公司点评 | 福晶科技 主营业务稳健增长，至期光子 25H1 扭亏为盈 福晶科技（002222.SZ）2025 年半年报点评 事件：公司发布 2025 年半年报，25H1 公司实现营收 5.19 亿元，同比+18.10%； 归母净利润 1.28 亿元，同比+16.96%；扣非归母净利润 1.20 亿元，同比+2.30%； 25Q2 公司实现营收 2.80 亿元，同比+20.69%，环比+16.99%；归母净利润 0.78 亿元，同比+27.67%，环比+56.74%；扣非归母净利润 0.70 亿元，同比+0.66%， 环比+42.81%。 公司各主营业务齐头并进，持续投入下研发成果丰硕。1）2025 年公司主要稳 固现有的纳秒激光和光通讯市场，并持续推进 LBO，Nd：YVO4 晶体和声光磁 光产品在皮秒和飞秒激光市场增长。25H1 公司出口业务收入同比增长 13.75%， 内销业务收入同比增长 20.77%。分业务看，25H1 公司晶体元器件营收同比增 长 7.67%，其中非线性光学晶体营收同比增长 5.98%，激光晶体营收同比增长 10.15%；精密光学元件营收同比增长 29.05%；激光器件营收同比增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][12] Core Views - The company has shown steady revenue growth, with a significant increase in revenue from its subsidiary, Zhiqi Photon, which grew by 74% [9][14] - The company is focusing on high-end optical components and has strengthened its R&D efforts to break foreign technology monopolies [10][11] - The financial forecasts indicate a positive outlook, with expected net profits of 2.7 billion, 3.3 billion, and 4.1 billion for 2025, 2026, and 2027 respectively [12] Financial Performance - In Q2 2025, the company reported revenue of 280 million, a year-on-year increase of 20.7%, and a net profit of 78 million, up 27.7% year-on-year [6] - The gross margin was 52%, showing a decrease of 6.5 percentage points year-on-year, while the net profit margin was 27.9%, an increase of 1.6 percentage points year-on-year [6] - The company’s revenue projections for 2023A to 2027E are 782 million, 876 million, 1,045 million, 1,268 million, and 1,540 million respectively, with growth rates of 2%, 12%, 19%, 21%, and 21% [4] Market Position and Strategy - The company has capitalized on the rapid growth of the global ultrafast laser and optical communication markets, enhancing its market presence through one-stop optoelectronic solutions [8] - Revenue from precision optical components, nonlinear optical crystal components, laser devices, and laser crystals reached 180 million, 130 million, 110 million, and 90 million respectively, with year-on-year growth rates of 29.05%, 5.98%, 29.51%, and 10.5% [8] - Zhiqi Photon, established in December 2022, has achieved significant revenue growth and profitability, indicating successful market entry and product acceptance [9]

Core Viewpoint - The establishment of a joint laboratory and pilot transformation base between Shandong University and Shandong Industrial Technology Research Institute aims to enhance the competitiveness of Shandong's new generation information technology industry, focusing on crystal materials and micro-nano chips [1][3][5]. Group 1: Collaboration and Objectives - The collaboration will provide market resources and pilot testing facilities to accelerate the commercialization of high-tech achievements [3]. - The focus areas include crystal materials and micro-nano chips, with the goal of strengthening the industrial chain in Shandong [3][5]. - The joint efforts are expected to improve the conversion rate of scientific research achievements and attract high-level innovative talent [9]. Group 2: Institutional Background - Shandong University’s National Key Laboratory for Crystal Materials has made significant advancements in laser crystals, nonlinear crystals, and semiconductor crystals, addressing critical challenges in these fields [5]. - The Shandong Industrial Technology Research Institute, established by the provincial government, aims to serve local and national industry needs, facilitating major innovation projects [5]. Group 3: Event Highlights - The unveiling event included a forum discussing cutting-edge technologies and applications in the field of crystal materials and devices, as well as strategies for deepening industry-academia collaboration [7]. - Seven key projects from Shandong University were presented, showcasing the innovation and industrialization potential of crystal materials in the new generation information technology sector [7]. Group 4: Support and Future Directions - The collaboration is seen as a practical response to national strategies and local development needs, with commitments to resource sharing and joint talent cultivation [9]. - The initiative is expected to create a "fast track" for the acceleration of technology transfer, marking a deep integration of the innovation and industrial chains [9].

