针对近期多个传闻，三安光电已一一澄清，但为何股价仍跌不休？分析认为，半导体行业低迷以及公司自身业绩，或许也是引发市场担忧的重要原因

San'an Optoelectronics has clarified several recent rumors one by one, but why is the stock price still falling? Analysts believe that the downturn in the semiconductor industry and the company's own performance may also be important reasons for causing market concerns

多个市场传闻，引发三安光电（600703.SH）在二级市场上股价连跌数日。

Multiple market rumors have triggered the stock price of San'an Optoelectronics (600703. SH) to fall for several consecutive days in the secondary market.

信息显示，三安光电自9月9日的24.75元/股，跌至9月23日的17.80元/股，10个交易日跌幅达28.08%。与2021年8月创下的高点44.92元/股相比，已跌近六成。截至9月26日收盘，公司股价在前一个交易日基础上微涨0.28%，报收17.98元/股。

According to information, San'an Optoelectronics fell from 24.75 yuan per share on September 9 to 17.80 yuan per share on September 23, with a decline of 28.08% in 10 trading days. Compared with the high of 44.92 yuan/share set in August 2021, it has fallen by nearly 60%. As of the close of September 26, the company's stock price had risen slightly by 0.28% from the previous trading day, closing at 17.98 yuan per share.

上述传言包括“三安光电相关人士中午在办公室被带走”“为求订单，公司MiniLED芯片价格降10%-15%”以及“定增方希望定增价格远低于目前市场价”等。

The rumors mentioned above include "San An Optoelectronics related personnel were taken away from the office at noon", "In order to obtain orders, the company's MiniLED chip price was reduced by 10% to 15%", and "The fixed-price party hopes that the fixed-price increase price is far lower than the current market price".

三安光电9月20日发布澄清公告称，“三安光电相关人士在办公室被带走”的信息不属实。针对Mini LED降价和定增相关传闻，三安光电回复《投资时报》研究员表示，市场传言的公司Mini LED业务降价10%―15%传言不属实，Mini LED芯片销售海外客户的价格稳定。

On September 20th, San'an Optoelectronics issued a clarification notice stating that the information about "San'an Optoelectronics related personnel being taken away from the office" was not true. In response to rumors about the price reduction and fixed increase of Mini LED, a researcher from San'an Optoelectronics replied to the Investment Times that the market rumors of a 10% to 15% price reduction in the company's Mini LED business are not true, and the price of Mini LED chips sold to overseas customers is stable.

该公司称，其Mini LED产品，获得国际龙头客户持续推进，其中一客户出货量稳定增长，另一客户的出货量从4月开始增加，销售规模逐月爬坡。

The company said that its Mini LED products have been continuously promoted by international leading customers, with one customer's shipment volume increasing steadily and the other customer's shipment volume increasing from April, with the sales scale climbing month by month.

而针对市场传言“定增参与方希望本次定增发行价为12元/股，价格远低于公司现在股价，导致公司定增延期”，三安光电方面表示，定增延期是程序性的规定，市场传闻的“定增方希望定增发行价为12元/股”的信息是不属实的谣言，上述非公开发行股票的价格不低于定价基准日前20个股票交易均价的80%。

In response to market rumors that "the participants in the fixed increase hope to issue at a price of 12 yuan per share, which is far lower than the company's current stock price, leading to a delay in the company's fixed increase," San'an Optoelectronics said that the delay in the fixed increase is a procedural requirement, and the market rumors that "the parties in the fixed increase hope to issue at a price of 12 yuan per share" are untrue rumors, The price of the above non-public offering of shares shall not be lower than 80% of the average trading price of the 20 stocks prior to the pricing benchmark date.

市场传闻引发股价多日下跌

Market rumors trigger stock price declines for several days

数据显示，三安光电自9月9日的24.75元/股，跌至9月23日的17.80元/股，10个交易日跌幅达28.08%。与2021年8月创下的高点44.92元/股相比，已跌近六成。截至9月26日收盘，公司股价报收17.98元/股。

According to data, San'an Optoelectronics fell from 24.75 yuan per share on September 9 to 17.80 yuan per share on September 23, with a decline of 28.08% in 10 trading days. Compared with the high of 44.92 yuan/share set in August 2021, it has fallen by nearly 60%. As of the closing date on September 26, the company's stock price had closed at 17.98 yuan per share.

