换肤

乾照光电

i问董秘
企业号

300102

主营介绍

  • 主营业务:

    半导体光电产品的研发、生产和销售业务。

  • 产品类型:

    外延片、芯片

  • 产品名称:

    LED外延片及芯片 、 砷化镓太阳能电池产品 、 感测及光通信芯片

  • 经营范围:

    一般项目:光电子器件制造;其他电子器件制造;集成电路制造;半导体分立器件制造;电子元器件制造;照明器具制造;光伏设备及元器件制造;工程和技术研究和试验发展;电子元器件零售;信息技术咨询服务;光电子器件销售;金银制品销售;有色金属合金销售;货物进出口;土地使用权租赁;住房租赁;非居住房地产租赁;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;科技推广和应用服务。(除依法须经批准的项目外,凭营业执照依法自主开展经营活动)

运营业务数据

最新公告日期:2026-08-24 
业务名称 2026-06-30 2025-12-31 2025-06-30 2024-12-31 2024-06-30
产能:在建产能:外延片及芯片(片/年) 514.59万 533.59万 533.59万 543.67万 636.00万
产能:实际产能:外延片及芯片(片/年) 1145.42万 2357.89万 1188.86万 2323.93万 1150.29万
库存量:半导体光电(片) - 378.32万 - 315.83万 -

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了22.64亿元,占营业收入的66.57%
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客户名称 销售额(元) 占比
第一名
11.38亿 33.46%
第二名
4.29亿 12.61%
第三名
4.17亿 12.27%
第四名
1.86亿 5.47%
第五名
9374.99万 2.76%
前5大供应商:共采购了21.37亿元,占总采购额的76.33%
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供应商名称 采购额(元) 占比
第一名
8.86亿 31.64%
第二名
8.73亿 31.19%
第三名
1.46亿 5.22%
第四名
1.29亿 4.62%
第五名
1.03亿 3.66%
前5大客户:共销售了12.08亿元,占营业收入的49.66%
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客户名称 销售额(元) 占比
第一名
3.38亿 13.89%
第二名
2.86亿 11.75%
第三名
2.46亿 10.11%
第四名
2.11亿 8.66%
第五名
1.28亿 5.25%
前5大供应商:共采购了10.04亿元,占总采购额的48.83%
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供应商名称 采购额(元) 占比
第一名
4.56亿 22.18%
第二名
1.70亿 8.29%
第三名
1.51亿 7.35%
第四名
1.21亿 5.88%
第五名
1.06亿 5.13%
前5大客户:共销售了13.29亿元,占营业收入的55.66%
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客户名称 销售额(元) 占比
第一名
5.27亿 22.09%
第二名
2.58亿 10.82%
第三名
2.53亿 10.58%
第四名
1.52亿 6.38%
第五名
1.38亿 5.79%
前5大供应商:共采购了10.15亿元,占总采购额的55.83%
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供应商名称 采购额(元) 占比
第一名
5.10亿 28.04%
第二名
2.21亿 12.15%
第三名
1.45亿 7.99%
第四名
8723.37万 4.80%
第五名
5191.08万 2.85%
前5大客户:共销售了9.48亿元,占营业收入的55.81%
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客户名称 销售额(元) 占比
第一名
2.72亿 16.01%
第二名
2.06亿 12.12%
第三名
1.82亿 10.71%
第四名
1.78亿 10.50%
第五名
1.10亿 6.47%
前5大供应商:共采购了5.77亿元,占总采购额的44.25%
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供应商名称 采购额(元) 占比
第一名
2.11亿 16.18%
第二名
1.35亿 10.39%
第三名
9932.41万 7.62%
第四名
6734.94万 5.17%
第五名
6371.68万 4.89%
前5大客户:共销售了11.29亿元,占营业收入的60.06%
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客户名称 销售额(元) 占比
第一名
3.80亿 20.20%
第二名
3.12亿 16.58%
第三名
2.01亿 10.69%
第四名
1.52亿 8.10%
第五名
8433.60万 4.49%
前5大供应商:共采购了4.16亿元,占总采购额的38.05%
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供应商名称 采购额(元) 占比
第一名
1.26亿 11.55%
第二名
1.08亿 9.88%
第三名
7296.08万 6.67%
第四名
6813.44万 6.23%
第五名
4055.20万 3.71%

