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 ...

Group 1: Company Overview and Business Model - The company operates on a "sales-driven production" model, producing based on budget and order conditions [2] - In 2025, the expected domestic revenue share is 65%, with exports around 35% [2] Group 2: Financial Performance and Projections - The budgeted revenue for 2025 is approximately 150 million yuan, contingent on market conditions and team efforts [2] - The company's revenue and profit projections for 2025 are expected to remain stable compared to 2024, with significant growth anticipated in the first quarter [2] Group 3: Market Strategy and Product Focus - The company aims to expand its market share in the picosecond and femtosecond laser markets, focusing on products like LBO, Nd:YVO4 crystals, and acousto-optic products [2] - Current product applications include industrial measurement, life sciences, precision instruments, and smart equipment [2] Group 4: Investor Relations and Communication - The company emphasizes transparency in information disclosure and maintains strong communication with investors [2] - A high proportion of cash dividends has been consistently implemented in recent years to enhance investor returns [2] Group 5: Challenges and Risks - The company faces uncertainties regarding its U.S. business due to U.S.-China tariff issues, impacting export to other countries [2] - There are currently no plans for mergers or acquisitions to expand market scale or integrate the supply chain [2]