2025 年 12 月 20 日 蘅东光（920045）：光通信领域无源 光器件"小巨人" ——北交所新股申购策略报告之一百五十三 本期投资提示： - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 汪秉涵 A0230525090003 wangbh@swsresearch.com 联系人 汪秉涵 A0230525090003 wangbh@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 申 购 策 略 证 券 研 究 报 告 相关研究 ⚫ 基本面：深耕光通信领域，前瞻布局 CPO 无源内连光器件。公司成立于 2011 年 9 月 1 日，位于广东省深圳市，主要从事光通信领域无源光器件产品的研发、制造与销售，为深 圳市"瞪羚企业"和国家级专精特新"小巨人"，业务包括无源光纤布线、无源内连光器 件及相关配套 ...

Group 1 - The Beijing Stock Exchange's listing committee approved the IPO of Hangdongguang Communications Technology (Shenzhen) Co., Ltd., marking the 54th company to pass the review this year [1] - Hangdongguang's main business includes the research, production, and sales of passive optical fiber cabling products and related components, operating within the optical communication industry [1][2] - The company plans to issue up to 19.27385 million shares, with a fundraising target of approximately 493.6329 million yuan for various expansion projects and working capital [2] Group 2 - The actual controller of Hangdongguang is Chen Jianwei, who holds significant indirect control over the company through his stakes in Ruifa Trade and Ruichuang Industrial [2] - Chen Jianwei's total indirect shareholding amounts to 45.69%, giving him control over 65.27% of the voting rights, which allows him to influence major company decisions [2] Group 3 - The review meeting raised inquiries regarding the authenticity of the company's operating performance, including the necessity and reasonableness of transactions with AFL, and the reasons behind significant inventory growth [3] - Questions were also posed about the company's R&D expenses, their decreasing trend, and whether the qualifications of core technical personnel align with industry standards [3]

【环球网财经综合报道】蘅东光通讯技术（深圳）股份有限公司主业聚焦于光通信领域无源光器件产品的研发、制造 与销售，主要业务板块包括无源光纤布线、无源内连光器件及相关配套业务三大板块，目前该公司正在申请在北交所 上市。 | 项目 | 员工人数(人) | 占员工总数比例 | | --- | --- | --- | | 本科及以上 | 377 | 10. 63% | | 大专 | 388 | 10. 94% | | 中专及其他 | 2, 783 | 78. 44% | | 合计 | 3, 548 | 100. 00% | 经营信息还显示，公司的第一大客户一直都是AFL，2025年上半年的销售占比进一步提升到58.22%，对蘅东光的经营 可持续性构成重大影响。与此同时，《审核问询函的回复》披露，公司境内销售业务和境外销售业务毛利率差异巨 大，2023年前者仅为10.09%，而后者则高达29.95%。 《第一轮审核问询函的回复》第104页还披露，报告期内，除主要境外客户AFL、Coherent、Jabil、Telamon、CCI 外其 他客户的综合毛利率分别为22.41%、20.35%、17.77%和19.67%，整体毛 ...