Lianxun Instruments' Q3 2026 net profit was 1.439 billion yuan, with a single quarter exceeding the first half of the year

Single-quarter profit exceeds the first half of the year: how much of the computing power dividend did Lianxun Instruments capture? Source: Bandaozongheng Published: 2026-10-30 16:03 Equipment financial report generates poster Net profit grew 34-fold.

The tailwind of this round of AI computing power is lifting the performance of optical communication test equipment companies to a new level. Suzhou Lianxun Instruments recently disclosed its 2026 third-quarter report, with both revenue and net profit surging sharply. The report shows that in the third quarter the company achieved operating revenue of 2.512 billion yuan, a year-on-year increase of 711.40%, net profit attributable to the parent company of 1.439 billion yuan, a year-on-year increase of as much as 3488.07%, and net profit after deducting non-recurring gains and losses of 1.372 billion yuan, a year-on-year increase of 3404.27%. Basic earnings per share for the quarter were 9.47 yuan, and the weighted average return on net assets reached 35.03%.

Extending the timeline to the first three quarters, the growth momentum becomes even clearer. Lianxun Instruments' operating revenue for the first three quarters totaled 4.043 billion yuan, a year-on-year increase of 401.91%, net profit attributable to the parent company was 2.006 billion yuan, a year-on-year increase of 1975.60%, net profit after deduction was 1.934 billion yuan, a year-on-year increase of 1980.84%, basic earnings per share were 14.85 yuan, and the weighted average return on net assets reached 67.50%, up 54.21 percentage points from the same period last year. One detail worth pondering is that the single-quarter net profit attributable to the parent company in the third quarter was 1.439 billion yuan, already exceeding the sum of profits in the two quarters of this year's first half, and the company's profitability is still accelerating.

Why did performance explode? The company explained the reasons very directly in the report. Benefiting from the development of artificial intelligence technology, the increase in global computing power demand, and the acceleration of data center construction, demand for high-speed interconnect products has continued to grow rapidly. Optical module and optical chip manufacturers have a strong willingness to expand production, driving rapid growth in market demand for the company's communication test instrument products and optoelectronic device test equipment products, and promoting growth in sales scale and operating revenue. In the final analysis, this is a chain reaction in which computing power investment directly drives optical module capacity expansion, which then transmits upward to test instruments and equipment.

From the profit structure, the quality of growth is quite solid. Net profit after deduction for the first three quarters was 1.934 billion yuan, a very small gap from the 2.006 billion yuan net profit attributable to the parent company, indicating that performance mainly comes from real profits from the main business rather than reliance on one-off factors such as government subsidies and investment income. During the reporting period, non-recurring gains and losses totaled about 72 million yuan, a limited proportion. More importantly, the company's gross margin is at an extremely high level. Operating costs for the first three quarters were only 1.009 billion yuan, corresponding to revenue of 4.043 billion yuan, for a gross margin of around 75%, which shows the pricing power of the test instrument industry. The company also mentioned in the report that the continuous improvement in gross margin level was precisely an important reason why total profit increased by as much as 2246.61%.

Improvement at the cash flow level also deserves attention. In the first three quarters, net cash flow from the company's operating activities was 1.521 billion yuan, compared with a net outflow of 25 million yuan in the same period last year, achieving a turn from negative to positive. Sales collections improved significantly, and book profits matched real cash well; rapid expansion did not come at the expense of cash flow.

The rapid expansion on the balance sheet side reflects the company's recent capital operations and business expansion. At the end of the reporting period, the company's total assets were 8.329 billion yuan, up 363.04% from the end of the previous year, and equity attributable to the parent company's owners was 4.834 billion yuan, up 438.78% year-on-year. On the balance sheet, trading financial assets increased from 0 at the beginning of the period to 2.709 billion yuan, monetary funds increased from 326 million yuan to 1.041 billion yuan, paid-in capital increased from 77 million yuan to 152 million yuan, capital reserves increased from 606 million yuan to 2.471 billion yuan, and cash received from financing activities reached 1.959 billion yuan, showing that the company replenished ample ammunition through additional issuance and fundraising. Inventory and accounts receivable grew substantially accordingly, leaving enough room for subsequent shipments.

At the R&D level, the company maintained high-intensity investment. R&D investment in the first three quarters totaled 399 million yuan, a year-on-year increase of 99.15%, of which third-quarter R&D investment was 150 million yuan, a year-on-year increase of 132.67%. It should be noted that because the revenue base expanded rapidly, R&D investment as a proportion of revenue fell from about 24.89% last year to 9.88%. The proportion declined somewhat, but the absolute amount continued to increase, reflecting the company's rhythm of seizing the market window while building up technology reserves.

Looking back at the track, what Lianxun Instruments has caught is precisely the hottest link in the current semiconductor industry chain. Against the backdrop of accelerating AI data center construction and optical modules iterating toward higher speeds, optical communication test instruments have become indispensable infrastructure in the capacity expansion wave. As an important player in China's optical communication testing field, Lianxun Instruments directly benefits from this wave of capital expenditure expansion. However, it should also be noted that high growth is built on a low base and resonance with industry prosperity. Once computing power demand cools and optical module manufacturers slow the pace of capacity expansion, order visibility for test equipment may also shrink accordingly, and performance elasticity carries two-way risks.

On the answer sheet of the third-quarter report, Lianxun Instruments delivered growth that drew market attention. Whether this explosive growth can continue depends on the sustainability of AI computing power demand, the pace of optical module iteration, and the company's competitive positioning in the high-speed interconnect testing field. For the industry chain, Lianxun Instruments' report card is both a footnote to the prosperity of optical communications and a window for observing the transmission effects of computing power investment.

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