申购日期:2025-12-08 周一 1 2003年成立 8、福建厦门 x 中信证券保存 业务院社 收入构成 | | | | | | | | | 单位:万元 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品类型 | 速率 | 2025年1-6月 | | 2024年度 | | 2023年度 | | 2022年度 | | 毛利率 | | | | 销售额 | 占比 | 销售额 | 日本 | 销售额 | 占比 | 销售额 | 占比 | | | | 10Gbps以下 | 10.615.18 | 44.53% | 17,886,19 | 43 58% | 16,216,42 | 51.82% | 19.314.16 | 57 21% | 46.06% | | 光通信收 发合 - 18-5 | 10Gbps | 10.020.23 | 42.03% | 16.113.56 | 39.26% | 11.053.69 | 35.32% | 9.961.29 | 29 50% | 52.44% | | 片 | 25Gbps ...

| | | A/ TISS IIJ THE | | --- | --- | --- | | | 源杰科技 | | | 主营构成 | 光通信收发合一芯片： 86.74%; | | | | 跨阻放大器芯片（TIA）： 11.81%； | | | | 限幅放大器芯片（LA）：0.79%; | | | | 激光驱动器芯片（LDD）：0.67%； | | | 业务及亮点 | 1、公司是全球光通信电芯片领域的主要供应商之 | | | | 据龙头地位、而25G速率以上产品已进入快速放鬆 | | | | 2、公司已在下一代万兆接入技术上取得实质性字 | | | | 发合一芯片的批量出货，并已完成50GPON方案: | | | | 阶段，预计2026年实现量产。 | | | | 3、公司100Gbps电芯片性能已对标国际头部厂宿 | | | | 进400Gbps及800Gbps收发芯片、4通道128Gbz | | | | 披露，上述产品现已完成回片测试。 | | | 近三年营收 | 4.11 亿元 (2024年, 31.11%) | 近三年归母 | | | 3.13 亿元 (2023年, -7.65%) | 净利润及业 | | ...

Core Viewpoint - The news highlights the IPOs of two companies, Nabichuan and Youxun, focusing on their business models, market positions, and financial metrics, indicating potential investment opportunities in the automotive and semiconductor sectors. Group 1: Nabichuan (301667.SZ) - Nabichuan, established in 2007, specializes in thermal management products for electric vehicle batteries, fuel vehicle power systems, and energy storage batteries, with key products including battery liquid cooling plates and engine radiators [1][3] - The IPO price is set at 22.63 CNY per share, with an institutional offering price of 23.01 CNY, and a market capitalization of 18.95 billion CNY [2] - The company has a significant reliance on CATL, with sales to CATL accounting for 53.73% of revenue in 2022, indicating a risk due to dependency on a single major customer [4] - Nabichuan's market share in battery liquid cooling plates is projected to reach approximately 12.16% by 2024, positioning it as a leader in this niche market [3] Group 2: Youxun (688807.SH) - Youxun focuses on the research, design, and sales of optical communication front-end transceiver chips, positioning itself upstream in the semiconductor supply chain [5] - The IPO price is set at 51.66 CNY per share, with an institutional offering price of 52.90 CNY, and a market capitalization of 31 billion CNY [6] - Youxun is recognized as a "national champion" in the optical communication sector, with its core products achieving significant market share, ranking first in China and second globally in the 10Gbps and below segment [9] - The company plans to allocate 4.68 billion CNY (57.82%) of its raised funds towards the development and industrialization of next-generation access network and high-speed data center chips [8]

纳百川成立于2007年，公司总部位于温州市泰顺县。公司专注从事新能源汽车动力电池热管理、燃油汽 车动力系统热管理及储能电池热管理相关产品的研发、生产和销售，主要产品包括电池液冷板、电池集 成箱体、燃油汽车发动机散热器、加热器暖风等。 12月8日，可申购创业板的纳百川（301667）(301667.SZ)与科创板的优迅股份(688807.SH)。 | 今日申购 | | | | | --- | --- | --- | --- | | 301667.SZ 纳百川 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 22.63 | 23.01 | 18.95 | 汽车制造业 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 28.70 | 28.71 | 三花智控 银轮股份 | 46.98 34.48 | | | | 方盛股份 | 89.01 | | 业绩情况 | | | | | 0 0 | | | COOL | | 募集资金投资方向 | 拟投入募集资金金额 (亿元) | 出 | | --- | --- | --- | | 纳百川（滁州 ...

