疫情影响滤波器业务发货 三安光电Q1增收不增利

4月25日，三安光电发布一季度报告称，今年一季度，公司实现营业收入31.07亿元，同比增长14.35%；归属于上市公司股东的净利润0.46亿元，同比下降43.01%。

三安光电称，报告期内，受疫情管控、年度检修及下游客户节奏调整的影响，公司集成电路业务（含厦门市三安集成电路有限公司、湖南三安半导体有限责任公司、泉州三安半导体科技有限公司滤波器业务）整体实现营收 6.20 亿元，实现净利润 1.52 亿元（含当期确认的非经常性损益 2.15 亿元）；其中滤波器业务受疫情影响，导致部分客户无法顺利完成验厂，发货受到影响，仅实现销售收入 0.16 亿元。根据与客户初步沟通情况，随着疫情影响的消除，未来将逐步补足。

这也导致其存货金额增加。报告期内，三安光电存货金额与 2021 年 12 月 31 日相比增加 7.12 亿元，其中原材料增加 1.50亿元、在产品增加 1.39 亿元、半成品增加 0.65 亿元、库存商品增加 3.58 亿元。库存商品增加3.58 亿元，其中 LED 外延芯片业务增加 2.30 亿元、集成电路业务(包含湖南三安半导体有限责任公司、泉州三安半导体科技有限公司的滤波器业务、厦门市三安集成电路有限公司)增加 0.99 亿元、LED 应用品业务增加 0.29 亿元。

与此同时，三安光电还披露了2021年度业绩报告。2021年，公司实现营业收入125.72亿元，同比增长48.71%；归属于上市公司股东的净利润13.13亿元，同比增长29.20%。

行业周转，传统 LED 业务经过前几年的价格下降，2021 年引来拐点，上半年整体需求强劲，产品毛利率水平得到一定程度提升，下半年市场逐渐平淡。传统 LED 领域产品市场占有率将会进一步提升，每年会有一定量的增长，盈利能力将会逐渐提高。细分领域红外/紫外、车用产品、植物照明、mini/microLED 等市场渗透率正在进一步提升，特别是在 mini LED，不论是应用厂商的推广意愿，还是终端客户接受度，背光在中大尺寸产品上的解决方案最受青睐，最终背光产品以 65、75、85 吋电视、PAD、笔记本电脑、电竞显示、台式显示、VA、车载显示等为主导应用。报告期内，公司细分领域产品收入金额同比去年增长 175.47%，其中 mini/micro LED 销售额同比去年增长 246.61%，但整体细分领域营收规模不算大，占营收比例也较小。

目前，三安光电在 Mini LED 市场拓展已取得初步成效，已与 S004、A006 等国际大客户进入深度合作，部分产品已推向市场，国内客户 TCL、H002、华星等客户的电视、笔记本 Mini LED 背光解决方案均将进入小批量产，其他客户的产品解决方案也在紧密接洽。公司全资子公司泉州三安以垂直结构和倒装制成产品为主，湖北三安主要从事 mini/micro LED 业务。根据公司已获得意向订单和现有客户实际需求，两主体新扩产能正在逐步释放，相信随着公司高端产品占比的逐步提高，未来营业收入规模将会持续提高，盈利能力也将会持续改善。

而在集成电路业务方面，2021年，三安集成业务取得重大突破，实现销售收入22.31亿元，同比增长129.15%，营收迈上新台阶；同时，各大业务领域扩产建制均达成年度目标，湖南三安碳化硅产线，泉州三安滤波器产线均已通线，进入试量产，集成电路业务总在职员工规模已近 5,000 人。

射频方面，公司的砷化镓射频出货产品全面覆盖 2G-5G 手机 PA、WIFI 等应用领域，客户累计近100 家，客户地区涵盖国内外，公司代工产品（PA 功放、LNA 低噪放等）已进入国内一线品牌供应链，性能及可靠性已获业界广泛认可，应用于手机终端客户包含三星、荣耀、传音、VIVO、MOTO 及通讯模块大厂移远、广和通。公司目前拥有两座砷化镓工厂，订单稳定交付能力增强，为进一步加速客户产品迭代，保证客户未来供应链安全稳定具有重要意义。在现有工艺基础上，公司不断推出新工艺满足客户更高端的设计需求，产品技术工艺不断成熟，客户粘性进一步加强，三安集成电路将继续稳固国内射频代工龙头的地位。

