电子行业科创板信息技术系列之一：福光股份

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·科创板报告 证券研究报告·行业研究·新材料系列 主要财务指标（单位：百万元） 科创板已受理企业名单中，电子核心产业企业占据 14席。本报告我们聚焦福光股份，公司是国内重要的专业从事光学镜头研发生产的军民融合企业。福建福光股份有限公司，总部位于福建省福州市，是专业从事军用特种光学镜头及光电系统、民用光学镜头、光学元组件等产品科研生产的高新技术企业，是福建省重要的军民融合企业、全球光学镜头的重要制造商，且在多个领域实现国内第一，多个产品系列实现了进口替代。2017 年公司在全球安防视频监控镜头销量市场占有率达到 11.8%，全球排名第三。 光学行业是许多国家重大战略项目实施的关键。光学技术和产品当前在国民经济与社会中深入广泛应用，具有基础性地位，是空间科学、航天航空、国防军工及新一代信息技术等当今前沿科技发展不可或缺的关键环节，也是许多高端装备的核心元器件。 公司综合毛利率呈逐年上升态势，研发投入不断上升。2016-2018 年公司综合毛利率分别为 33.45%、33.79%和 34.27%，毛利率高于行业平均，这主要是由于公司涉及特种应用领域，且公司产品以变焦镜头为主。公司 2018 年非定制产品毛利率为30.16%，较前 2 年略有下降；但定制产品毛利率为 62.30%，较前 2 年明显提升。公司 2016-2018 年研发投入分别为 2315.76万元、2905.56 万元和 4530.51 万元，分别占其收入的 4.94%、5.01%和 8.21%，足见公司对研发的重视。 募投项目加强核心竞争力。公司本次拟公开发行 3,880 万股人民币普通股（A 股），募集资金投资 65,107.74 万元，项目包括全光谱精密镜头智能制造基地项目（一期）、AI 光学感知器件研发及产业化建设项目、精密及超精密光学加工实验中心建设项目。 对标公司估值：我们选取了同行业上市公司分别是：联创电子、水晶光电、欧菲科技和联合光电。截止 2019 年 4 月 15日，公司同行业上市公司（剔除亏损）的平均 PE（TTM）为 36.1倍。 风险提示：行业竞争加剧、依赖核心技术人员及销售不达预期等。 2016A 2017A 2018A 营业收入 469 580 552 （+/-） 0.0% 23.7% -4.9% 营业利润 78 106 102 （+/-） 0.0% 36.3% -4.0% 归属母公司净利润 72 91 91 （+/-） 0.0% 26.8% 0.1% EPS（元） 0.63 0.80 0.80 分析师：汤 峰 执业证书编号：S1050513090001 电话：021-54967580 邮箱：tangfeng@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路 750 号 邮编：200030 电话：（8621）64339000 网址：http://www.cfsc.com.cn 2019 年 4 月 17 日 电子 科创板信息技术系列之一：福光股份 20386896/36139/20190417 15:28规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·行业研究 目录 一、 公司概况 ································································································································································ 3 1)公司简介 ································································································································································ 32)发行人主要产品为光学镜头、光电系统及光学元组件 ···················································································· 33)光学行业是许多国家重大战略项目实施的关键 ································································································ 43.1 军用光学领域 ···································································································································································· 4 3.2 民用光学行业 ····································································································································································· 5 二、 主要客户 ································································································································································ 7 三、 公司财务数据 ························································································································································ 8 四、 公司股权结构及融资历程 ····································································································································· 9 五、 募投项目 ······························································································································································ 10 六、 对标公司分析及同类公司估值 ·······································