北交所策略专题报告 2026 年 02 月 06 日 掘金北交所后备军：三维视觉龙头先临三维及光器件鑫巨宏受理中 ——北交所新质生产力后备军筛选三十 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所上市"后备军"214 家，分布在高端装备、TMT 等新质生产力行业中 截至 2026 年 2 月 1 日，北交所已有 214 家公司获受理，待上会企业 163 家，覆 盖高端装备（64 家）、TMT（27 家）、化工新材料（36 家）、消费（19 家）、生 物医药（12 家）等多元细分领域。受理和辅导中公司中，包含了一些新质生产 力公司，我们从中首选专精特新、单项冠军企业、"独角兽"企业。同时，我们 也着重关注氢能源、商业航天、低空经济等行业。 后备军筛选系列已 30 期，筛选出一批已经上市的新质生产力公司 在 2025 年北交所上市的 26 家公司中，本系列报告我们优选出星图测控、开发科 技、天工股份、广信科技、酉立智能、志高机械、宏远股份、能之光、三协电 机、世昌股份、锦华新材、江天科技等。其余优选公司中已过会公司包括：英氏 控股、雅图高新、 ...

Core Viewpoint - Xin Juhong Intelligent Technology Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange, aiming to raise 690 million yuan for expansion projects and working capital [2] Company Overview - Xin Juhong was established in 2013 with a registered capital of 60 million yuan, focusing on the research, production, and sales in the fields of optical communication, automotive lenses, and LiDAR [2] - The actual controller of the company is Sun Liangliang, who holds a total voting power of 66.47% [2][4] Shareholding Structure - Sun Liangliang directly controls 10.60% of the voting rights and additionally controls 41.75% through his wholly-owned Xin Juhong Venture Capital [4] - Other shareholders, including Wuxi Zehui, Wuxi Zesheng, Wuxi Yize, Wuxi Zhongze, and Wuxi Jiazhe, collectively control 14.12% of the voting rights [4] Financial Performance - The total assets of the company have grown from 216.72 million yuan in 2022 to 796.38 million yuan by June 30, 2025 [5] - Shareholder equity increased from 149.07 million yuan in 2022 to 370.47 million yuan in 2025 [5] - Revenue has shown significant growth, with figures of 150.55 million yuan in 2022, 200 million yuan in 2023, 465.39 million yuan in 2024, and 303.30 million yuan in the first half of 2025 [6] - The company expects to achieve annual revenue between 780 million yuan and 820 million yuan in 2025, representing a potential increase of up to 76% [6]

Core Viewpoint - Wuxi Xinjuhong Intelligent Technology Co., Ltd. is planning to go public, having its IPO application accepted by the Beijing Stock Exchange, with a focus on precision optical devices [1] Financial Performance - Revenue for the periods from 2022 to the first half of 2025 is projected to be approximately CNY 151 million, CNY 200 million, CNY 465 million, and CNY 303 million respectively [1] - Net profit attributable to the parent company for the same periods is expected to be around CNY 19.78 million, CNY 18.33 million, CNY 87 million, and CNY 58.62 million respectively [1] - Gross margins for these periods are 34.47%, 30.92%, 35.68%, and 34.57%, which are below the industry average [1][2] Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 78.12%, 80.14%, 82.30%, and 83.92% of total revenue during the reporting periods [3] - Major clients include Zhongji Xuchuang, Xinyi Sheng, Coherent, Hisense Broadband, AOI, and Hesai Technology [3] Research and Development - As of June 30, 2025, the company has obtained 58 patents, including 13 invention patents and 45 utility model patents [4] Legal Risks - The company is facing a lawsuit related to trade secrets, with claims for damages amounting to CNY 10 million [5][6] - The lawsuit involves key technical personnel and is expected to have a limited impact on the company's overall operations and financial status [6][7]