三安光电，股票代码600703 发行价:7.58元 (1996年5月8日） 最新股价：15.38元 (2026年2月6日) 市值：767.31亿元 2025年以来涨跌幅：26.58% ============================= 技术面研究 一、公司基本情况 三安光电股份有限公司成立于2000年11月，2008年在上海证券交易所挂牌上市（证券代码：600703），是具有国际竞争力的化合物半导体企业。公司注册地 址位于湖北省荆州市，总部位于厦门，在厦门、长沙、泉州、鄂州、重庆设生产基地，欧美、日韩设研发与销售网点，形成全球化研发布局。 三安光电主营业务为化合物半导体材料与器件的研发、生产及销售，所属申万行业为电子-光学光电子-LED，涉及植物照明、碳化硅、荣耀概念核聚变、超 导概念、核电等概念板块。公司围绕LED、微波射频、电力电子、光技术四大业务支柱，打造全球知名的化合物半导体研发制造与服务平台。 经过二十余年发展，三安光电已成功转型为覆盖LED芯片与集成电路两大核心业务的化合物半导体平台型企业。公司从最初的LED芯片制造业务起步，历经 十余年发展，完成从单一LED芯片供应商到光电子与化合物半导 ...

据悉，这并非中图科技首次冲击科创板。公司首次IPO申报于2020年3月获上交所受理，保荐机构为申万宏源证券，历经三轮问询后，于2022年1月主动撤 回申报材料，终止上市进程。本次申报于2025年12月31日正式获上交所受理，相较于首次申报，保荐机构变更为国泰海通证券。 本次募资用途明确围绕主营业务展开，拟投入"Mini/Micro LED及车用LED芯片图形化衬底产业化项目""半导体衬底材料工程技术研究中心项目"建设及补 充流动资金。 （文/集邦化合物半导体整理） <<<欢迎评论区留言或者私信，获取更多化合物半导体相关内容 1月28日，上交所官网披露信息显示，广东中图半导体科技股份有限公司（简称"中图科技"）科创板IPO审核状态正式由"已受理"变更为"已问询"，标志着 公司时隔近四年二次冲击科创板步入核心审核环节，保荐机构为国泰海通证券，本次拟募资10.5亿元。 图片来源：上交所官网信息截图 公开信息显示，中图科技成立于2013年，专注于氮化镓（GaN）外延所需的图形化衬底材料的研发、生产与销售，是全球图形化衬底行业产销规模领先的 主要厂商之一，折合4英寸的图形化衬底年产能超1800万片，产品广泛应用于Min ...

根据招股书，本次募集资金将用于"Mini/Micro LED及车用LED芯片图形化衬底产业化项目"和"半导体 衬底材料工程技术研究中心项目"的建设。本次募集资金投资项目围绕公司主营产品投资扩大产能规 模，同时建设大尺寸半导体衬底材料、Micro LED等关键材料技术研究平台。 | 序号 | 项目名称 | 投资总额 | 拟使用募集资金金额 | | --- | --- | --- | --- | | | Mini/Micro LED 及车用 LED 芯片图形化衬 底产业化项目 | 99,311.73 | 75,000.00 | | 2 | 半导体衬底材料工程技术研究中心项目 | 20,496.84 | 10.000.00 | | 3 | 补充流动资金 | 20,000.00 | 20.000.00 | | | 合计 | 139,808.56 | 105.000.00 | 1月28日，广东中图半导体科技股份有限公司(简称：中图科技)申请上交所科创板上市审核状态变更 为"已问询"，国泰海通为其保荐机构，拟募资10.5亿元。 招股书显示，中图科技成立于2013年，是全球主要的图形化衬底材料制造商之一，专注于氮化镓(Ga ...