而自9月8日起，三安光电主力、超大单及大单已连续10个交易日呈净流出，市值在10个交易日内已蒸发超过290亿元。

Since September 8th, San'an Optoelectronics' main force, super large orders and large orders have shown a net outflow for 10 consecutive trading days, with a market value of more than 29 billion yuan evaporated within 10 trading days.

三安光电在二级市场上的连续下跌，或由市场多则传闻引发。9月20日晚，三安光电发布澄清公告称，公司关注到网络媒体报道“有用户在网络平台发帖称，三安光电有相关人士中午在办公室被带走”，该报道不属实。

The continuous decline of San'an Optoelectronics in the secondary market may be triggered by many rumors in the market. On the evening of September 20th, San'an Optoelectronics issued a clarification announcement stating that the company had noticed a report in the online media that "some users posted on the network platform saying that relevant persons from San'an Optoelectronics were taken away from the office at noon", which was untrue.

此外，三安光电此前发布公告称2021年的非公开发行事项遭延期，引发了市场对定增延期原因的猜测，市场传言称，三安光电定增延期，因“定增参与方希望本次定增发行价为12元/股，价格远低于公司现在股价”导致。

In addition, San'an Optoelectronics previously announced that its non-public offering in 2021 was delayed, triggering speculation in the market about the reasons for the delay in the fixed increase. According to market rumors, the delay in the fixed increase of San'an Optoelectronics was caused by "the participants in the fixed increase hope that the issuance price of this fixed increase is 12 yuan per share, and the price is far lower than the current stock price of the company.".

三安光电向《投资时报》研究员表示，定增延期是程序性的规定，公司将在批文有效期内，推进并完成非公开发行股份事宜。

San'an Optoelectronics stated to researchers at the Investment Times that the extension of the fixed increase is a procedural requirement, and the company will promote and complete the non-public offering of shares within the validity period of the approval document.

而对于市场传闻的“定增方希望定增发行价为12元/股”的信息，三安光电表示，这是不属实的谣言。公司表示，本次非公开发行股票的价格不低于定价基准日前20个交易日股票交易均价的80%，且最终发行对象将根据申购报价的情况和价格优先等原则确定。

Regarding the market rumor that "the fixed increase party wishes to issue the fixed increase at a price of 12 yuan per share", San'an Optoelectronics said that this is a false rumor. The company stated that the price of this non-public offering of shares shall not be lower than 80% of the average trading price of the shares in the 20 trading days prior to the pricing benchmark date, and the final issuance target will be determined based on the situation of the subscription quotation and the principle of price priority.

根据此前发布的2021非公开发行预案，三安光电拟发行6.72亿股，募资79亿元。三安光电公告显示，因公司目前尚未完成本次非公开发行工作，计划延长非公开发行有效期，延至2023年10月14日。

According to the previously released 2021 non-public offering plan, San'an Optoelectronics plans to issue 672 million shares, raising 7.9 billion yuan. According to the announcement of San'an Optoelectronics, as the company has not yet completed the non-public offering, it plans to extend the validity period of the non-public offering to October 14, 2023.

有市场业内人士分析称，一般上市公司定增延期，可能包含如下原因：与原定的定增参与方对方案存在分歧，二级市场反应低迷以及公司发展规划预期变动等。

According to market insiders' analysis, the delay in the regular increase of listed companies may include the following reasons: differences with the originally scheduled regular increase participants on the plan, sluggish reaction in the secondary market, and expected changes in the company's development planning.

行业疲软，业绩下滑

Weak industry and declining performance

三安光电针对市场近期多个传闻，已基本一一澄清，为何股价仍跌不休？有分析认为，除目前市场传闻外，股价下跌可能还与公募基金经理更换，清理前任持仓有关。

San'an Optoelectronics has basically clarified several recent rumors in the market, why is the stock price still falling? Some analysts believe that, in addition to current market rumors, the decline in stock prices may also be related to the replacement of public fund managers and the liquidation of former positions.

而半导体行业的低迷以及三安光电自身的业绩，或许也是引发市场担忧的重要原因。

The downturn in the semiconductor industry and the performance of San'an Optoelectronics may also be important reasons for causing market concerns.

