电子行业：科创板询价报告之福光股份

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·科创板询价报告 证券研究报告 主要财务指标（单位：百万元） 公司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。 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。 公司估值及询价建议：根据福光股份所处行业发展状态，行业逐步进入竞争加剧期，但公司行业地位较为突出，核心产品市占率高，具备一定的全球竞争优势，同时随着进口替代范围扩大，公司未来发展仍有较大空间。目前公司已经实现连续多年实现盈利，且近 2 年的盈利水平保持稳定，与行业发展增速相匹配，因此我们认为使用 PE 估值法对公司进行估值较为合适，因此我们选取 A 股光学器件公司永新光学、利达光电和联合光电作为可比公司。目前，可比上市公司股价对应 19 年动态PE 平均为 31 倍，我们认为福光股份的合理估值为 21.7 元/股（IPO 摊薄后）,建议询价格区间为 18.87-24.53 元/股。 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。 2018A 2019E 2020E 2021E 营业收入 552 689 881 1,156 （+/-） -4.9% 24.8% 27.9% 31.2% 营业利润 102 119 154 198 （+/-） -4.0% 16.2% 29.9% 28.4% 归属母公司净利润 91 107 139 178 （+/-） 0.1% 16.9% 29.9% 28.4% EPS（元） 0.80 0.70 0.90 1.16 资料来源：wind，华鑫证券研发部 分析师：万蓉 执业证书编号：S1050511020001 电话：021-54967577 邮箱：wanrong@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 7 月 4 日 电子 科创板询价报告之福光股份 建议询价区间：18.87-24.53 元/股 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·科创板询价报告 目录 一、 公司概况 ································································································································································ 3 1) 公司简介 ································································································································································ 3 2) 公司主要产品为光学镜头、光电系统及光学元组件 ························································································ 3 3) 光学行业是许多国家重大战略项目实施的关键 ································································································ 4 3.1 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、 对标公司分析及公司询价建议 ···········································································································