碳化硅业务方面，公司通过子公司风华芯电聚焦器件封测环节，精准切入新能源汽车、充电桩、储能等 高速增长领域。目前已实现SiC-SBD、SiC-MOS等系列产品批量交付，产品凭借耐高压、低能耗等优势 获得高端客户认可。随着新能源产业爆发式增长，碳化硅器件需求快速扩张，公司将适时加大投入，推 动产能与技术同步升级，稳步迈向规模化盈利。 智能车载领域，公司已构建"车外显示+车内背光+照明器件"全产品链布局，成功导入长安、吉利、奇 瑞等主流车企供应链，产品全面通过车规级AEC-Q102 认证，毛利率显著优于传统照明LED。伴随汽车 智能化、网联化深化、车载显示向高清化、多屏化发展，单车LED价值量持续提升。2025 年全球车载 LED市场产值预计突破250 亿元，公司凭借技术、产品与客户优势，正从供应链参与者向核心供应商深 化，有望成长为业绩最稳健、盈利能力最强的核心板块之一。 尽管短期承压，但公司产业根基稳、业务潜力高、综合经营韧性强。2025 年下半年以来，下游市场需 求逐步回暖，终端显示、照明等领域复苏态势明显，并逐步向中游封装环节传导，将为公司业绩增长提 供持续动力。 值得关注的是，国星光电已前瞻性布局Mini ...

深圳商报·读创客户端记者 张郗郡 1月23日上午，深圳市元亨光电股份有限公司前海新型高清显示全球智造基地奠基仪式于宝安区航城街 道举行。项目总投资达5亿元，是深圳市宝安区2026年首批新开工项目推进中的重要产业项目之一，再 次彰显社会资本对宝安产业发展前景的坚定信心。 目前，42个项目中已有22个项目开工建设，其余项目正按计划加快推进。未来，将有一批高科技、高效 益的项目持续落地，为宝安产业的高质量发展提供强劲动力。 （图片由主办方提供） 深圳市元亨光电股份有限公司2002年成立于宝安，主营LED显示屏、LED照明等产品的研产销，2014年 在新三板上市，是国家级高新技术企业、市级专精特新企业。在业务方面，元亨目前的出口业务占比超 过90%，产品占美国三大体育联盟场馆40%份额、纽约时代广场户外LED屏1/3份额，户外高端固装LED 显示产品出口总量在中国同类企业中位居前三。 据悉，该项目投产后预计首年产值不低于20亿元，年均纳税额不低于0.5亿元，经济效益显著。元亨光 电股份有限公司市场总监陈昌德表示，项目选址于前海区域，地处粤港澳大湾区腹地，不仅能够精准利 用宝安的高端制造供应链优势，往来港澳也十分方便， ...

Core Viewpoint - The Shanghai Stock Exchange has officially accepted the IPO application of Guangdong Zhongtu Semiconductor Technology Co., Ltd. (Zhongtu Technology), a leading global manufacturer of patterned substrates essential for Gallium Nitride (GaN) epitaxy [1][4]. Group 1: Company Overview - Zhongtu Technology specializes in the research, production, and sales of patterned substrates, which are critical materials for GaN LED chips [3]. - The company utilizes semiconductor processes such as photolithography and etching to design microstructures on substrate surfaces, effectively addressing lattice, optical, and thermal matching challenges in GaN heteroepitaxy, thereby enhancing LED chip performance and yield [3]. Group 2: Product and Market Position - The main products include 2 to 6-inch patterned sapphire substrates (PSS) and 4 to 6-inch patterned composite substrates (MMS), widely used in Mini/Micro LED, automotive lighting, RGB direct display, backlight display, and lighting applications [3]. - Zhongtu Technology is one of the few companies capable of manufacturing nano-level PSS and 8-inch patterned substrates, with successful mass production of small cycle and composite material structure products for new display and automotive applications [3][4]. - The company has a leading position in the patterned substrate industry, with an annual production capacity of over 18 million 4-inch substrates and a global market share of approximately 32.76% in 2023 [4]. Group 3: Clientele and Applications - Direct clients include major LED chip companies such as Epistar, Seoul Viosys, Sanan Optoelectronics, and HC Semitek, with products serving well-known consumer electronics and new energy vehicle brands like Apple, Samsung, LG, Hisense, TCL, BYD, Seres, NIO, and Li Auto [4]. - Zhongtu Technology has entered the supply chains of leading companies in the Mini/Micro LED sector, showcasing strong core competitiveness [4]. Group 4: IPO and Fundraising - The company aims to raise 1.05 billion yuan through the IPO to invest in projects related to the industrialization of Mini/Micro LED and automotive LED chip patterned substrates, as well as to establish a semiconductor substrate material engineering technology research center and supplement working capital [4][5]. - The fundraising projects will focus on expanding the production capacity of high-end patterned substrates and composite material substrates, while also developing a technology research platform for large-size semiconductor substrates and Micro LED [5].

