Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6]. Core Insights - The company, 富创精密 (Fuchuang Precision), reported a robust revenue growth of 81.80% year-on-year for H1 2024, achieving a total revenue of 1.506 billion yuan. The net profit attributable to shareholders increased by 27.30% to 122 million yuan, while the non-recurring net profit surged by 346.04% to 112 million yuan [1][2]. - The company is expanding its production capacity and aims to establish a semiconductor component platform, with significant investments in new facilities and acquisitions to enhance its product offerings and market reach [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.506 billion yuan, with a year-on-year growth of 81.80%. The net profit attributable to shareholders was 122 million yuan, up 27.30%, and the non-recurring net profit reached 112 million yuan, reflecting a growth of 346.04% [1][2]. - For Q2 2024, the company reported a revenue of 805 million yuan, a year-on-year increase of 65.21% and a quarter-on-quarter growth of 14.73%. The net profit attributable to shareholders was 61 million yuan, with a year-on-year increase of 9.02% [2]. Product Revenue Growth - All product categories experienced significant revenue growth in H1 2024. Module products generated 579 million yuan, up 67.96%; structural components reached 390 million yuan, a growth of 91.65%; process components achieved 333 million yuan, increasing by 70.70%; gas pipelines generated 145 million yuan, up 98.68%; and other businesses saw a remarkable growth of 392.40%, reaching 59 million yuan [2]. Margin and Cost Analysis - The company's gross margin for H1 2024 was 26.29%, a decrease of 1.26 percentage points year-on-year. The net profit margin was 6.92%, down 4.81 percentage points year-on-year. In Q2 2024, the gross margin improved to 27.07%, reflecting a year-on-year increase of 0.68 percentage points [2]. Capacity Expansion and Strategic Moves - The company is actively expanding its production capacity, with the Shenyang factory nearing saturation and the Nantong factory positioned as a key production base for semiconductor equipment components. The company is also investing in a new facility in Beijing to strengthen collaborations with domestic semiconductor manufacturers [2][4]. - A significant acquisition is planned, with the company announcing its intention to acquire 100% of Beijing Yisheng Precision Semiconductor Co., Ltd. This acquisition is expected to enhance product offerings and customer access, particularly in the 12-inch wafer market [4][5]. Earnings Forecast - The company is projected to achieve revenues of 3.268 billion yuan, 4.419 billion yuan, and 5.547 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 309 million yuan, 429 million yuan, and 572 million yuan for the same years [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [3]. Core Insights - The company achieved a revenue of 1.506 billion yuan in the first half of 2024, representing a year-over-year increase of 81.80%, and a net profit attributable to shareholders of 122 million yuan, up 27.30% year-over-year [1]. - The semiconductor equipment market is experiencing an upturn, with significant growth potential for domestic components, as the global semiconductor equipment sales are projected to reach 109 billion USD in 2024, a 3.4% increase year-over-year [1]. - The company is expanding its production capacity both domestically and internationally, with new facilities in Nantong, Beijing, and Singapore contributing to its growth strategy [1]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 1.506 billion yuan, with a breakdown of product revenues: module products at 579 million yuan (up 67.96% YOY), process components at 333 million yuan (up 70.70% YOY), structural components at 390 million yuan (up 91.65% YOY), and gas pipeline revenue at 145 million yuan (up 98.68% YOY) [1]. - The company’s gross margin for Q2 2024 was 27.07%, reflecting a year-over-year increase of 0.68 percentage points [1]. - The projected revenues for 2024, 2025, and 2026 are 3.029 billion yuan, 4.093 billion yuan, and 5.171 billion yuan, respectively, with corresponding net profits of 305 million yuan, 421 million yuan, and 550 million yuan [2][4]. Market and Competitive Landscape - The report highlights the broad growth potential in the domestic component market, which is expected to reach 16.4 billion USD in 2024 [1]. - The company is well-positioned in the semiconductor equipment sector, benefiting from the ongoing recovery in demand both domestically and internationally [1].

