Two companies in the optical module industry chain disclosed their third-quarter earnings forecasts on the evening of October 12.
Lianxun Instruments (688808.SH), a manufacturer of optical chip testing equipment, estimated that its net profit for the first three quarters of this year will reach 1.9 billion yuan to 2.1 billion yuan, a year-on-year increase of 1,866% to 2,072.95%. Subtracting the net profit from the first half of the year, the company's third-quarter net profit is expected to be 1.333 billion yuan to 1.533 billion yuan, an increase of 32 to 37.3 times compared with the net profit of 40 million yuan in the same period last year.
Yuanjie Technology (688498.SH), an optical chip manufacturer, estimated that its third-quarter revenue this year will be 650 million yuan to 700 million yuan, a year-on-year increase of 264.56% to 292.6%, with net profit of 403 million yuan to 453 million yuan, up 578.85% to 659.7% year-on-year. Yuanjie Technology's third-quarter non-GAAP net profit is expected to be 400 million yuan to 450 million yuan, an increase of 678.44% to 775.74% year-on-year.
Regarding the reasons for the earnings changes, Lianxun Instruments stated that during the reporting period, the accelerated construction of data centers drove optical module and optical chip manufacturers to expand production, boosting sales growth of the company's communication testing instrument products and optoelectronic device testing equipment. Yuanjie Technology said the main reason for the substantial revenue growth was increased revenue from data center business, with growing shipments of CW laser chip products. The company's products are mainly data center products, and the gross margin remained at a high level.
On a quarter-on-quarter basis, Lianxun Instruments' third-quarter net profit rose 197% to 242% quarter-on-quarter, with the single-quarter net profit for the third quarter alone exceeding the first-half net profit of 567 million yuan. However, although Yuanjie Technology expects third-quarter revenue growth, its net profit changed little quarter-on-quarter and could even decline. Based on the company's earnings forecast, Yuanjie Technology's third-quarter revenue grew 14% to 22.8% quarter-on-quarter, while net profit changed -5.8% to 5.8% quarter-on-quarter.
Both Lianxun Instruments and Yuanjie Technology have optical module manufacturers as downstream customers. Yuanjie Technology supplies laser chips to optical module manufacturers, while Lianxun Instruments supplies testing instruments to optical module manufacturers.
Among them, Lianxun Instruments is a supplier to optical module manufacturers Zhongji Innolight (300308.SZ) and Eoptolink Technology (300502.SZ). In the first three quarters of last year, its top five customers included Zhongji Innolight and Eoptolink Technology, with sales accounting for 7.17% and 6.3% respectively.
On April 17 this year, Yuanjie Technology's stock price surpassed that of Kweichow Moutai (600519.SH), making it the "stock king" of A-shares. By the intraday session on May 18, Lianxun Instruments, which had been listed for less than a month, saw its stock price exceed 1,350 yuan per share, becoming the new "stock king" of A-shares.
As of the close on October 12, there were three thousand-yuan stocks in the A-share market, including Yuanjie Technology and Lianxun Instruments. However, on October 12, Yuanjie Technology fell 6.96% to close at 1,122.11 yuan per share, wiping out 10.4 billion yuan in market value that day; Lianxun Instruments dropped 8.13% to close at 1,277 yuan per share, erasing 17.1 billion yuan in market value that day; Kweichow Moutai rose 1.98% to close at 1,288 yuan per share, surpassing Lianxun Instruments in share price and reclaiming the title of A-share "stock king."
Recently, the share prices of several optical module-related stocks in the A-share market have fluctuated and declined. From September 21 to October 12, Yuanjie Technology's stock price fell 38.81% cumulatively. Zhongji Innolight, part of the optical module concept stocks known as "Yi Zhong Tian," fell 21.68% cumulatively, Eoptolink Technology dropped 21.89% cumulatively, and T&S Communications (300394.SZ) declined 19.36% cumulatively. From September 9 to October 12, Lianxun Instruments' stock price fell 28.76% cumulatively.
Lianxun Instruments, Yuanjie Technology, T&S Communications, Eoptolink Technology and Zhongji Innolight will successively disclose their third-quarter financial reports by the end of October, when the A-share optical module industry chain will deliver its latest report card.
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