2025 年 12 月 02 日 优迅股份：国内光通信电芯片龙头企 业 ——注册制新股纵览 20251202 本期投资提示： 策 略 研 究 新股分析 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分及配售比例：剔除、考虑流动性溢价因素后，我们测算优迅股份 AHP 得分为 2.61 分、2.63 分，分别位于科创体系 AHP 模型总分 42.9%分位、44.6%分位，处于中游偏下、 中游偏上水平。假设以 90%入围率计，中性预期情形下，优迅股份网下 A、B 两类配售对 象的配售比例分别是：0.0288%、0.0213%。 ⚫ 国内光通信电芯片龙头，完 ...

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].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has been approved for a second time to submit its registration for IPO, following a previous delay in September. The company holds a leading position in the domestic market for products with speeds of 10Gbps and below, but faces challenges such as declining revenue and net profit, as well as ongoing control risks and governance uncertainties [2][3]. Financial Performance - Youxun's revenue has shown an overall growth trend, with reported revenues of 339 million, 313 million, 411 million, and 238 million CNY for the years 2022 to the first half of 2025, respectively. However, net profits have declined during the same periods, with figures of approximately 81.4 million, 72.1 million, 77.9 million, and 46.9 million CNY [5][6]. - The company's gross profit margin has been under pressure, decreasing from 55.26% in 2022 to 43.48% in the first half of 2025, reflecting a cumulative decline of 11.78 percentage points [6][12]. - Inventory levels have raised concerns, with a significant increase of 93.64% in 2024 compared to 2023, and the inventory value as a percentage of current assets has fluctuated, indicating potential overvaluation risks [7][10]. Market Position - Youxun holds the largest market share in China and the second largest globally in the 10Gbps and below segment, with a 99% revenue contribution from this product line in the first half of 2025 [3][5]. - The company’s product structure is heavily reliant on a limited range of products, which may weaken its resilience against market fluctuations [14]. Cost and Pricing Issues - The average selling price of key products has been declining, with the price of the core optical communication transceiver chip dropping from 2.66 CNY per unit in 2022 to 2.29 CNY in the first half of 2025 [15][16]. - Rising unit costs, attributed to factors such as increased wafer costs and currency fluctuations, have also contributed to the declining gross margin [16][17]. Research and Development - R&D expenditures have decreased as a percentage of revenue, falling from 21.14% in 2022 to 15.81% in the first half of 2025, indicating potential underinvestment in innovation [17][18]. - The company’s R&D expense ratio is significantly lower than industry averages, raising concerns about its competitive edge [18][19]. Governance and Control Risks - The company has experienced multiple changes in actual control, with the current controlling shareholders holding approximately 27.13% of voting rights, which is expected to dilute to around 20% post-IPO [21][22]. - Concerns have been raised regarding the governance structure, particularly in light of the company's history of control disputes and the potential for future control changes [21][22]. Funding and Capital Structure - Youxun has faced scrutiny over its decision to distribute dividends while simultaneously seeking to raise funds through an IPO, which has led to questions about the necessity of the capital raise [23][26]. - The company plans to use the proceeds from the IPO for the development of next-generation access network and high-speed data center chips, among other projects [27][28].

