公司动态跟踪 | 福晶科技 至期收入增长超预期，钒酸钇晶体匹配 OCS 应用万事俱备 证券研究报告 2025 年 12 月 11 日 福晶科技（002222.SZ）动态跟踪 风险提示：市场竞争加剧风险、国际贸易政策变化风险、应收账款回收风险。 核心数据 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 782 | 876 | 1,115 | 1,339 | 1,503 | | 增长率 | 1.7% | 12.0% | 27.3% | 20.1% | 12.2% | | 归母净利润 (百万元) | 209 | 219 | 302 | 406 | 494 | | 增长率 | -7.6% | 4.6% | 38.0% | 34.6% | 21.6% | | 每股收益（EPS） | 0.44 | 0.47 | 0.64 | 0.86 | 1.05 | | 市盈率（P/E） | 144.2 | 137.8 | 99.9 | 74.2 | 61.0 | | 市净率（P/B） | 20. ...

传统主业优势地位稳固，高研发投入成果丰硕。1）公司是全球规模最大的LBO、BBO晶体及其元器件 的生产企业，市场占有率全球第一；精密光学产品业务方面实现了应用于高速光网络动态调控模块的新 型棱镜光栅的批量生产，产品综合性能达到国际先进水平，成为国内外头部企业重要的供应商。近年来 公司瞄准高端领域的激光器件市场，力争解决进口核心器件的卡脖子问题，自主研发的声光器件、磁光 器件等器件类产品成功打破国外激光器件供应商的垄断格局。25Q1-Q3 公司实现营收8.42 亿元，同比 +26.62%；归母净利润2.18 亿元，同比+29.75%，25Q3 单季度营收、利润创历史新高，传统主业优势地 位稳固。2）25Q1-Q3 公司研发投入0.82 亿元，同比+18.66%。公司在2025 年基于自主生长的大口径 BBO 晶体以及普克尔的突破性设计，推出大口径BBO 电光调制器及驱动器，并凭借其和国际竞品相当 的产品性能指标得到国内客户的认可，填补了国内大口径BBO 电光调制器及驱动的空白。 至期光子聚焦超精密光学领域，钒酸钇晶体在OCS 领域大有可为。1）超精密光学：公司子公司涵盖福 建睿创、青岛海泰、至期光子等，以全产业 ...

Core Viewpoint - Fuzhong Technology is a leading domestic enterprise in laser and nonlinear optical crystals, precision optical components, and laser devices, achieving breakthroughs in optical components and domestic substitution [2][3] Company Overview - Fuzhong Technology's product system focuses on crystal components, precision optical elements, and laser devices, widely applied in various industrial fields such as laser, optical communication, AR/VR, and life sciences, forming a complete industry chain from materials to devices [2] - The domestic market for nonlinear optical crystals and laser crystals has reached a high level of localization, with Fuzhong's products like LBO, BBO, and Nd:YVO4 maintaining a global leading position in niche markets [2] Market Position and Performance - In the precision optical components sector, domestic products dominate in fields with stable demand, while high-end products still lag behind [2] - Fuzhong Technology aims for domestic substitution of core components and has integrated its advantages in crystal growth, precision processing, and coating to overcome overseas technological barriers [3] - The company reported a revenue of 519 million yuan in the first half of 2025, an 18.1% increase year-on-year, with a net profit of 128 million yuan, up 16.96% [3] Competitive Advantages - International clients prioritize technical specifications, stability, reliability, customization, delivery accuracy, and price-performance ratio, where Fuzhong excels in the first three aspects, offering superior value compared to both domestic and international competitors [4] - The company has diversified its market presence to reduce dependence on specific countries, actively expanding into Europe, Japan, South Korea, and Southeast Asia [5] Future Strategy - Fuzhong Technology plans to focus on high-power industrial lasers and scientific devices, as well as femtosecond and deep ultraviolet lasers, aiming to reclaim market share from advanced optical component companies in the US, Germany, and Japan [5]