根据独立咨询公司Gartner预测，2022年全球半导体收入预计将增长7.4%，相比上一季度预测的13.6%的增速有所下调，并远低于2021年的26.3%的增速。同时，该机构预测，2023年，半导体的市场总收入将下降2.5%，这意味着全球半导体行业将错失400亿美元的收入。

According to Gartner, an independent consulting firm, global semiconductor revenue is expected to increase by 7.4% in 2022, down from the 13.6% growth predicted in the previous quarter, and well below the 26.3% growth in 2021. At the same time, the agency predicts that the total market revenue of semiconductors will decline by 2.5% in 2023, which means that the global semiconductor industry will miss out on $40 billion in revenue.

9月7日，三星电子分管半导体部门的社长庆桂显也曾对外表示，预计芯片销售大幅下滑的局面将持续至明年。

On September 7th, Qing Guixian, the president of Samsung Electronics in charge of the semiconductor department, also stated that he expected the sharp decline in chip sales to continue until next year.

行业的低迷，也体现在三安光电的经营业绩数据上。公开信息显示，三安光电目前的业务主要包括LED业务和集成电路业务，主要产品则包括LED外延片、LED芯片、LED车灯、集成电路芯片、材料废料销售等。

The downturn in the industry is also reflected in the operating performance data of San'an Optoelectronics. According to public information, the current business of San'an Optoelectronics mainly includes LED business and integrated circuit business, and its main products include LED epitaxial chips, LED chips, LED lamps, integrated circuit chips, and material scrap sales.

其中，LED外延芯片业务为公司营收占比最大的业务，2021年年报显示，公司全年实现营业收入125.72亿元，外延芯片业务完成65.36亿元，占总营收比达51.99%。

Among them, LED epitaxial chip business accounted for the largest proportion of the company's revenue. According to the 2021 annual report, the company achieved operating revenue of 12.572 billion yuan throughout the year, and the epitaxial chip business completed 6.536 billion yuan, accounting for 51.99% of the total revenue.

但今年的半年报显示，三安光电外延芯片业务上半年营收同比下滑11.53%，其中，传统LED外延芯片销售收入较上年同期下滑24.10%，外延芯片占总营收比下滑至44.39%。公司在半年报中解释，上半年传统LED领域部分产品销售未达预期，主要系国内外经济环境动荡、疫情反复、房地产市场低迷、消费市场需求萎缩等多重因素影响。

However, this year's semi-annual report shows that the revenue of San'an Optoelectronic epitaxial chip business in the first half of the year decreased by 11.53% year-on-year. Among them, the sales revenue of traditional LED epitaxial chips decreased by 24.10% compared to the same period last year, and the proportion of epitaxial chips in total revenue decreased to 44.39%. The company explained in its semi-annual report that the sales of some products in the traditional LED field in the first half of the year did not meet expectations, mainly due to multiple factors such as the turbulence of the domestic and foreign economic environment, repeated epidemics, the downturn in the real estate market, and shrinking consumer market demand.

或受此主要业务下滑的影响，三安光电上半年营收增速出现下滑，营收实现67.62亿元，同比增长10.6%，2021年同期增速为71.38%。

Or due to the impact of this major business decline, the revenue growth of San'an Optoelectronics in the first half of the year decreased, with revenue reaching 6.762 billion yuan, a year-on-year increase of 10.6%, and a year-on-year growth rate of 71.38% in 2021.

从净利润来看，三安光电上半年归属于上市公司股东净利润为9.32亿元，同比增长5.46%，但扣非净利润仅为2.2亿元，同比下滑28.31%。其中，二季度扣非净利润为1.11亿元，同比下滑56.02%。

From the perspective of net profit, in the first half of the year, the net profit attributable to shareholders of San'an Optoelectronics was 932 million yuan, a year-on-year increase of 5.46%, but the net profit after deduction was only 220 million yuan, a year-on-year decrease of 28.31%. Among them, the non net profit deducted in the second quarter was 111 million yuan, a year-on-year decrease of 56.02%.

半年报显示，公司非经常性损益主要的收入来源于政府补贴，上半年，公司非经常性损益金额达7.12亿元，其中获得政府补助6.65亿元，占全部非经常性损益的93.39%。

According to the semi-annual report, the company's non recurring gains and losses mainly come from government subsidies. In the first half of the year, the company's non recurring gains and losses amounted to 712 million yuan, including 665 million yuan of government subsidies, accounting for 93.39% of all non recurring gains and losses.