Core Insights - The A-share IPO review maintained a "full approval" pace from October 13 to 17, with three companies successfully passing the review, highlighting a focus on hard technology enterprises [2][3][4] Recent Approvals - **Tiansu Measurement**: On October 16, Tiansu Measurement's IPO application was approved after four previous suspensions. The company projects steady revenue growth from CNY 597 million in 2023 to CNY 800 million in 2025, with net profits increasing from CNY 84.39 million to CNY 111 million during the same period [2] - **Angrui Microelectronics**: Approved on October 15, Angrui Microelectronics aims to raise CNY 2.067 billion for the development of 5G RF front-end chips and related projects. The company specializes in RF and analog integrated circuit design [3] - **Yuxun Technology**: Yuxun Technology's IPO was approved after a previous deferral. The company focuses on optical communication chips and plans to raise CNY 809 million for various development projects, with projected revenues growing from CNY 313 million in 2023 to CNY 411 million in 2024 [4] New Listings - **Changjiang Energy Technology**: Listed on the Beijing Stock Exchange on October 16, with a share price increase of 254.03%. The company raised CNY 160 million for expanding production capacity and R&D in energy equipment [5] - **Yunji Technology**: Listed on the Hong Kong Stock Exchange on October 16, with a first-day price increase of 26.05%. The company raised approximately HKD 660 million, with significant oversubscription [6] - **Xuanzhu Biopharmaceutical**: Listed on October 15, with a first-day increase of 126.72%. The company focuses on innovative drug development in the biopharmaceutical sector [7] Recent Filings - **Shouchuang Securities**: Filed for a dual listing on the Hong Kong Stock Exchange, reporting total revenues of approximately CNY 2.519 billion in 2022, with a projected growth trend [8] - **Shuanglin Co.**: Recently submitted a prospectus for listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 2.525 billion in the first half of 2025, with a 20.1% year-on-year growth [9] - **Tambor Group**: Filed for a listing on the Hong Kong Stock Exchange, focusing on outdoor apparel with a revenue of approximately CNY 732 million in 2022 [10] - **Chengyi Biotech**: Submitted a prospectus for a Hong Kong listing, focusing on developing new oral small molecule drugs for cardiovascular and metabolic diseases [11] - **Dongpeng Beverage**: Filed for a listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 8.5 billion in 2022, with a leading market position in the functional beverage sector [12]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has received approval for its listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 889 million yuan for its operations in optical communication chips [1]. Company Overview - Youxun specializes in the research, design, and sales of optical communication transceiver chips, with applications in optical modules across various fields including access networks, 4G/5G networks, data centers, metropolitan networks, and backbone networks [1]. - The company's main revenue comes from the sales of integrated optical communication chips, transimpedance amplifier chips, limiting amplifier chips, and laser driver chips [1]. Product Development - Youxun has achieved mass production of optical communication chips with speeds ranging from 155 Mbps to 100 Gbps and is actively developing new products such as 50G PON transceiver chips, 400 Gbps and 800 Gbps data center transceiver chips, and automotive optical communication chips [1]. Market Position - According to ICC data, Youxun holds the largest market share in China and the second largest globally in the segment of products with speeds of 10 Gbps and below for the year 2024 [1]. Fundraising and Investment Projects - The company plans to use the proceeds from its public offering for projects related to its main business, including: - Next-generation access network and high-speed data center chips with a total investment of 4.678 billion yuan [1]. - R&D and industrialization of automotive chips with an investment of 1.690847 billion yuan [1]. - Development of optical communication chips of 800 Gbps and above with an investment of 1.721738 billion yuan [1]. - The total investment for these projects amounts to 8.09065 billion yuan [2]. Financial Performance - The company reported revenues of approximately 339 million yuan, 313 million yuan, 411 million yuan, and 238 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Net profits for the same periods were 81.3984 million yuan, 72.0835 million yuan, 77.8664 million yuan, and 46.9588 million yuan [2]. - As of June 30, 2025, total assets were reported at 8.449439 billion yuan, with equity attributable to shareholders at 7.815329 billion yuan [3].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. successfully passed the IPO review for the Sci-Tech Innovation Board, becoming the second company from Xiamen to achieve this in 2023 [1] Company Overview - Youxun is one of the earliest companies in China to enter the optical communication chip design industry, focusing on the research, design, and sales of optical communication transceiver chips [3][4] - The company was established in 2003 and is located in Xiamen, Fujian Province [3] - Youxun's IPO represents a story of innovation in the optical communication industry, breaking international monopolies and showcasing the growth of a "national manufacturing single champion" [3][9] Industry Context - The optical communication industry is rapidly developing due to the demands of the digital and AI era, which require high-speed data transmission and large capacity [4] - Optical communication technology uses light waves for information transmission, offering advantages such as high-speed data transfer, large data capacity, long-distance transmission, and low signal loss [4] Product Portfolio - Youxun's main products include optical communication transceiver chips, transimpedance amplifier chips, limiting amplifier chips, and laser driver chips [5] - The optical communication transceiver chip contributes the most to revenue, accounting for over 80% in each reporting year [5] Financial Performance - Revenue for Youxun from 2022 to 2024 is projected to be 339 million, 313 million, and 411 million CNY respectively, with net profits of approximately 81.4 million, 72.1 million, and 77.9 million CNY [6] - The company maintains a high gross margin, with rates of 55.26%, 49.14%, and 46.75% over the reporting period, which is above the industry average [7][8] Market Position - Youxun has established a complete core technology system in optical communication chip design, achieving breakthroughs in key areas and becoming one of the few companies in China to provide comprehensive optical communication chip solutions [9][10] - The company has a leading market share in the 10Gbps and below segment in China, ranking second globally [12] Research and Development - Youxun has accumulated a rich pool of technology and core patents, with 114 authorized patents as of June 30, 2025 [15] - The company is actively developing new products to meet the increasing demand for high-speed optical communication chips, including 50G PON transceiver chips and 400Gbps data center transceiver chips [11] Ownership and Investment - The actual controllers of Youxun are Ke Binglan and Ke Tenglong, who collectively hold 27.13% of the voting rights [16] - The company has received investments from state-owned capital at both the provincial and municipal levels in Fujian and Xiamen [19] IPO Plans - Youxun plans to raise approximately 809 million CNY through its IPO, with funds allocated for the development and industrialization of next-generation access network and high-speed data center chips, as well as vehicle-mounted chip projects [19]