联讯仪器IPO：国产高端测试仪器设备龙头，携手光模块巨头业绩高增，募投加码存储赛道未来可期

Core Viewpoint - The article highlights the rapid advancement of AI computing power and the critical role of optical communication in supporting this growth, particularly through the development of high-speed optical modules and testing equipment. It emphasizes the position of Suzhou Lianxun Instrument Co., Ltd. as a key player in breaking the international monopoly in the optical communication testing equipment market and its upcoming IPO to fund further development in this area [1][20]. Group 1: Company Overview and Market Position - Lianxun Instrument was founded in 2017 by experts with backgrounds in optical and communication fields, recognizing the growth potential in the new generation of optical communication driven by 5G [2]. - The company has become one of the few domestic manufacturers capable of producing 800G/1.6T optical module testing equipment, achieving performance levels comparable to international standards [2][3]. - In 2024, Lianxun's revenue from its error analysis instruments reached 58.49 million yuan, accounting for 15.99% of total revenue [2]. Group 2: Product Matrix and Revenue Breakdown - The company has developed a comprehensive product matrix, focusing on electronic measurement instruments and semiconductor testing equipment, with communication testing instruments making up 96.84% of the electronic measurement revenue in 2024 [3]. - In 2024, the revenue from semiconductor testing equipment was 353.78 million yuan, with optical electronic device testing and power device testing contributing 42.08% and 54.60% respectively [3]. Group 3: Financial Performance and Growth - Lianxun's revenue grew from 214.39 million yuan in 2022 to 805.62 million yuan in the first nine months of 2025, indicating strong growth momentum [10]. - The company turned a profit in 2024 with a net profit of 140.49 million yuan, and in the first nine months of 2025, the net profit reached 96.64 million yuan, showcasing continuous improvement in profitability [12]. Group 4: Technological Advancements and Competitive Edge - Lianxun has established a platform-level core technology system, mastering key technologies such as core chips and algorithms, which enhances product performance and supports business expansion [7]. - The company's gross margin increased from 43.61% in 2022 to 63.63% in 2024, reflecting the high value and scarcity of high-end testing instruments [7]. Group 5: Market Demand and Policy Support - The demand for optical modules is expected to surge due to the AI-driven growth in computing power, with significant investments from major tech companies exceeding 300 billion USD [10][14]. - The global market for optical modules is projected to grow at a compound annual growth rate (CAGR) of 27% from 2024 to 2029, reaching 25.8 billion USD by 2029 [15]. Group 6: Future Growth and IPO Plans - Lianxun plans to raise 1.711 billion yuan through its IPO, with funds allocated for the development of next-generation optical communication testing equipment and other projects [19]. - The company aims to leverage its comprehensive product matrix and technological advantages to capture growth opportunities in optical communication, silicon carbide power devices, and storage testing [20].