Investment Rating - The report maintains a "Buy" rating for the company, reflecting positive expectations for its future performance [1] Core Views - The company's performance aligns with expectations, driven by robust growth in domestic demand and the ongoing trend of semiconductor equipment localization [2] - Revenue for H1 2024 reached 1.506 billion yuan, up 81.80% YoY, with domestic revenue contributing 1.086 billion yuan, a 107% increase YoY [2] - Overseas revenue grew by 24% YoY to 361 million yuan, supported by increased demand from international storage customers [2] - Net profit attributable to shareholders in H1 2024 was 122 million yuan, up 27.30% YoY, while non-GAAP net profit surged 346% to 112 million yuan [2] - Q2 2024 revenue was 805 million yuan, up 65.21% YoY and 14.73% QoQ, with net profit at 61 million yuan, up 9.02% YoY and 1.56% QoQ [2] Financial Performance - Gross margin for H1 2024 was 26.29%, down 1.26 percentage points YoY, while net profit margin was 6.92%, down 4.81 percentage points YoY [11] - Q2 2024 gross margin improved to 27.07%, up 0.68 percentage points YoY and 1.67 percentage points QoQ [11] - Operating cash flow for Q2 2024 was -20 million yuan, showing significant improvement both YoY and QoQ, indicating better customer payment collection [15] Market Position and Growth Strategy - The company is a leading domestic supplier of semiconductor components, benefiting from the localization trend in the semiconductor industry [17] - It has entered the supply chains of major global semiconductor equipment manufacturers, with some products used in 7nm process equipment [17] - The company plans to establish production bases in Shenyang, Nantong, and Beijing, and is setting up a subsidiary in Singapore to expand its overseas presence [17] Profit Forecast and Valuation - The report forecasts net profit attributable to shareholders for 2024-2026 at 251.77 million yuan, 324.26 million yuan, and 409.42 million yuan, respectively [1] - The current market valuation corresponds to a P/E ratio of 44x, 34x, and 27x for 2024-2026 [1] Financial Metrics - Accounts receivable at the end of Q2 2024 stood at 1.179 billion yuan, up 98% YoY, reflecting increased revenue from domestic clients with longer payment cycles [15] - Inventory at the end of Q2 2024 was 824 million yuan, up 0.93% YoY [15]

Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 150,630.16 million, representing an increase of 81.80% compared to RMB 82,853.90 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was RMB 12,180.08 million, up 27.30% from RMB 9,568.21 million year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 346.04% to RMB 11,237.71 million from RMB 2,519.43 million in the previous year[18]. - The basic earnings per share increased by 19.57% to RMB 0.55, compared to RMB 0.46 in the same period last year[19]. - The company achieved a total revenue of CNY 144,751.92 million, representing a year-on-year growth of 77.26%[44]. - The revenue from mainland China reached CNY 108,619.21 million, a significant increase of 106.57% compared to the previous year[46]. - The company reported a significant increase in user data and demand for its semiconductor equipment, reflecting a growing market trend[12]. Research and Development - The company has developed new technologies such as atomic layer deposition and plasma-enhanced chemical vapor deposition for semiconductor applications[12]. - Research and development expenses accounted for 6.81% of operating revenue, a decrease of 4.27 percentage points from 11.08% in the previous year[19]. - The company has filed a total of 752 patent applications, with 284 granted, including 61 invention patents and 219 utility model patents[36]. - The company’s R&D efforts are focused on enhancing product performance and process levels through self-research projects and collaborations with clients and universities[30]. - The company has invested CNY 5,918.28 million in ongoing projects, with a total investment of CNY 24,427.32 million to date[39]. Market Position and Strategy - The company aims to expand its market presence in the semiconductor industry, particularly in high-precision welding and coating technologies[12]. - The company is exploring potential mergers and acquisitions to strengthen its market position and technological capabilities[12]. - The company is one of the few global manufacturers capable of providing precision components for 7nm process semiconductor equipment in bulk, benefiting from sustained domestic demand and gradual recovery in overseas demand[23]. - The global semiconductor manufacturing equipment sales are expected to reach $109 billion in 2024, a year-on-year increase of 3.4%[24]. - The semiconductor equipment parts direct materials market is estimated to be approximately $49.2 billion globally and $16.4 billion domestically in 2024[25]. Financial Health and Assets - The company's total assets at the end of the reporting period were RMB 774,675.21 million, reflecting a 2.07% increase from RMB 758,986.39 million at the end of the previous year[18]. - The company's total liabilities increased to RMB 3,051,873,419.95 from RMB 2,829,980,141.29, representing a rise of about 7.83%[154]. - The company's equity attributable to shareholders decreased to ¥4,517,441,184.16 from ¥4,564,855,455.66, reflecting a decline of about 1.04%[154]. - The company reported a significant increase in cash inflow from operating activities, totaling RMB 1,155,622,937.74 for the first half of 2024, compared to RMB 592,405,950.07 in the same period of 2023, representing an increase of approximately 95.4%[162]. Environmental and Regulatory Compliance - The company is committed to adhering to regulatory requirements set by the China Securities Regulatory Commission and the Shanghai Stock Exchange[14]. - The company has established pollution control facilities, including 5 sets of acid mist purification spray towers and 2 sets of dust collectors, effectively removing pollutants[79]. - The company has completed ISO14001 certification and has set up a system for environmental management and safety production[85]. - The company has established an emergency response plan for environmental incidents and has filed it with the Shenyang Ecological Environment Bureau, with the registration number 210112-2022-014-M[81]. Shareholder and Governance Matters - The company plans to distribute a cash dividend of RMB 2.00 per 10 shares, totaling approximately RMB 60.87 million (including tax) based on a total share capital of 308,027,995 shares, after deducting 3,678,403 shares in the repurchase account[5]. - The company has committed to strict adherence to stock lock-up commitments for 36 months post-IPO, with specific conditions for share transfers[89]. - The company will ensure compliance with stricter regulations if imposed by regulatory authorities regarding share reductions[93]. - The company has established a protocol for transferring or terminating competitive business interests to mitigate conflicts of interest, ensuring that any such transfers are conducted at fair market value[96]. Future Outlook - Future outlook includes continued investment in R&D for new product development and technology enhancements[12]. - The company plans to expand production capacity in regions such as the Yangtze River Delta and the Beijing-Tianjin-Hebei area, as well as establish new factories in Singapore and the United States[47]. - The company is focused on maintaining a competitive edge by ensuring that its operations are not hindered by conflicts of interest or related party transactions[96].