董事会经营评述

  一、报告期内公司从事的主要业务
  1、公司从事的主要业务
  报告期内,公司主要从事半导体光电产品的研发、生产和销售业务,主要产品为LED外延片/芯片、砷化镓太阳能电池产品、感测及光通信芯片。
  2、公司主要经营模式
  (1)采购模式
  公司采购依据销售预测、生产计划、品类采购周期,分品类建立年、季度、月度采购模式,同时分级分类管理各品类资源池,选择多家实力雄厚、交货及时、服务意识好的供应商建立战略合作伙伴关系,确保供应安全,有序运营。
  (2)研发模式
  公司始终将技术创新作为企业发展的核心驱动力,采用“自主研发为主、合作研发为辅”的多元化研发模式,致力于化合物半导体相关领域... 查看全部▼

  一、报告期内公司从事的主要业务
  1、公司从事的主要业务
  报告期内,公司主要从事半导体光电产品的研发、生产和销售业务,主要产品为LED外延片/芯片、砷化镓太阳能电池产品、感测及光通信芯片。
  2、公司主要经营模式
  (1)采购模式
  公司采购依据销售预测、生产计划、品类采购周期,分品类建立年、季度、月度采购模式,同时分级分类管理各品类资源池,选择多家实力雄厚、交货及时、服务意识好的供应商建立战略合作伙伴关系,确保供应安全,有序运营。
  (2)研发模式
  公司始终将技术创新作为企业发展的核心驱动力,采用“自主研发为主、合作研发为辅”的多元化研发模式,致力于化合物半导体相关领域的前沿技术突破和产品创新。公司注重研发管理的规范化和高效化,建立了从项目立项、过程管控到成果评估的全流程管理体系,确保研发项目的顺利推进。
  (3)生产模式
  公司根据客户需求,结合产品库存和产能情况,制定相应生产计划,将生产计划导入MRP输出物料计划与采购计划。生产制造部门负责生产计划的具体组织和实施,在计划执行过程中,通常还会根据客户需求变化和产出情况对生产计划做出适当调整。生产过程中严格执行流程规范,对生产过程中的产品质量进行全过程质量监控及检测验证,确定产品的生产过程严格遵照公司的操作指导文件,按产品检验标准验收入库,依合同订单备货、出货。
  (4)营销模式
  公司市场营销主要采取直销模式。凭借专业的销售团队和完善的市场布局,高效对接客户,设立了国内和国际营销部门,精准把握不同区域的市场动态和客户需求。公司建立完善的市场调研、研发以及客户服务体系,贯穿于产品研发、技术指导以及售后服务等各个环节,为客户提供全方位的深度服务和综合解决方案。
  在国内市场,公司战略布局关键区域,如在长三角、珠三角等地设立多个办事处,并安排经验丰富的业务团队常驻,以快速响应区域内封装客户的订单需求。在国际市场,公司注重与国际客户的深度合作,通过参与国际行业展会、与国际合作伙伴建立战略合作关系等方式,不断提升品牌知名度和市场影响力。
  3、经营情况总结与分析
  2026年上半年度,公司围绕“全球领先的化合物半导体光电产品解决方案提供商”发展战略,聚焦“LED+商业航天+光通信”三大业务板块,执行“聚焦客户、改结构、拓海外、控风险,持续提升公司核心价值”的经营方针,各业务板块顺势而为、协同发展、平稳运营,公司实现营业收入89,009.35万元,主营业务收入86,674.84万元,实现归属于上市公司股东的净利润为9,044.72万元,同比30.64%。
  分季度,得益于公司通过优化产品结构,提高高端产品占比、缩减低端产品,2026年第二季度营业收入环比增长17.56%、营业毛利率环比提升2.02个点,归母净利润及扣非净利润分别环比改善105.15%、202.61%,盈利水平改善;同时因含金废料业务调整为委外提纯复用影响逐步消除,二季度经营性现金流明显好转环比增长254.45%。
