[Lianxun Instruments] Pullback Offers Opportunity! Significant Expectation Gaps in Both Optical Communications and Semiconductors!

English summary

Today, affected by the tech sector pullback, Lianxun experienced a significant adjustment. There is no change in the company's fundamentals. Both optical communications and semiconductors have significant expectation gaps, and we firmly point out the opportunity! #Optical communications field The company possesses world-leading basic technology for optical communications testing and is one of the very few manufacturers covering the entire industry chain of wafers, chips, devices, and modules. Among them, optical chip KGD equipment demand is booming, with the company's share exceeding 50%; optical module testing is globally leading, 1.6T oscilloscopes are growing rapidly, 2.4T oscilloscopes will be launched within the year, and 3.2T is expected to land in 2027; CPO achieves full coverage of four major testing links. With rapid iteration of optical communications technology, Lianxun fully benefits from the industry dividend and is in an explosion phase! #Semiconductor field The domestic substitution of memory FT testers is from 0 to 1, a clear inflection point. The company's 18G high-speed FT tester, supporting 9.6G-14.5G multi-rate testing, has been fully completed at major memory manufacturers. The core chip succeeded on first tape-out and passed customer testing on first attempt. Bulk orders in 2026 and volume ramp-up in 2027, with expected elasticity.…