2026年三季度业绩超预期，AI相关光纤需求强劲

Morgan Stanley's earnings update on Yangtze Optical Fibre and Cable (6869.HK) after its 3Q26 results. Revenue reached Rmb9.3bn, up 139% YoY and 14% ahead of the firm's estimate; management attributed growth to an improved revenue mix in the main business, alongside relatively rapid YoY increases in both sales volume and ASP of major optical products. Gross margin was 57.4% in 3Q26, up significantly from 29.7% in 3Q25 but slightly below 60.5% in 2Q26. The selling & distribution expense ratio fell to 2.35% from 3.75% in 1H26, the G&A ratio compressed to 5.00% from 7.16%, and the R&D ratio was steady at 5.31% versus 5.11%, reflecting sustained investment in next-generation optical communication solutions. The opex ratio declined to 12.66% from 16.02% in 1H26. Net profit of Rmb3.2bn rose 1,742% YoY and beat the estimate by 27%, driven by rapid revenue growth and significant margin expansion. The analyst notes that accelerated deployment of AI clusters and data centers has triggered a susta