  (1)强化业务协同运行机制,持续巩固公司经营成果
  1)全色系LED
  公司通过自主研发,积累多项外延片、芯片生长及制备环节的实用技术,业务覆盖通用LED、背光、MicroLED、车载、植物照明等应用场景,围绕各类场景使用痛点开展定向技术攻关,与晶合光电、思坦半导体等产业上下游合作方达成战略合作,保障各条业务线稳步运营,LED板块营收保持平稳,盈利水平持续优化。
  ①通用LED
  传统SMD芯片,公司持续优化外延结构与芯片尺寸方案,改善产品综合性能,户内外市场份额稳步增长。MiniLED直显方面,已量产0206尺寸芯片,同步布局开发0205、0204等更小尺寸的下一代产品。AM驱动高压MiniLED芯片方面,已量产0306尺寸芯片,微安级光效业内领先,同步布局下一代更小尺寸产品。高光效照明产品方向,通过优化外延底层晶体质量,有效减少载流子非辐射复合,实现芯片在小电流应用下光效提升,达到行业领先水平,同步开展Ag镜高光效工艺研发。普通照明产品方向,公司通过优化ITO欧姆接触电阻,显著提升了芯片在高电流密度下的电流扩散能力,从而以更小尺寸芯片满足客户同等性能需求。
  ②背光
  RGB背光方面,公司与海信等头部客户深度协作,集中优势资源攻克了红光热衰、光色一致性差及绿光光谱过宽等核心技术瓶颈,产品矩阵涵盖1030、1836、0914系列,已进入国际一线供应链,产品综合性能稳居行业前列。传统背光方面,发挥耐湿、抗静电方面的产品优势,适配下游终端出海业务需求,并在此基础上,通过底层技术的持续迭代实现亮度的稳步提升,以“高可靠+高性能”的双重优势,持续巩固并扩大市场份额。
  ③MicroLED
  与头部封装客户合作开发的MIP产品已稳定量产交付。MicroCOG方面完成六英寸外延及芯片结构开发,产品性能获头部企业认可。适配投影显示的芯片已通过国际大厂验证,正处在批量量产与产能提升阶段。3D显示方面,与客户合作开发的芯片产品实现了业内首创的裸眼3D显示开发与展示。新兴的车载ADB像素大灯领域,公司已与多家头部企业形成战略合作,多款不同像素密度的样品完成交付,显示效果与亮度优于国际车灯大厂,目前正进行车载可靠性测试与量产爬坡。
  ④车载
  公司系统推进车规级LED芯片的技术研发与体系建设。依托银镜产品和外延生长技术创新,保障芯片在宽温域环境下的光电性能稳定性,构建具备高可靠性的车规级芯片工艺平台。公司已取得多项管理体系认证,建立了覆盖研发、生产、出货全流程的车规级管控流程,产品覆盖车外信号照明、车内氛围照明及智能交互指示三大应用领域,可全面满足汽车前装市场对可靠性、一致性与寿命的严苛标准,已完成供应商供应链项目认证及导入。
  ⑤植物照明
  公司长期聚焦高光效植物照明LED芯片研发,目前已形成覆盖660nm和730nm波段、多尺寸规格的产品矩阵,可全面适配垂直农场、设施园艺、工业种植等差异化应用场景需求。在小尺寸植物照明产品上,产品性能达到行业领先水平。对于大尺寸植物照明产品,公司致力于提升产品关键性能参数,其中,660nm红光芯片光合光子效能超过4.65μmol/J,85℃热态下光功率维持率超99%,单颗最大驱动电流可达1.8A。
  2)商业航天
  报告期内,公司持续加码太阳电池研发投入,核心技术攻关与产业化落地成效显著。成功开发面向商业航天的低成本刚性砷化镓4/6寸太阳电池,精准响应下游多样化需求。攻克空间柔性砷化镓太阳电池抗辐照关键技术,满足下一代空间柔性太阳翼需求。借助集团海外渠道优势,建立欧洲办事处,已与多家海外客户实现订单交付,海外收入同比增长超30%。同时,提升室内弱光环境下电池芯片光电转换效率,实现消费级可穿戴电池芯片产品批量出货。聚光砷化镓三结太阳电池产品实现批量出货,同步推进更高效率五结太阳电池研发,逐步夯实自身的技术积累。
