A company with revenue just exceeding 10 billion yuan last year and 4.88 billion yuan in Q1 this year has seen its intraday market capitalization surpass 100 billion yuan today.
A company listed for less than a month saw its intraday share price surpass that of Kweichow Moutai (600519.SH) on May 18th, becoming the new "stock king" of the A-share market.
Optical chip testing equipment manufacturer Lianxun Yinqi (688808.SH) surged over 15% in early trading today, with its share price exceeding 1,350 yuan per share, making it the highest-priced stock on the A-share market. By the close of the morning session, Lianxun Yiqin's gains had narrowed to 11.5%, and its share price was overtaken by Kweichow Moutai.
Lianxun Yiqin only listed on the STAR Market on April 24th. On its first trading day, the stock closed at 799 yuan per share, far exceeding its IPO price of 81.88 yuan per share. Within less than a week of listing, Lianxun Yiqin became a new member of the "thousand-yuan stock" club, and its intraday market capitalization reached 133.9 billion yuan today.
In terms of revenue scale, Lianxun Yiqin's revenue only surpassed 10 billion yuan last year. The company reported revenue of 11.94 billion yuan and a net profit of 1.74 billion yuan for the year, representing year-on-year growth of 51.41% and 23.6%, respectively. In the first quarter of this year, its revenue was 4.88 billion yuan, with a net profit of 1.19 billion yuan, reflecting year-on-year increases of 142.52% and 515.17%, respectively.
The financial report explained that the primary reason for the company's performance change in the first quarter was the benefit from the AI computing power explosion and the accelerated pace of data center construction, which drove rapid growth in demand for high-speed optical communication products and led to strong expansion intentions among its downstream customers.
Reasons for Lianxun Yiqin's attention from the capital market include its position in the optical communication industry chain as a supplier to optical module manufacturers
In terms of customer composition, among Lianxun Yiqin's top five customers in 2023, one primarily purchased optoelectronic device testing equipment. This number increased to three in 2024, and reached five in the first three quarters of last year. In 2024,
In the first three quarters of last year, sales from Lianxun Yiqin's top five customers accounted for 36.94% of its total revenue, with the main products sold including optoelectronic device testing equipment. During that period, revenue from the optical communication sector represented 78.94% of the company's total.
From a revenue composition perspective, Lianxun Yiqin's income is deeply tied to its optical communication customers. The company previously cautioned that it faces a high degree of customer concentration, and its operating performance is highly correlated with the business conditions of its major clients. If significant issues arise with the operations of its main clients in the future or if the cooperative relationship with these clients changes, the company may face risks such as reduced orders or customer loss. Furthermore, Lianxun Yiqin has a relatively high asset-liability ratio. According to the prospectus, as of the end of the third quarter last year, the company's asset-liability ratio was 49.74%, exceeding the industry average of 16.09%. In the first quarter of this year, its asset-liability ratio was 55.3%.
Lianxun Yiqin's market share also lags significantly behind that of leading international manufacturers. According to Frost & Sullivan data, overseas companies represented by Keysight and Anritsu held approximately 84% of the Chinese optical communication testing instrument market in 2024, while domestic enterprises accounted for about 16% of the market share, with Lianxun Yiqin holding a 9.9% share. Lianxun Yiqin stated that compared to international industry leaders, it still faces numerous gaps in areas such as market share, product maturity, and experience across multiple application fields.
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