Despite holding over 4 billion yuan in cash reserves with interest-bearing debts below 500 million yuan, Accelink Technologies (002281.SZ) is pushing forward with a 3.5 billion yuan private placement, including 800 million yuan earmarked for working capital—a move raising eyebrows among analysts.
The optical communication component manufacturer, known for its 800G and 1.6T optical modules, has entered the final stages of its private placement plan. The funds will be allocated to production capacity expansion for data center optical connectivity products (2.48 billion yuan), R&D for high-speed optical interconnection technologies (1 billion yuan), and working capital supplementation.
Financial reports reveal troubling operational metrics: - Gross margins remain stagnant around 20%, significantly lower than industry peers like InnoLight Technology and Eoptolink - Inventory value surged over 50% YoY to 6.183 billion yuan by Q3 2025 - Inventory turnover days extended to 208.72 days, up 7.7% YoY - Inventory impairment losses jumped 76% to 237 million yuan
The industry faces structural challenges: - Low-end optical module capacity glut (utilization rates below 60%) - Potential oversupply in 800G modules (1.8 million annual capacity vs estimated 1.2 million demand) - Market dominance by InnoLight in 1.6T modules through NVIDIA contracts
While the CPO (Co-Packaged Optics) market is projected to grow at 137% CAGR to $8.1 billion by 2030, Accelink's aggressive expansion amid weak profitability metrics and inventory pressures casts doubt on its strategic positioning in the AI infrastructure race.
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