  在产业布局方面,公司联合中建投资本管理(天津)有限公司、建投华科投资股份有限公司共同发起设立商业航天产业基金,公司出资15,300万元,持有该基金50.83%的财产份额。该基金已完成对北京蓝箭鸿擎科技有限公司Pre-B轮投资,此次投资是公司加码卫星互联网赛道的又一重要战略布局。此外,公司与珠海鸿钧新能源有限公司签署战略合作协议,双方聚焦异质结(HJT)太空电池领域开展深度合作,合力开拓商业航天市场空间。
  3)光通信
  报告期内,公司聚焦光通信产品产业化和商业化,持续推进研发投入和客户拓展。其中,VCSEL数据光通信100G产品已进入流片阶段;CW-DFB光芯片与海信旗下兄弟公司实现合作落地,MicroLED光通信与高校开展产学研合作,同时积极与下游模块厂商形成研发协同,针对性开发多款专用芯片,已进入送样验证阶段;车载光通信,980nm系列产品已完成送样,核心性能指标通过客户验证;车载多结激光雷达芯片,全自研输出功率达50W,已在客户验证;高端单模传感芯片,自研660nm和1064nm等多款VCSEL芯片已在消费终端和医美终端实现量产,超低功耗、窄线宽的850/940nm单模VCSEL芯片已通过国内客户验证。
  (2)优化供应链管理体系,持续推进降本增效
  公司坚持以市场和客户为导向,不断完善需求到交付全流程管理,推进产品迭代优化与质量改善,深化供应商战略合作和采购品类分级管理,有效对冲成本波动风险;持续推进产线自动化、精益生产管理,提升设备综合效率与人均产出;同步优化债务结构,压降融资成本,多措并举降本控费挖掘利润空间。报告期内期间费用同比下降22.61%,资金使用效能有效提升。
  (3)厚植人才根基,激发组织创新活力
  报告期内,公司坚持人才引领发展,健全以价值贡献为导向的考核激励与约束机制,推动“能者上、平者让、庸者下、劣者汰”,激发干事创业活力。聚焦核心业务与新兴领域,加大关键人才引进,完善干部梯队培养,建设高素质人才队伍。抢抓AI发展机遇,加快引进高端人才;上半年开展全员《AI时代的领导力》学习,统一“LeadershipforAll”语言,以“意识—技能—案例”路径推动员工重塑AI时代领导力技能,并建立全员AI素养提升与认证体系。同步组建细胞组织,以此为载体深化“以用户为中心”的扁平化组织建设,推动向开放创新型组织转型,鼓励全员立足岗位、洞察痛点、贡献创意,以组织活力释放人才效能,支撑公司高质量发展。
  4、公司所处行业情况
  (1)技术突破叠加资本加持,商业航天即将进入快速发展期
  1)卫星发射规模创历史同期新高,核心星座组网进入批量化部署阶段。2026年上半年,中国航天共完成44次发射,较2025年增长约26%;累计将223颗卫星送入预定轨道,较去年增长约46%。其中,商业卫星占全部入轨卫星约92%。GW国网星座和千帆星座等国内两大低轨互联网星座成为拉动发射频次与入轨数量双增长的最直接引擎。2026上半年,两者合计发射143颗卫星,占上半年商业卫星发射量的69%,较去年涨幅达122%,预计全年将合计发射卫星超400颗,进入批量化部署新阶段。
  2)可回收火箭试验成功,发射成本迎来革命性降低。2026年上半年,中国可回收火箭进入有史以来最密集的新型号验证窗口,国家队与民营企业并行推进,技术路线呈现“垂直着陆+海上网系回收+海上溅落回收”三条路径同步发展的格局。2026年7月10日,长征十号乙成功首飞,并同步实现全球首创的海上网系回收技术,标志着中国成为全球第二个掌握大运力可回收火箭技术的国家。2026年8月19日,朱雀三号采用“液氧甲烷推进剂+不锈钢箭体结构+着陆腿垂直回收”的技术方案,首次实现运载火箭一子级陆地支腿回收。可回收火箭的核心价值在于将火箭从“一次性消耗品”转变为“可复用资产”,随着火箭可回收技术成熟、火箭发射成本优化,行业在星座组网需求与终端消费路径开拓下将迎来快速增长阶段,产业链上下游企业有望整体受益。