Company Overview - Guangdong Zhongtu Semiconductor Technology Co., Ltd. (referred to as "Zhongtu Technology") has officially received acceptance for its initial public offering (IPO) application on the Sci-Tech Innovation Board, with Guotai Junan Securities as the sponsor and Tianjian Accounting Firm as the auditor [1] - Established in 2013, Zhongtu Technology focuses on the research, production, and sales of core materials for the semiconductor upstream, specifically as a supplier of patterned substrates required for Gallium Nitride (GaN) epitaxy [2] Product and Technology - The company's core products include 2 to 6-inch patterned sapphire substrates (PSS) and 4 to 6-inch patterned composite material substrates (MMS), which are widely used in Mini/Micro LED, automotive lighting, and display applications [2] - Zhongtu Technology is one of the few companies globally capable of manufacturing nano-level PSS and 8-inch patterned substrates, having successfully overcome technological barriers previously dominated by Japanese, Korean, and Taiwanese firms [2][4] - The company's patterned substrate products are essential for improving the quality and yield of downstream GaN-based LED chips, providing critical support for the industry [2][4] Market Position and Financial Performance - Zhongtu Technology has established significant scale advantages and market influence, with an annual production capacity exceeding 18 million pieces of 4-inch patterned substrates [4] - The company serves leading LED chip manufacturers such as Epistar, Seoul Viosys, San'an Optoelectronics, and HC Semitek, with products ultimately used by well-known brands like Apple, Samsung, LG, Hisense, TCL, BYD, and NIO [4] - Financially, Zhongtu Technology has demonstrated stable operating capabilities, with reported revenues of 1.063 billion, 1.208 billion, 1.149 billion, and 532 million yuan, and net profits of 42.2 million, 74.2 million, 94.5 million, and 42.1 million yuan over the reporting periods [4] Fundraising and Strategic Goals - The company plans to publicly issue no more than 14.2062 million shares, accounting for at least 15% of the total share capital post-issuance, with funds primarily directed towards the industrialization of Mini/Micro LED and automotive LED chip patterned substrates, as well as establishing a semiconductor substrate materials engineering research center [4][5] - The fundraising projects are aligned with the company's core business in technological innovation, focusing on capacity expansion, product industrialization, R&D enhancement, and working capital support [5] - Zhongtu Technology's business is deeply integrated with GaN, providing essential substrate materials for GaN-based semiconductor device manufacturing, which is a critical link in the industrialization of GaN-based devices [5] Industry Context - GaN, as a third-generation semiconductor material, possesses excellent properties such as wide bandgap, high electron mobility, and high-temperature resistance, making it widely applicable in LEDs, power devices, and RF devices [5] - The company's patterned substrate products are crucial for the "heteroepitaxy" technology commonly used in the industry, which involves growing GaN films on substrate materials like sapphire [5] - Zhongtu Technology's focus on the semiconductor upstream materials sector aligns with the development direction of the new display industry and the policy orientation of the third-generation semiconductor industry [6]

