深耕精密光学三十余年，产品矩阵持续丰富。 福晶科技于1990 年由中国科学院福建物质结构研究所出资成立，2008 年于深交所上市。福晶科技以"光 电行业发展的有力推动者"为公司使命，现已成为全球知名的LBO 晶体、BBO 晶体、Nd:YVO4 晶体、 超精密光学元件、衍射光学元件、高功率光隔离器、声光器件及电光器件的龙头厂商。 具备"晶体+光学元件+激光器件"一站式综合能力公司是业内少数能够提供"晶体+光学元件+激光器 件"一站式综合服务的供应商，产品广泛应用于激光、光通讯、半导体、AR/VR、生命科学、无人驾 驶、环境监测设备以及检测分析仪器等诸多工业领域。 1）晶体元器件：公司核心非线性光学晶体和激光晶体领域处于国际领先地位，是全球规模最大的 LBO、BBO 晶体及其元器件的生产企业。其中 LBO 晶体器件被国家工信部和中国工业经济联合会评 为"制造业单项冠军产品（2019 年-2021 年）"。 2）精密光学产品：主要聚焦于中高端激光光学、通讯光学和高端光学设备元件市场，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。 3）激 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [4][7][18]. Core Insights - The company has a strong position in the precision optics industry, with over 30 years of experience and a diverse product matrix, including LBO crystals, BBO crystals, and high-precision optical components [1][12]. - The establishment of a subsidiary, Zhiqi Photon Technology Co., focuses on the development and sales of ultra-precision optical components, which is expected to contribute significantly to revenue and profit in the future [3][12]. - The company is one of the few suppliers capable of providing a comprehensive range of products, including crystals, optical components, and laser devices, serving various industrial applications such as lasers, optical communications, and AR/VR [2][12]. Financial Projections - Revenue projections for 2025-2027 are estimated at 10.53 billion, 12.35 billion, and 14.41 billion yuan, representing year-on-year growth rates of 20.3%, 17.2%, and 16.7% respectively [4][18]. - Net profit forecasts for the same period are 2.71 billion, 3.23 billion, and 3.80 billion yuan, with growth rates of 24.0%, 19.1%, and 17.7% [4][18]. - The earnings per share (EPS) are projected to be 0.58, 0.69, and 0.81 yuan for 2025, 2026, and 2027 respectively [4][18]. Business Segments - The laser optical components segment is expected to generate revenues of 4.04 billion, 5.05 billion, and 6.32 billion yuan from 2025 to 2027, with a stable gross margin of 45% [13][17]. - The nonlinear optical crystal components segment is projected to achieve revenues of 2.54 billion, 2.74 billion, and 2.96 billion yuan, maintaining a gross margin of 76% [14][17]. - The laser device segment is anticipated to grow to 2.15 billion, 2.57 billion, and 2.96 billion yuan, with a gross margin of 30% [16][17].

Summary of Fuzhijian Technology Conference Call Company Overview - Fuzhijian Technology is a leading global player in the nonlinear crystal market, holding over 70% market share with core products including BBO and LBO crystals invented by the Institute of Physics, Chinese Academy of Sciences [2][5][12] - The company’s product line includes nonlinear optical crystals, precision optical components, and laser devices, with applications in laser systems, semiconductor equipment, LiDAR, and communication systems [2][8] Financial Performance - The company has maintained a revenue growth rate of 10%-20% over the past few years, with an overall gross margin around 50% and an operating profit margin between 20%-30% [2][13] - Fuzhijian Technology expects to achieve over 200 million RMB in profit by 2025, with continued steady growth projected for 2026 [3][21] - The subsidiary Zhixi Photon is expected to see rapid revenue growth, projecting revenues of 150 million RMB by 2025, more than doubling from previous figures [20] Market Dynamics - The laser market is closely tied to the overall economic and industrial recovery, with Fuzhijian Technology benefiting from both domestic and international markets [2][14] - The advanced semiconductor market remains a core focus, with significant attention on advanced processes and related equipment such as photolithography machines [4] Competitive Advantages - Fuzhijian Technology's unique advantages in the optical field include its strong position in nonlinear crystals and its focus on high-precision optical components, which are critical for domestic high-end semiconductor equipment [5][14] - The company produces key laser materials such as LBO, BBO, and KTP, which are essential for high-end semiconductor applications due to their unique wavelength characteristics [15][16] Product Applications - The company’s products are categorized into three main types: nonlinear optical crystals, precision optical components, and laser devices, with extensive applications across various fields [8] - Nonlinear and laser crystals are used for frequency conversion and power amplification, while precision optical components are crucial in various applications including eyewear, laser systems, and communication systems [9][10] Technical Challenges - Crystal growth involves significant technical challenges, requiring high precision to ensure the final product is transparent and defect-free [17] Future Outlook - Fuzhijian Technology is well-positioned to capitalize on the increasing demand for high-end precision optical components driven by the semiconductor equipment market [21]