证券研究报告 | 首次覆盖报告 gszqdatemark 2026 01 30 年 月 日 股价走势 作者 -20% -14% -8% -2% 4% 10% 2025-12 2026-01 2026-01 2026-01 优迅股份 沪深300 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 ...

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 ...

1月21日，优迅股份涨6.00%，成交额8.13亿元。两融数据显示，当日优迅股份获融资买入额9117.70万 元，融资偿还8659.92万元，融资净买入457.78万元。截至1月21日，优迅股份融资融券余额合计3.46亿 元。 融资方面，优迅股份当日融资买入9117.70万元。当前融资余额3.46亿元，占流通市值的10.97%。 融券方面，优迅股份1月21日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，厦门优迅芯片股份有限公司位于福建省厦门市软件园观日路52号402，成立日期2003年2月10 日，上市日期2025年12月19日，公司主营业务涉及光通信前端收发电芯片的研发、设计与销售。主营业 务收入构成为：光通信收发合一芯片85.54%，跨阻放大器芯片12.68%，限幅放大器芯片0.83%，激光驱 动器芯片0.67%，其他0.23%，其他(补充)0.04%。 截至12月19日，优迅股份股东户数1.86万，较上期增加84318.18%；人均流通股809股，较上期增加 0.00%。2025年1月-9月，优迅股份实现营业收入3.5 ...

1月19日，优迅股份跌4.31%，成交额4.18亿元。两融数据显示，当日优迅股份获融资买入额5319.21万 元，融资偿还5230.19万元，融资净买入89.02万元。截至1月19日，优迅股份融资融券余额合计3.39亿 元。 融资方面，优迅股份当日融资买入5319.21万元。当前融资余额3.39亿元，占流通市值的11.67%。 融券方面，优迅股份1月19日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，厦门优迅芯片股份有限公司位于福建省厦门市软件园观日路52号402，成立日期2003年2月10 日，上市日期2025年12月19日，公司主营业务涉及光通信前端收发电芯片的研发、设计与销售。主营业 务收入构成为：光通信收发合一芯片85.54%，跨阻放大器芯片12.68%，限幅放大器芯片0.83%，激光驱 动器芯片0.67%，其他0.23%，其他(补充)0.04%。 截至12月19日，优迅股份股东户数1.86万，较上期增加84318.18%；人均流通股809股，较上期增加 0.00%。2025年1月-9月，优迅股份实现营业收入3.57 ...

Group 1 - The core viewpoint of the news is that Youxun Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in shareholder numbers and revenue growth [1][2]. Group 2 - On January 7, Youxun's stock price increased by 3.36%, with a trading volume of 684 million yuan. The margin trading data indicates a net margin buy of -4.17 million yuan for the day [1]. - As of January 7, the total margin trading balance for Youxun is 594 million yuan, accounting for 19.64% of its market capitalization [1]. - The company specializes in the research, design, and sales of optical communication front-end transceiver chips, with its main revenue sources being transceiver chips (85.54%), transimpedance amplifiers (12.68%), and other chip types [1]. Group 3 - As of December 19, the number of shareholders for Youxun reached 18,600, an increase of 843.18% compared to the previous period, with an average of 809 circulating shares per shareholder [2]. - For the period from January to September 2025, Youxun reported a revenue of 357 million yuan, representing a year-on-year growth of 18.33%, and a net profit attributable to shareholders of 72.94 million yuan, up 17.11% year-on-year [2].

Group 1 - On December 19, Youxun Co., Ltd. experienced a significant stock increase of 346.57%, with a trading volume of 2.854 billion yuan [1] - The financing data for Youxun on the same day showed a financing purchase amount of 549 million yuan, with a net financing purchase of 521 million yuan [1] - As of December 19, the total balance of margin trading for Youxun was 521 million yuan, accounting for 15.03% of its market capitalization [1] Group 2 - Youxun Co., Ltd. reported a total of 18,600 shareholders as of December 19, representing an increase of 84,318.18% compared to the previous period [2] - The company achieved an operating revenue of 357 million yuan from January to September 2025, reflecting a year-on-year growth of 18.33% [2] - The net profit attributable to the parent company for the same period was 72.941 million yuan, showing a year-on-year increase of 17.11% [2]

Group 1 - The A-share market experienced an overall rise on December 19, with the Shanghai Composite Index reaching above 3900 points at one point, closing at 3899.31 points, up 0.59% [3][4] - The retail sector saw significant gains, with the commercial retail sector rising nearly 4% during the session, leading to a surge in individual stocks, including several hitting the daily limit [3][4] - New stock Youxun Co., Ltd. debuted on the A-share market, with its price increasing by over 450% at one point during the trading session [5] Group 2 - The Ministry of Commerce and the Ministry of Finance issued a notice to implement pilot programs for new consumption formats in 50 cities, which is part of efforts to boost consumption and expand the supply of quality goods and services [3][4] - Other sectors such as light manufacturing, real estate, and comprehensive services also saw gains, with increases exceeding 2% [4] - The stock prices of companies in the duty-free, dairy, and new retail sectors also rose significantly, with several stocks increasing by over 10% [3][4] Group 3 - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, which are critical components in optical communication systems [5] - The company's products include laser driver chips, transimpedance amplifier chips, and integrated optical communication transceiver chips, which are essential for efficient signal processing in various applications [5] Group 4 - In the Hong Kong market, Kangqiao Yuelife's stock price surged by over 40% following the announcement of plans to establish a subsidiary in North America and a collaboration with Askitect, an AI housing diagnostics company [6][7] - This partnership aims to integrate advanced technology and experience into property management and real estate services, marking a significant step in Kangqiao Yuelife's global expansion [7]