  3)资本和政策持续加持,市场空间提升进入快通道。科创板“1+6”改革将商业航天纳入第五套上市标准适用范围,允许尚未盈利但技术领先的企业上市,多家商业航天企业的IPO进程均在加速。据泰伯智库《2026上半年中国商业航天产业进展》数据显示,2026年上半年,国内商业航天公开披露的融资事件89起,对应融资金额合计151.3亿元。同时,国家航天局2025年发布商业航天发展指导意见,明确将在轨服务纳入重点支持领域;上海、北京、广东等地纷纷出台商业航天产业集群规划。资本和政策双重加持,将极大促进商业航天行业的快速发展。
  太阳翼作为航天器核心能源组件,其市场规模与卫星部署节奏直接挂钩。据IIM信息产业链报告,2026年全球卫星太阳翼市场预计达到112.9亿美元,同比增长29.2%;2025–2030年年均复合增长率约19.6%。而在全球空间太阳能电池市场中,多结化合物电池片(以砷化镓三结/四结为主)占据绝对主导地位。
  (2)LED行业整体平稳,结构分化加剧,新技术应用提速
  2026年,LED产业链呈现“市场规模稳增、需求结构深度分化、新技术应用全面提速”的发展特征、整体规模稳定,正通过化合物半导体技术迭代、应用场景多元化扩张及软硬件协同商业模式创新,实现从传统光源器件向智能座舱交互中枢、AI终端显示界面跨界价值重构。
  1)通用LED
  RGB直显是通用LED行业的传统应用场景,在高分辨率面板需求升级、城市数字化进程加速、小间距LED技术持续创新以及亚太和中东大型基础设施项目建设的推动下,RGB直显行业保持平稳增长。据MordorIntelligence预估,2026年市场规模约207.3亿美元,增速约5.41%。未来竞争格局方面,市场呈现“中国厂商主导、国际巨头跟进”的态势。技术路线方向上,行业正从传统SMD向COB集成封装、虚拟像素技术、≤1.5mm超小点间距演进;MiniLED和MicroLED作为下一代显示方案,在控制室、广电演播室等高端场景渗透率将持续提升。
  作为通用LED行业的最重要市场构成,传统照明行业在全球各国政府强制淘汰白炽灯与卤素灯法规、智慧城市与互联基础设施投资、LED安装的二次替换周期启动以及绿色建筑标准趋严等多个因素催化下,仍保持一定增长。据MarketResearchFuture预估,2026年市场规模约1,190亿美元,增速约6.0%。未来竞争格局方面,市场集中度中等,前五名企业合计占30%-38%份额,竞争重心正从硬件规格转向软件平台能力与渠道生态。
  2)背光
  随着8K超高清与HDR内容普及、车载显示高亮度需求爆发,以及量子点增强技术成熟,显示背光行业的市场规模持续增长,据GlobalInformation预估,2026年市场规模约158亿美元,整体增速约8%。技术路线方向上,MiniLED背光技术更加成熟和普及,实现了从“白光背光”向RGB全彩背光的巨大跨越,技术成熟度提升叠加产业链规模化降本,推动其从高端市场向中低端机型全面渗透,推动电视市场背光系统实现结构性变革,促使应用场景从电视延展至IT显示、车载显示、商用显示等专业细分市场。据TrendForce预测,至2029年MiniLED背光市场将保持年化17%的增速。
  3)MicroLED