Core Viewpoint - The participation of 12 companies from Chengdu in the Laser World of Photonics exhibition in Munich represents a significant step towards the internationalization of Chengdu's optoelectronic industry, showcasing its strength and innovation in the sector [1][2][3] Group 1: Event Overview - The Laser World of Photonics exhibition is one of the most influential and largest professional exhibitions in the global optoelectronic industry, taking place from June 24 to 27 in Munich, Germany [1] - The event attracted leading companies, research institutions, and industry elites from 43 countries and regions, facilitating discussions on cutting-edge technologies and development trends in the optoelectronic industry [1] - The World of Photonics Congress, held during the exhibition, is one of Europe's three major scientific conferences, providing a crucial platform for the synergy between academic research and industrial applications [1] Group 2: Chengdu Companies Participation - Chengdu's participation in the exhibition includes 12 companies such as Chengdu Guotai Vacuum Equipment Co., Ltd. and Chengdu Taike Optoelectronic Technology Co., Ltd., showcasing products across various fields including optoelectronic device manufacturing and laser technology [2] - Chengdu Jiangxi Future Optoelectronic Technology Co., Ltd. aims to demonstrate its innovative products like the R-800 quadrupole mass spectrometer leak detector and seek collaboration with European battery manufacturers and semiconductor equipment suppliers [2] - Chengdu Xinyuan Huibo Optoelectronic Technology Co., Ltd. plans to collect information on over 50 potential customers during the exhibition to enhance its market reach [2] Group 3: Industry Development - Chengdu has actively promoted the development of the optoelectronic industry through supportive policies, fostering a number of internationally competitive companies [3] - Participation in top international exhibitions allows Chengdu companies to better understand global market demands, learn advanced technologies, and enhance their innovation capabilities [3] - The efforts aim to expand the overseas market for "Chengdu-made" optoelectronic products and drive high-quality development in the industry [3]

Core Insights - The article discusses a phenomenon where American manufacturers complain about the inability to purify Chinese rare earth materials to acceptable standards, with performance being 30% lower than domestic materials, suggesting a technological gap rather than a supply issue [1][3]. Group 1: Background and Context - Rare earth elements are not just "earth" but a total of 17 metal elements, where even a 0.1% deviation in composition can lead to significant performance issues [3]. - From January to September 2023, China's rare earth exports increased by 8.4%, while the compliance rate for American companies dropped from 99% to 72%, indicating a technological divide rather than a supply cut [3]. Group 2: Technological Innovations - A breakthrough involves marking rare earth elements with nanoscale quantum tags using laser atomic deposition technology, which records the origin and optimal use of the materials [5]. - The activation of a "formula lock" mechanism ensures that if foreign manufacturers attempt to purify the materials without matching specific conditions, defects are intentionally created in the molecular structure [5]. - China has digitized a century of smelting experience into a "rare earth process chain brain," creating a significant barrier for American manufacturers still relying on outdated methods [7][8]. Group 3: Recycling and Efficiency - China has achieved a 98% utilization rate of rare earth materials through advanced recycling technologies, which are significantly more efficient than American methods [10]. - Techniques such as targeted dissolution and in-situ regeneration of crystal seeds allow for high purity and performance of recycled materials, outperforming new materials from the U.S. [10]. - Real-time cloud control of reaction processes enables precise adjustments, maintaining purity fluctuations within ±0.001%, far exceeding international standards [10]. Group 4: Strategic Implications - The rare earth competition is fundamentally a struggle over "industrial operating systems," with China transitioning from selling raw materials to providing comprehensive service solutions [12]. - The development of a "rare earth refining OS" could allow allied factories to consistently produce high-quality rare earths, while those disconnected from the system may struggle despite having raw materials [12]. - China's advancements in reducing carbon emissions from rare earth processing are positioning it to dominate future environmental regulations and trade dynamics [12][14]. Group 5: Broader Lessons - The situation illustrates that resource ownership does not equate to processing capability, emphasizing the value of technological and intellectual property over raw materials [14]. - The open system approach adopted by China, allowing international companies to connect to its rare earth cloud platform, suggests a collaborative future in industrial processes [14]. - The ongoing developments in rare earth processing highlight the importance of data and technology in determining competitive advantage in the 21st century [14].

Group 1 - The company plans to acquire 51% of Hunan Dais Optical Co., Ltd. using its own funds and part of the raised funds, making Dais Optical a subsidiary after the transaction [2] - The assessed value of Dais Optical's total equity is 333 million yuan, with an appraisal increment of 172.54 million yuan, representing a 107.53% increase compared to the book value of the parent company's equity [2] - The total funds required for the transaction amount to 158.1 million yuan, with 16.9 million yuan from raised funds and 141.2 million yuan from self-funds and acquisition loans [2] Group 2 - Dais Optical specializes in the R&D, production, and sales of precision optical components and modules, serving various sectors including industrial lasers, optical communications, and biomedical applications [3] - The company has established stable partnerships with well-known clients in various fields, including industrial lasers and optical communications, as well as collaborations with prestigious institutions like Tsinghua University and the Chinese Academy of Sciences [3] - The acquisition is expected to enhance the company's technical capabilities and core competitiveness in the optical field, allowing for mutual support in product design and development between the two companies [4]