Core Viewpoint - The consumer sector in the A-share market experienced a significant surge, with major indices rising and a notable increase in stock prices within the retail sector on December 19, 2023 [1][2][4]. Group 1: Market Performance - The A-share market showed an overall upward trend, with the Shanghai Composite Index closing at 3899.31 points, up 0.59%, and briefly surpassing 3900 points during the session [2]. - Other major indices also saw gains, with the Shenzhen Component Index rising by 0.93%, the ChiNext Index increasing by 0.99%, and the STAR Market 50 Index up by 0.69% [2]. Group 2: Retail Sector Highlights - The retail sector experienced a substantial increase, with the sector's stocks rising nearly 4% during the session, leading to a wave of stocks hitting the daily limit [4]. - Notable stocks that reached their daily limit included Debon Group, Central Plaza, Shanghai Jiubai, Dalian Friendship, and Dongbai Group, with Debon Group rising by 19.99% to a price of 22.51 [5]. Group 3: New Stock Listing - A new stock, Youxun Co., was listed on the A-share market, experiencing a peak increase of over 450% during trading, although the gain later narrowed [7]. - Youxun Co. specializes in the research, design, and sales of optical communication front-end transceiver chips, which are critical components in optical communication systems [9]. Group 4: Government Initiatives - The Ministry of Commerce and the Ministry of Finance issued a notice to implement pilot programs for new consumption formats in 50 cities, aimed at boosting consumption and enhancing the supply of quality goods and services [6]. - The pilot programs are part of a broader initiative to stimulate consumption and improve living standards, emphasizing the importance of local government involvement in the implementation process [6].

Core Viewpoint - Yuxun Co., Ltd., a leading optical communication chip company, has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with its stock price soaring by over 400% on the first day of trading, reflecting strong market interest and confidence in its growth potential [1][2][4]. Company Overview - Yuxun Co., Ltd. was established in February 2003 and specializes in the research, design, and sales of optical communication front-end transceiver chips, recognized as a "national champion" in China's optical communication sector [3][4]. - The company is one of the few in China that can provide a full range of optical communication chip solutions across various application scenarios, successfully entering the supply chains of many global renowned clients [4]. Financial Performance - Yuxun's revenue for 2022, 2023, and 2024 was reported at 339 million, 313 million, and 411 million yuan respectively, with net profits of 81 million, 72 million, and 78 million yuan [9][13]. - The company expects total revenue for the first half of 2025 to be between 475 million and 495 million yuan, indicating a positive growth trajectory [13]. Market Position - In the market for products with speeds of 10Gbps and below, Yuxun holds the largest market share in China and the second largest globally [4]. - The company has a low self-sufficiency rate in the market for optical communication chips above 25G, with downstream manufacturers heavily reliant on imports [7]. IPO and Fund Utilization - Yuxun raised a total of 1.03 billion yuan through its IPO, with a net amount of 928 million yuan after deducting issuance costs. The funds will be allocated to the development and industrialization of next-generation access network and high-speed data center chips, as well as for working capital [4][8]. R&D and Product Development - The company has a strong focus on R&D, with over 54% of its workforce dedicated to research and development, and is currently developing 800Gbps data center transceiver chips [17][19]. - Yuxun has achieved breakthroughs in domestic technology in key areas such as transceiver integration, high-speed modulation, and optoelectronic collaboration [9][19]. Product Sales and Client Base - Yuxun sold 244 million chips last year, with a significant portion of its revenue coming from the sales of optical transceiver chips, which account for over 80% of its total revenue [20][21]. - The company has a high customer concentration, with the top five clients accounting for 65.53% of total sales in the first half of 2025 [21][22]. Shareholding Structure - The company's shareholding is relatively dispersed, with no single shareholder holding more than 30% of the voting rights. The actual controllers are the father-son duo, Ke Binglan and Ke Tenglong, who collectively control 27.13% of the voting rights [24][26][27]. Strategic Focus - Yuxun aims to become a leading international player in optical communication and optical sensing chips, focusing on high-growth areas such as high-speed optical communication, silicon photonics integration, and automotive optics [30][31].

Market Overview - The A-share market showed strong performance in the morning session on December 19, with the Shanghai Composite Index rising by 0.59%, the Shenzhen Component Index increasing by 0.93%, and the ChiNext Index up by 0.99% [1] - The total trading volume across the market reached 1.1 trillion yuan, an increase of 44 billion yuan compared to the previous trading day, with nearly 4,700 stocks rising [1] Sector Performance - The retail, nuclear power, and dairy sectors led the gains, while precious metals and film industry sectors experienced declines [2] - The consumer sector performed strongly, with notable stocks such as Debi Group, Dalian Friendship, Xiwang Food, and Dongbai Group hitting the daily limit [2][3] - The new consumption pilot program initiated by the Ministry of Commerce and the Ministry of Finance in 50 cities is expected to boost consumer spending [3] Notable Stocks - Shanghai Jiubai (600838) saw a price increase of 10.02%, with a total rise of 30.47% over recent days [3] - Dalian Friendship (000679) and Dongbai Group (600693) also reached their daily limit with increases of 10.01% and 9.99%, respectively [3] - The controlled nuclear fusion sector showed strength, with stocks like China First Heavy Industries, Wangzi New Materials, and Baili Electric all hitting the daily limit [3] New Listings - Newly listed stock Youxun Co., Ltd. experienced a significant surge, with an intraday increase exceeding 450%, closing at 230 yuan per share, up 345.22% [5][6] - Youxun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, positioning itself in the upstream segment of the semiconductor industry [6]