  MicroLED整体市场仍以小众高端需求为主,但增速迅猛。在超高亮度与能效需求、AR/VR设备轻量化趋势、汽车数字座舱与HUD升级,以及可穿戴设备对长寿命显示的追求等多因素提振下,据CompoundSemiconductor预估,2026年市场规模约20.3亿美元,增速高达73.2%。技术路线方向上,核心瓶颈在于巨量转移工艺,激光转移、印章转移和流体自组装三条路线并行发展;同时,CMOS驱动背板集成和全彩化方案是决定成本和良率的关键技术节点。随着技术成熟、成本下降,MicroLED将率先在高端TV、智能手表和AR眼镜领域实现规模化商用。
  4)车载
  在全球电动汽车渗透率提升、SDV推动数字化照明系统、ADAS功能集成需求,以及汽车外观设计个性化趋势等多因素催化下,据TheBusinessResearchCompany预估,车载照明在2026年市场规模约224.6亿美元,增速约6%。技术路线方向上,行业正从传统照明向高附加值数字照明系统转型:ADB自适应远光灯、DLP数字投影大灯、MicroLED/OLED尾灯、智能表面照明成为主要方向。供应商正加速与SDV平台和ADAS系统深度集成,通过软件实现照明功能的定制化与智能化。
  5)植物照明
  全球室内农业与垂直农场快速扩张、水培/温室种植技术普及等推动精准光谱需求,以及气候变化下粮食安全诉求增强,据TheBusinessResearchCompany预估,2026年仅LED植物生长灯的市场规模约为60.9亿美元,增速约26.8%。
  技术路线方向上,行业从“固定光谱”向“动态可调多通道光谱”演进,远红和UV波段的应用成为提升特定作物产量和品质的关键;照明通过AI驱动的光谱调整系统与作物生长周期、能源价格联动。
  (3)AI算力驱动光通信扩张,新技术改变竞争格局
  1)AI算力驱动光通信产业链全面扩产。2026年,随着AI大模型数据规模指数级攀升,光通信技术战略地位已从传统配套支撑升级为决定AI行业扩张速度的关键要素。2026年上半年光通信产业链扩产提速,仅光通信芯片方面,涉及投资总额近150亿元人民币。光通信产业链正经历从“通信管道”到“AI算力基石”的范式转变。在云厂商“军备竞赛”式的资本开支、技术快速迭代与产业升级和供应链价值重构与供应瓶颈凸显等因素驱动下,行业规模高速增长,据QYResearch预估,2025年全球市场销售额达到了368亿美元,预计2032年将达到672亿美元。
  2)技术快速迭代,市场规模持续增长。光模块行业正处400G以下产品快速出清、800G成为市场绝对主力、1.6T进入大规模交付的关键拐点。1.6T产品在2026年正式进入大规模交付元年,出货量相较2025年实现约10倍增长。3.2T作为下一代技术方向,行业竞争加速,国内厂家纷纷加大投资,拓建产能。据LightCounting预测,2026年全球数通光模块市场规模有望达228亿美元,数据中心光芯片市场规模增速超过20%。据IIM信息预估,受数据中心内部光互联、消费电子3D传感以及车载激光雷达三大应用场景的协同驱动,VCSEL面发射激光器芯片市场规模在2026年突破52.8亿美元,实现18.4%的同比增长。与此同时,2025年微软推出MOSAIC光互连方案,采用低速并行MicroLED通道进行数据传输,其在功耗、可靠性、成本方面具有显著优势,有望在垂直扩展的数据中心网络中,与主动式电缆及VCSELNPO并列为机柜内三大短距高速传输方案。据TrendForce集邦咨询预估,MicroLEDCPO光收发模块市场产值将于2030年达8.48亿美元。
  5、公司所处行业政策信息
  6、公司所处行业的周期性特点
  公司所属行业季节性影响不明显,周期性与国民经济周期基本一致,同时受产业技术进步影响。
  7、同行业公司情况
  公司需遵守《深圳证券交易所上市公司自律监管指引第4号——创业板行业信息披露》中的“LED产业链相关业务”的披露要求