Core Viewpoint - Guangdong Zhongtu Semiconductor Technology Co., Ltd. (Zhongtu Technology) has officially received acceptance for its IPO application on the Sci-Tech Innovation Board, aiming to raise 1.05 billion yuan to enhance its core business and technology research, thereby solidifying its leading position in the global patterned substrate market [1]. Industry Overview - The patterned substrate materials industry is characterized by high technical barriers and market concentration, with Japan and the U.S. holding traditional advantages in sapphire and silicon carbide technologies, respectively. However, the rise of Mini/Micro LED and automotive electronics markets is reshaping the competitive landscape, favoring companies with innovative capabilities and large-scale production [3]. - Domestic companies, including Zhongtu Technology, have made significant breakthroughs in core technologies that were previously monopolized by a few countries, establishing a mature industrial path and gaining a crucial position in the global supply chain [3]. Company Positioning - Zhongtu Technology has established a leading market position with an annual production capacity of over 18 million pieces of 4-inch patterned substrates, holding approximately 32.76% of the global market share in 2023 [4]. - The company is one of the few globally capable of producing nano-level PSS and 8-inch patterned substrates, with its products widely used in new display technologies and automotive applications, successfully entering the supply chains of major global companies like Apple and Samsung [4][5]. Investment Plans - Zhongtu Technology plans to invest the 1.05 billion yuan raised from the IPO into three main projects: industrialization of Mini/Micro LED and automotive LED chip patterned substrates, establishment of a semiconductor substrate materials engineering research center, and supplementing working capital [5]. - The industrialization project aims to expand production capacity to meet the growing market demand, while the research center will enhance the company's technological capabilities and solidify its competitive edge [5]. Market Demand - The demand for patterned substrate materials is on the rise due to the rapid development of new display technologies and the electrification and intelligence trends in the automotive sector. Zhongtu Technology's IPO is expected to leverage capital market support for capacity expansion and technological upgrades, further enhancing its global competitiveness [6].

Core Viewpoint - Guangdong Zhongtu Semiconductor Technology Co., Ltd. (Zhongtu Technology) has received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 1.05 billion yuan for various projects and working capital [1][2] Group 1: Company Overview - Zhongtu Technology is a leading global manufacturer of patterned substrate materials, with an annual production capacity exceeding 18 million pieces of 4-inch patterned substrates [1] - The company focuses on the research, production, and sales of patterned substrate materials required for Gallium Nitride (GaN) epitaxy, with key products including patterned sapphire substrates (PSS) and patterned composite material substrates (MMS) [1] - These materials are essential for upstream semiconductor applications, particularly in Mini/Micro LED, automotive lighting, and backlight displays [1] Group 2: Market Position and Clientele - According to industry research firm LEDinside, Zhongtu Technology holds approximately 32.76% of the global market share for patterned substrates in 2023 [1] - The company's direct clients include major LED chip enterprises such as Epistar, Seoul Viosys, Sanan Optoelectronics, and HC Semitek, indicating a strong presence in the market [2] - Zhongtu Technology's products are widely used in consumer electronics and new energy vehicles, with notable clients including Apple, Samsung, LG, Hisense, TCL, BYD, and NIO [2] Group 3: IPO Details - The funds raised from the IPO will be allocated to the industrialization of Mini/Micro LED and automotive LED chip patterned substrate projects, the establishment of a semiconductor substrate materials engineering research center, and to supplement working capital [1] - This marks Zhongtu Technology's second attempt to list on the Sci-Tech Innovation Board, having previously submitted an application in March 2020, which was voluntarily withdrawn in January 2022 [2]

Core Viewpoint - Guangdong Zhongtu Semiconductor Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, indicating a significant step towards public listing and capital raising in the semiconductor industry [1] Company Summary - Zhongtu Technology is recognized as one of the leading manufacturers of patterned substrate materials globally, focusing on the research, production, and sales of materials required for Gallium Nitride (GaN) epitaxy [1] - The company aims to raise approximately 1.05 billion yuan (around 10.5 million) through this IPO, which will be allocated to various projects [1] Fund Utilization - The funds raised will be used for the industrialization of Mini/Micro LED and automotive LED chip patterned substrate projects, the establishment of a semiconductor substrate materials engineering technology research center, and to supplement working capital [1]