三安光电2022上半年营收和净利润

San'an Optoelectronics' revenue and net profit in the first half of 2022

库存增加，资产负债率上升

Inventory increases, asset liability ratio increases

行业需求疲软，除对三安光电的营收和净利润带来影响外，还导致公司的存货快速增长。半年报显示，截至2022年6月末，公司存货金额为56.4亿元，占总资产比为11.16%，较上年末增加10.22亿元，增幅达22%。2021年年中和年末，公司存货金额分别为41.03亿元和46.18亿元。

The weak demand in the industry has not only affected the revenue and net profit of San'an Optoelectronics, but also led to the rapid growth of the company's inventory. According to the semi-annual report, as of the end of June 2022, the company's inventory amount was 5.64 billion yuan, accounting for 11.16% of total assets, an increase of 1.022 billion yuan or 22% compared to the end of the previous year. At the middle and end of 2021, the company's inventory amounts were 4.103 billion yuan and 4.618 billion yuan, respectively.

传统业务销量带来存量激增的同时，三安光电为在新业务上布局，投资在增加。半年报数据显示，公司重大的非股权投资项目，包括泉州三安半导体的半导体和集成电路产业化项目、湖北三安光电的Mini/Micro显示产业化和碳化硅产业项目，合计预算投资额465.58亿元，目前累计已投入242.78亿元。

While the sales volume of traditional businesses has brought about a surge in inventory, San'an Optoelectronics is increasing its investment in new businesses. According to the semi-annual report data, the company's major non equity investment projects, including the semiconductor and integrated circuit industrialization projects of Quanzhou San'an Semiconductor, and the Mini/Micro display industrialization and silicon carbide industry projects of Hubei San'an Optoelectronics, have a total budget investment of 46.558 billion yuan, with an accumulated investment of 24.278 billion yuan.

但上述项目短期内仍难盈利。数据显示，2022年上半年亏损1.34亿元，泉州三安上半年亏损0.87亿元。

However, the above projects are still difficult to make profits in the short term. According to data, in the first half of 2022, a loss of 134 million yuan was recorded, while in the first half of Quanzhou San'an, a loss of 87 million yuan was recorded.

前述延期的定增方案也与上述项目有关。根据公司2021年提交的信息显示，拟公开发行6.72亿股募资79亿元，其中69亿元用于湖北三安Mini/Micro显示产业化项目。此次定增延期，或将对上述项目带来持续影响。

The aforementioned deferred fixed increase plan is also related to the above projects. According to the information submitted by the company in 2021, it is proposed to publicly issue 672 million shares to raise 7.9 billion yuan, of which 6.9 billion yuan will be used for the Hubei San'an Mini/Micro display industrialization project. The extension of this fixed increase may have a sustained impact on the above projects.

针对相关问题，三安光电方面向《投资时报》研究员表示，公司项目处于产线加快建设期，公司财务状况一直保持健康良好。后续随着产能不断释放，销售收入不断实现，业绩将持续改善。

In response to relevant issues, San'an Optoelectronics stated to researchers at the Investment Times that the company's project is in the accelerated construction period of its production line, and the company's financial situation has been maintained in a healthy and good condition. With the continuous release of production capacity and the continuous realization of sales revenue, performance will continue to improve.

数据显示，三安光电上半年资产负债率明显上涨，截至今年年中，公司负债率达40.14%，出现自2014年以来的最高点，比上年同期增长8.4%。

The data shows that the asset liability ratio of San'an Optoelectronics increased significantly in the first half of the year. As of the middle of this year, the company's debt ratio reached 40.14%, the highest point since 2014, an increase of 8.4% compared to the same period last year.

从负债来看，公司上半年期末短期借款为35.65亿元，较比上年期末增加54.07%，一年内到期的非流动负债达18.89亿元，比上年期末增加167.94%。数据显示，三安光电上半年短期借款及一年内到期的非流动负债合计54.54亿元，对应的货币资金为32.63亿元。

From the perspective of liabilities, the company's short-term borrowings at the end of the first half of the year were 3.565 billion yuan, an increase of 54.07% compared to the end of the previous year. The non current liabilities due within one year amounted to 1.889 billion yuan, an increase of 167.94% compared to the end of the previous year. According to data, in the first half of the year, San'an Optoelectronics' short-term borrowings and non current liabilities due within one year totaled 5.454 billion yuan, with the corresponding monetary capital of 3.263 billion yuan.