  二、核心竞争力分析
  1、控股股东协同赋能优势
  公司依托控股股东海信集团实现全方位协同赋能,双方在技术研发、市场渠道及客户资源等多方面深度整合,有效巩固了公司LED主业核心竞争力且推动新业务领域的突破,在家用显示背光、车载照明及背光应用、数据通信等领域,协同赋能成效显著,为传统LED赛道注入了协同发展新动能。
  在家用显示背光应用领域,公司凭借自身在LED背光领域的长期技术积累,结合海信作为全球电视龙头的终端需求牵引与渠道资源,双方协同自研全球领先的高性能RGB-MiniLED背光芯片,全球率先创新推出RGB三维控色液晶显示技术,突破光色同控的行业难题,且产品领先全球实现量产。
  在车载照明及背光应用领域,海信集团已拥有成熟的车载显示技术与市场渠道,为公司车载业务拓展提供了核心保障。为适配智能座舱升级,双方协同聚焦车载专用LED产品研发;依托海信汽车电子的研发与供应链能力,助力公司持续优化产品车规级适配性和提升量产保障,实现传统LED业务的车载场景延伸与多元化发展。
  在数据通信领域,海信纳真科技作为全球光模块领军企业,在高速光模块领域拥有成熟技术与量产能力,与公司光通信业务形成精准互补,双方共同聚焦AI数据中心高速互联核心需求,携手攻克VCSEL、MicroLED等光芯片核心技术,加速公司在光通信芯片的技术迭代与成果转化,拓宽业务边界,强化核心竞争力。
  2、Ⅲ-Ⅴ族化合物半导体技术沉淀优势
  公司深耕Ⅲ-Ⅴ族化合物(GaAs、GaN、InP等)半导体领域,构建了从材料外延、芯片设计到工艺制造的全链条自主技术体系,并通过参股康鹏半导体向衬底等上游产业延展。Ⅲ-Ⅴ族化合物具备直接带隙、高电子迁移率、耐高温、抗辐射等优异特性,可适配高频、高功率等高端应用场景,可延伸应用于商业航天核心元器件,亦可用于制造星载相控阵T/R组件、抗辐射射频芯片、航天级砷化镓太阳能电池等核心器件,适配卫星通信、姿态控制、能量供给等关键场景。依托多年的技术沉淀,公司重点布局的Ⅲ-Ⅴ族化合物核心品类已在航天光伏、背光显示、车载照明、数据通信等应用持续深化,同时有望拓展延伸至其他基于Ⅲ-Ⅴ族化合物半导体器件的卫星应用场景,为公司布局商业航天作为第二增长曲线奠定坚实的技术基础。
  3、技术与研发优势
  公司拥有国家企业技术中心、国家博士后科研工作站、微纳光电子材料与器件教育部工程研究中心半导体光源工程化基地、微纳光电子材料与器件教育部工程研究中心高效太阳能电池工程化基地等研发平台。此外,公司积极构建与产业链上下游企业以及国内高等院校和科研机构的紧密合作关系,深入进行技术交流与合作。
  依托行业经验丰富的研发团队,公司持续加大研发投入,稳步迭代工艺、提升产品品质与综合性能。报告期内,公司在技术研发和产品创新方面取得了显著成果,获得多项荣誉。如(1)“高性能全色域量子点LED关键技术研发及其产业化项目”获得2025年度中国轻工业联合会科技进步奖一等奖;(2)“新一代超高清液晶显示终端三维控色关键技术研发及产业化”获得2025年中国电子学会科学技术奖二等奖;(3)“柔性高效砷化镓太阳电池关键技术及应用”获得2024年度江苏省科学技术奖。
  公司十分重视自研技术成果的产权保护,已搭建完善的知识产权管理体系。报告期内,公司及全资子公司共获得发明专利授权39项、实用新型授权28项,新增专利申请60项,持续做好前沿技术专利储备。
  4、品牌影响力及全球销售渠道优势
  公司依托技术领先优势,在行业内树立了卓越的品牌形象,积累了一批长期稳定的优质客户资源。为持续提升品牌影响力,公司通过参加国内外知名光电展会、参与行业技术论坛等方式,强化品牌曝光度,提升行业影响力。同时,公司致力于为客户提供定制化解决方案和增值服务,并通过持续的技术创新推动光电行业的技术进步。凭借卓越的产品性能和完善的服务体系,公司赢得了众多国内外知名客户的认可与信赖,建立了长期互信的战略合作伙伴关系。此外,公司还通过建立客户反馈机制、开展客户满意度调研等措施,进一步提升客户粘性和品牌美誉度。
  海信集团具备较强的全球化制造基地布局与产业配套能力,可为公司的海外市场拓展、产品交付保障提供有力支撑。依托集团全球化战略布局优势和销售平台优势,公司积极与国际知名企业建立合作关系,不断新建和开发海外销售渠道,持续完善售后服务体系,提高客户满意度,为未来公司的国际化发展奠定了基础。

