首次覆盖报告：光学晶体小巨人，迈向超精密光学大舞台

202487612.0%2194.6%0.4771.69.9 买入002222.SZ--首次33.3卢宇程S0800525040002luyucheng@research.xbmail.com.cnliningyu@research.xbmail.com.cn2025-03光学元件沪深300证券研究报告2025年07月12日 2025E2026E2027E1,0311,1651,30617.7%13.0%12.1%30434839.1%14.2%10.1%0.650.7451.445.18.67.4 3830.8140.96.4 分析师18062098163联系人李宁宇15833929198相关研究 2|请务必仔细阅读报告尾部的投资评级说明和声明内容目录投资要点..................................................................................................................................5关键假设.............................................................................................................................5区别于市场的观点..............................................................................................................6股价上涨催化剂..................................................................................................................6估值与目标价......................................................................................................................6福晶科技核心指标概览............................................................................................................7一、福晶科技：深耕光学三十余年，核心产品全球领先........................................................81.1激光行业一站式综合服务专家，“激光晶体+元件+器件”全覆盖................................81.2公司营收持续稳定增长，核心产品高毛利彰显竞争力...............................................10二、公司晶体产品矩阵丰富，非线性光学晶体独占鳌头......................................................122.1公司实现激光晶体、非线性晶体、磁光/声光晶体与双折射晶体全覆盖.....................122.2市场空间：激光器市场持续增长，上游激光晶体景气共振........................................162.3拳头产品持续领先，核心技术积累丰厚.....................................................................18三、“三驾马车”齐头并进，一站式光学方案能力已形成..................................................223.1精密光学元件：积极布局衍射光学和超高精密光学，至期光子未来可期..................223.2激光器件：公司声光器件在国内市场领先，中高端领域打破外国垄断......................24四、盈利预测与估值............................................................................................................264.1盈利预测....................................................................................................................264.2估值...........................................................................................................................27五、风险提示.......................................................................................................................29六、附录..............................................................................................................................29图表目录图1：福晶科技核心指标概览图...............................................................................................7图2：公司发展历程.................................................................................................................8图3：公司产品涵盖晶体元器件、精密光学元件和激光器件三大类........................................9图4：公司的国内外激光器客户...............................................................................................9图5：2019-2024年公司营业收入（亿元）..........................................................................10图6：2019-2024年公司归母净利润（亿元）.......................................................................10图7：2020-2024年公司营收结构（亿元）..........................................................................10图8：2024年公司各产品毛利占比.......................................................................................10图9：2019-2024公司毛利率与净利率.................................................................................. 11图10：2019-2024公司各产品毛利率................................................................................... 11图11：2019-2024年公司各项期间费用率情况..................................................................... 11 3|请务必仔细阅读报告尾部的投资评级说明和声明图12：2019-2024年研发费用（亿元）................................................................................ 11图13：激光器产生原理.........................................................................................................12图14：激光器分类................................................................................................................12图15：公司晶体产品涵盖激光晶体、非线性晶体、磁光/声光晶体与双折射晶体等..............12图16：不同种类激光晶体......................................................................................................13图17：激光晶体的作用.........................................................................................................13图18：常用的非线性晶体包括LBO、BBO、KBBF、LSBO等............................................13图19：常见非线性晶体的截止波长与光学损伤阈值..............................................................13图20：非线性晶体应用数量主要取决于所需激光的波长......................................................14图21：全固态深紫外激光器原理...........................................................................................14图22：不同种类的磁光晶体..................................................................................................15图23：采用磁光晶体的磁光元件...........................................................................................15图24：双折射晶体与双折射现象...........................................................................................15图25：福晶科技大尺寸双折射晶体α-BBO...........................................................................15图26：激光晶