800 million CNY in 2024; net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [6] 锡华科技 (Xihua) - Industry: Leading company in wind power equipment components in China - IPO Price: Not specified, but expected to issue 100 million shares [7] - Revenue and Profit: Expected revenues of 942 million CNY in 2022, 908 million CNY in 2023, and 955 million CNY in 2024; net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [7]

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1][2]. Group 1: Company Details 纳百川 (Nabichuan) - Issued at 22.63 CNY per share with a P/E ratio of 28.7, close to the industry average of 28.71 [3]. - Plans to issue 27.92 million shares, with a maximum subscription limit of 6,500 shares requiring a market value of 65,000 CNY [3]. - Major supplier of battery thermal management systems for several leading electric vehicle manufacturers, including CATL and NIO [3]. - Revenue projections for 2022-2024 are 1.031 billion CNY, 1.136 billion CNY, and 1.437 billion CNY, with net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3]. 优迅股份 (Youshun) - Issued at 51.66 CNY per share with a P/E ratio of 60.27, compared to the industry average of 58.09 [4]. - Plans to issue 20 million shares, with a maximum subscription limit of 4,500 shares requiring a market value of 45,000 CNY [4]. - A leading supplier in the optical communication chip sector, focusing on R&D and sales of optical transceiver chips [4]. - Revenue projections for 2022-2024 are 339 million CNY, 313 million CNY, and 411 million CNY, with net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4]. 元创股份 (Yuanchuang) - Issued at 24.75 CNY per share with a P/E ratio of 12.93, below the industry average of 26.37 [5]. - Plans to issue 19.6 million shares, with a maximum subscription limit of 19,500 shares requiring a market value of 195,000 CNY [5]. - A key player in the rubber track industry, providing products for agricultural and engineering machinery [5]. - Revenue projections for 2022-2024 are 1.261 billion CNY, 1.141 billion CNY, and 1.349 billion CNY, with net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5]. 天溯计量 (Tiansu) - Plans to issue 16.3043 million shares, with a maximum subscription limit of 4,000 shares requiring a market value of 40,000 CNY [7]. - A leading national measurement and testing service provider, serving various industries including biomedicine and new energy [7]. - Revenue projections for 2022-2024 are 597 million CNY, 726 million CNY, and 800 million CNY, with net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [8]. 锡华科技 (Xihua) - Plans to issue 100 million shares, with a maximum subscription limit of 21,000 shares requiring a market value of 210,000 CNY [9]. - A leader in the wind power equipment components sector, specializing in the development and manufacturing of wind turbine gearbox components [9]. - Revenue projections for 2022-2024 are 942 million CNY, 908 million CNY, and 955 million CNY, with net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [9].

Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [33]. Core Insights - The company has made significant breakthroughs in next-generation 25G PON technology, achieving mass production of integrated transceiver chips and is expected to enter mass production of 50G PON solutions by 2026 [1][25]. - The company is a major supplier in the global optical communication chip market, particularly in the 10Gbps and below segment, and is rapidly expanding its presence in the 25G and above market [24][27]. - The company has a comprehensive product range covering from single-channel 155Mbps to multi-channel 800Gbps optical communication chips, with a strong focus on high-speed optical communication technology [24][28]. Financial Performance - The company reported revenues of 339.1 million yuan in 2022, 313.1 million yuan in 2023, and is projected to achieve 410.6 million yuan in 2024, reflecting a year-over-year growth of -7.65% in 2023 and 31.11% in 2024 [5][9]. - The net profit attributable to the parent company was 81.4 million yuan in 2022, 72.1 million yuan in 2023, and is expected to be 77.9 million yuan in 2024, with year-over-year changes of -11.44% and 8.02% respectively [5][9]. - For 2025, the company anticipates revenue growth of 15.70% to 20.57%, with net profit growth of 18.15% to 25.86% [9][30]. Industry Overview - The optical communication chip industry is positioned as a high-tech segment within the semiconductor integrated circuit field, with significant investment and longer R&D cycles compared to other components [18][19]. - The global market for optical communication chips is expected to grow significantly, driven by advancements in AI, data centers, and 5G technology, with the telecom side market projected to reach 1.85 billion USD by 2024 and the data center side market expected to reach 2.09 billion USD [22][23]. Company Highlights - The company has been recognized as a leading supplier in the optical communication chip sector, particularly in the 10Gbps and below market, and is rapidly increasing its market share in the 25G and above segment [24][27]. - The company has participated in several national-level research projects and has received multiple national qualifications, indicating its strong position in the industry [8][24]. - The company plans to invest in three key projects through its IPO, focusing on next-generation access networks, automotive chips, and high-speed optical communication chips [28][29]. Peer Comparison - In comparison to similar companies, the average revenue for peers in 2024 is projected at 701 million yuan, with an average PS-TTM of 27.70X and a gross profit margin of 35.61%. The company’s revenue is below the peer average, but its gross profit margin is in the mid-to-high range [30][31].

Group 1: New IPOs - This week (September 15 to 19), there are 5 new stocks available for subscription, including 1 from the Shenzhen Main Board, 3 from the ChiNext, and 1 from the Beijing Stock Exchange [1] - The ChiNext new stock, United Power, has an issue price of 12.48 CNY per share and a price-to-earnings ratio of 32.87, compared to the industry average of 28.3 [2] - United Power is a leading enterprise in the new energy vehicle power system, operating independently within the Inovance Technology system since 2016, and plans to raise 3.601 billion CNY through its IPO [2] - Another ChiNext new stock, Jianfa Zhixin, focuses on high-value medical device distribution and plans to raise 484 million CNY [3] - The Shenzhen Main Board new stock, Ruili Kemi, specializes in active safety systems for vehicles and aims to raise funds for various projects [3] - The ChiNext new stock, Yunhan Xincheng, is an innovative high-tech enterprise in electronic component distribution, planning to raise 522 million CNY [4] Group 2: Upcoming IPO Meetings - Three companies are scheduled for IPO meetings this week: Yuxun Co. for the Sci-Tech Innovation Board, Xin Guoyi for the ChiNext, and Yuanchuang Co. for the Shenzhen Main Board [5] - Yuxun Co. is a national champion in the optical communication field, focusing on the development and sales of optical communication chips, with an IPO fundraising target of 889 million CNY [6] - Xin Guoyi specializes in high-performance specialty functional materials, aiming to raise 638 million CNY through its IPO [6] - Yuanchuang Co. is a leading player in the rubber track industry, with a significant market share and plans to raise 485 million CNY [7]