滤波器方面，公司滤波器业务以衬底材料为基础，以市场需求为导向，为客户提供稳定的工艺制程制造能力和强大的供应保障。公司滤波器产品开发性能优越，推出可量产的小尺寸 Band 1+Band3 四工器，该产品性能已达行业前沿水平，成为国内首个能够提供 Phase VNR 架构所需的全套四工器和双工器产品的企业。公司的滤波器 SAW 和 TC-SAW 产品已开拓客户 41 家，其中 17 家为国内手机和通信模块主要客户，已成功进入国内手机 ODM 企业及国内外智能手机的供应链；在物联网 LTECat1 数据模块市场，公司双工器市场份额占比逐步提高，主要客户为广和通、芯讯通、美格、合宙等。预计 2022 年滤波器随着产能的释放，销售收入将会大幅提升。

光技术方面，三安光电业务涵盖全波长、全速率光发射激光器与光接收探测器。公司激光器及探测器芯片已经成功进入接入网 PON、5G 前传、数据中心、消费类 AOC 等市场领域；在百兆及千兆接入网 PON市场，公司芯片直接供货国内众多光器件封装厂，间接供货业内头部企业及 BOX 厂商；在数据中心应用市场，已成为多家数通光模块客户核心芯片供应商，间接供货部分头部数字中心；在 5G 无线应用领域，25G 探测器芯片已间接供货海外系统设备商，25G 全系列 DFB 也已逐渐成熟并在国内多家光模块厂商送样测试。在消费类 AOC 领域，公司产品已经成功进入国内国际各大主力线缆客户，间接进入亚洲以及北美的知名消费电子类巨头的供应链，实现小批量供货；光感测以及功率应用作为光技术新的战略增长点，也已经间接获得知名厂商的平板电脑、物流小车、智能汽车的采用。公司也在充分发挥平台优势，积极研发硅光技术，备于助推更高速光通信应用市场需求。消费类芯片已经进入头部手机供应链、汽车激光雷达、扫地机器人等市场领域。

In terms of power electronics, Sanan Optoelectronics' products are mainly high-power density silicon carbide diodes, MOSFETs and silicon-based gallium nitride products. In 2021, more than 500 new customers for silicon carbide diodes were developed for sample delivery, more than 200 customers were shipped, and more than 60 products have entered the mass production stage, including benchmark customers of PFC power supplies such as Vertiv, Bit, and Great Wall; the top 20 domestic customers of photovoltaic inverters such as Sungrow Power Supply, Growatt, GoodWe, and Cosda have all entered; customers such as Weimaisi and Fudi Power (BYD) for on-board chargers; Gree and Changhong in the field of home appliances; Infinix, Kehua, Invt, and Gain Capital, etc., benchmark customers in various application market segments have achieved stable supply, and with the help of technology and sales layout in countries and regions such as Europe, the United States, Japan, and South Korea, strategic cooperation has been achieved with international benchmark customers, and breakthroughs have been made in overseas markets. In terms of silicon-based gallium nitride products, about 60 customers have completed engineering sample delivery and system verification, 24 have entered the mass production stage, and the product performance is excellent. Industrial-grade silicon carbide MOSFET products have been sent to customers for verification, and automotive-grade products are being cooperated with many automobile companies for wafer design and testing. The cooperation between automotive-grade silicon carbide MOSFET and key new energy vehicle customers has made major breakthroughs. The new energy vehicle market is the core application market and an important growth driver for the power electronics product line.

Sanan Optoelectronics said that the next 2-3 years will be a crucial period for the company's development. The company will focus on the rapid expansion of the integrated circuit business and the continuous improvement of the proportion of high-end LED product structure. For this purpose, the company has made various preparations, the early customer expansion has been gradually improved, the planned capacity layout has been implemented, and the organizational structure adjustment, technology update, and internal control authority setting have been implemented. According to the company's new project capacity planning, the new capacity in the LED business segment is mainly in Quanzhou Sanan and Hubei Sanan. With the continuous release of capacity, the proportion of high-end product structure in the LED segment will increase significantly; the planned capacity of the integrated circuit new project is mainly in Sanan Integrated, Quanzhou Sanan, and Hunan Sanan. The gallium arsenide RF capacity will be expanded to 30,000 pieces/month, the filter will be expanded to 500KK/month, the power electronics silicon carbide supporting capacity will be expanded to 30,000 pieces/month, the silicon-based gallium nitride capacity will be expanded to 4,000 pieces/month, and the optical technology capacity will be expanded to 2,600 pieces/month. All capacities have been gradually implemented, which will drive the rapid growth of revenue scale.