  三、公司面临的风险和应对措施
  1、市场竞争风险
  随着国内半导体光电产业升级提速及终端应用市场对高效能、高性能产品需求不断攀升,行业竞争格局加速重构,行业环境存有较多不确定性。若公司无法及时在产品研发、技术迭代、产业链布局及品牌建设等方面取得关键性突破,或将削弱产品市场竞争力,进而冲击公司盈利水平。
  应对策略:为夯实市场份额、强化核心竞争实力,公司持续推进技术创新与产品迭代,优化产品性能、丰富产品矩阵,适配下游客户多元化需求;依托工艺升级、供应链精细化管控实现降本增效,提升毛利率。同时,公司从生产管控、品质管理、客户运维等层面落实管控举措,提升客户黏性,完善营销网络,主动发掘新兴市场以及优质客户资源。
  2、产品价格下降风险
  下游应用赛道持续扩容带动行业资本投入升温,容易催生产能快速扩张、行业竞争加剧;叠加技术迭代提速、量产工艺成熟带动制造成本走低,或将面临公司各类主营产品售价下行风险,造成毛利率回落,整体盈利遭受负面影响。
  应对策略:公司持续加码研发投入,精进生产良率、提高高附加值产品营收占比;深度研判下游市场走向,动态调整三大生产基地产能规划,实现产能和市场需求的合理匹配。与此同时深化上下游供应链协作压缩生产成本,深耕优质客户、开拓定制化业务;依靠产品结构升级、成本管控优势对冲产品降价风险,保障经营业绩平稳、长效发展。
  3、产品技术更新风险
  当前半导体光电技术迭代速度加快、下游市场需求更迭迅速,新产品换代周期缩短,产品落地的应用场景持续拓宽。若公司未能精准把控行业发展风向,适时完成技术和产品的更新迭代,落地适配市场刚需的新技术、新产品,可能导致公司竞争力下降,影响长期可持续发展。
  应对策略:公司将持续强化自主创新硬实力,做好核心技术攻关与专利布局。在自主研发基础之上,联动高校科研机构、产业链上下游合作方,压缩科研成果产业化周期。公司实时追踪行业前沿动向,提前布局潜力新工艺、新技术与新品方向,迭代完善研发机制,拉高综合竞争实力,稳固自身行业地位。
  4、人力资源风险
  公司对专业技术人才与综合管理人才的结构性需求持续提升,人才供给与保留压力相应增加。若人才发展、激励及留存机制与公司发展战略不相适配,将可能存在核心人才流失、关键岗位支撑不足的风险。
  应对策略:公司将持续搭建完善的人才引进、培育、留存机制。拓宽多渠道引才路径,搭建核心人才储备库,重点引进高端技术人才和复合型管理人才;设置管理岗—技术岗双向晋升通道,搭建以岗位能力为核心的常态化人才培养体系。依托企业文化建设、多样化的员工激励机制增强员工归属感,稳住核心团队,为企业长期经营筑牢人才根基。 收起▲

产品价格

数据截至(20260911)
[""]
20260911,17.01,11824.00,-2.0161290322581,1.8066723666005,20260911
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