北京海光芯正科技
北京海光芯正科技
Offer Price
HK$114.00
Market Cap
HK$102.1B
Listing Date
2026-06-29
Sector
半導體/光學
📊 Valuation Analysis
P/S ratio
7.8x
偏低 — 定價有水位半導體/光學 sector P/S benchmark: 10x – 18x
Revenue growth (YoY)
41.7%
Gross margin
9.0%
Net margin
-8.2%
Profitability
Loss-making
Fair value range by sector P/S benchmark: HK$146.64 – HK$263.95
💰 Financial Summary (FY2025)
Revenue
RMB12.21B
Prior revenue
RMB8.62B
Gross profit
RMB1.10B
Net profit
RMB-1.00B
Figures in RMB (some companies converted from their prospectus reporting currency — see notes below).
📝 Key Notes
光互連芯片，收入快速增長但毛利率偏低(9%)
🏢 Company Overview
北京海光芯正科技股份有限公司，專注高速光互連芯片及矽光集成技術的半導體設計公司。核心產品為數據中心用的400G/800G光模塊驅動芯片（Driver IC）、跨阻放大器(TIA)及矽光引擎控制芯片，為光模塊的核心電芯片環節。下游客戶覆蓋中際旭創、新易盛、光迅科技等中國一線光模塊廠商，終端應用於阿里雲、騰訊雲、字節跳動等超大規模數據中心的AI算力集群。2025年全球高速光電芯片市場份額約3.2%，為中國少數實現800G級別芯片量產的企業之一。
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⚠️ For educational reference only and not investment advice. IPO pricing, listing dates and financial data are subject to change — always refer to HKEX announcements and the prospectus. Investing involves risk.