联讯仪器作为A股"单价股王"，上半年业绩迎来爆发式增长，但股价随之出现大幅回调。[1]公司上半年归母净利润同比增幅达801.96%-925.75%，预计金额在5.1亿元至5.8亿元之间。[1]然而这份亮眼成绩单未能支撑股价持续上涨，7月28日收盘时股价跌至1850元/股，较6月25日最高的2777.77元/股下滑超三成，总市值也从2800亿元缩水至1899亿元。[1]
公司市值缩水的背后存在多重风险隐患。[1]联讯仪器的流通股本极为稀小，无限售流通股份仅1929.61万股，流通占比仅18.79%，2027年4月面临单次解禁超过总股本30%的压力。[1]同时，应收账款和存货高企令人担忧——截至2026年一季度末，应收账款达5.63亿元，较2022年末增幅超525%；存货规模更是达到7.51亿元，较2022年末增幅超910%。[1]此外，公司在中国光通信测试仪器市场的竞争压力不容小觑，海外龙头Keysight占有约31%的市场份额，而联讯仪器仅占9.9%。[1]
Uni Trend Technology, long regarded as China's most expensive stock by unit price, experienced a dramatic 14% collapse on July 28, wiping approximately 900 billion yuan from its market capitalization [1]. The stock price fell to 1,850 yuan per share, down from a peak of 2,777.77 yuan on June 25, when the company's valuation had reached 2.8 trillion yuan [1].
The sharp decline came despite extraordinary earnings growth, with the company projecting first-half net profit attributable to shareholders of between 5.1 billion and 5.8 billion yuan, representing a year-over-year increase of 801.96% to 925.75% [1]. The surge was driven by heightened demand for optical communication testing equipment amid expansion of AI computing infrastructure [1]. Yet this impressive financial performance failed to sustain the stock's trajectory, as investors grew concerned about mounting risks. The company faces intense competition from overseas leader Keysight, which commands approximately 31% of the Chinese optical communication testing instrument market compared to Uni Trend's 9.9% share [1].
The stock's vulnerability stems from structural weaknesses in its capital structure and operational metrics. Uni Trend operates with an exceptionally tight float of just 19.29 million tradable shares, representing only 18.79% of total shares outstanding [1]. The company faces a significant share unlock in April 2027 when over 30% of total shares will become freely tradable [1]. Additionally, Uni Trend's balance sheet shows warning signs, with accounts receivable surging over 525% since the end of 2022 to reach 5.63 billion yuan by the first quarter of 2026, while inventory ballooned over 910% to 7.51 billion yuan during the same period [1].