证券代码：688409 证券简称：富创精密 公告编号：2024-054 沈阳富创精密设备股份有限公司 关于 2024 年半年度利润分配的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 分配比例：公司拟向全体股东每 10 股派发现金红利 2.00 元（含税）。不 送红股，不进行资本公积转增股本； 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股/回 购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司总 股本发生变动的，公司拟维持每股分配比例不变，相应调整分配总额，并将另行 公告具体调整情况。 如在本公告披露之日起至实施权益分派的股权登记日期间沈阳富创精密 设备股份有限公司（以下简称"公司"）总股本发生变动的，公司拟维持每股分 配比例不变，相应调整分配总额，并将另行公告具体调整情况； 本次利润分配方案尚需提交公司股东大会审议。 一、 利润分配方案内容 根据公司 2024 年半年度财务报告（未经审计），公司 2024 年半年度归属于 上市公司股东的净利润为人民币 121,80 ...

证券代码：688409 证券简称：富创精密 公告编号：2024-055 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 《2024 年半年度报告》及《2024 年半年度报告摘要公告》。 沈阳富创精密设备股份有限公司 第二届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 沈阳富创精密设备股份有限公司（以下简称"公司"）第二届监事会第九次 会议于 2024 年 8 月 29 日在公司会议室以现场结合通讯方式召开，本次会议通知 已于 2024 年 8 月 22 日以邮件、电话等方式发出，本次会议应出席监事 3 人，实 际出席监事 3 人，会议由公司监事会主席刘明先生主持。本次会议的召集、召开 和表决程序符合《中华人民共和国公司法》等法律法规以及《沈阳富创精密设备 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，会议决议合法、 有效。 二、监事会会议审议情况 经与会监事投票表决，审议通过了如下决议： （一）审议通过了《关于 2024 年半年 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688409 证券简称：富创精密 公告编号：2024-053 沈阳富创精密设备股份有限公司 2024 年半年度募集资金存放与实际使用情况 的专项报告 据中国证监会《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》、《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》和《上海证券交易所科创板股票上市规则》等相关规定，沈阳富创精密设 备股份有限公司（以下简称"公司"或"本公司"或"富创精密"）董事会编制 了 2024 年半年度（以下简称"本报告期"）募集资金存放与实际使用情况专项 报告如下： （二）募集资金本报告期使用金额及期末余额情况 截至 2023 年 12 月 31 日，公司已使用募集资金 3,345,131,702.54 元，其 中：（1）投入集成电路装备零部件全工艺智能制造生产基地 1,073,303,127.44 元；（2）承诺项目补充流动资金投入 600,000,000.00 元；（3）超募资金补充 流动资金投入 1, ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.21 CNY [3][5] Core Insights - The company expects to achieve revenue of 1.48 to 1.53 billion CNY in the first half of 2024, representing a year-on-year growth of 79% to 85%. The net profit attributable to the parent company is projected to be between 115 million to 135 million CNY, a year-on-year increase of 20% to 41%. The non-recurring net profit is expected to be between 105 million to 125 million CNY, showing a significant growth of 317% to 396% [1][5] - The semiconductor market demand is on the rise, with the company's order backlog being robust. According to SEMI, global sales of semiconductor manufacturing equipment are expected to reach 109 billion USD in 2024, setting a new industry record. The company's orders in the first half of 2024 have doubled year-on-year, and the second quarter has shown continued growth compared to the first quarter [1][5] - The company is planning to acquire Beijing Yisheng Precision Semiconductor Co., Ltd. for no more than 800 million CNY to fill the technology gap in non-metal semiconductor components. This acquisition aligns with the company's strategy to build a semiconductor component platform and will enhance its product offerings [1][5] - The overseas business is recovering, with factory construction proceeding as planned. The company is expanding its product types and expects new business ventures to contribute to revenue. Factories in Singapore and the United States are under construction, with the Singapore factory set to invite target customers for inspection in the second half of 2024 [1][5] Financial Forecast and Investment Recommendations - The company’s net profit attributable to the parent company is forecasted to be 302 million CNY, 404 million CNY, and 532 million CNY for the years 2024, 2025, and 2026 respectively. The previous forecasts for 2024 and 2025 were 410 million CNY and 583 million CNY, respectively, mainly due to a downward adjustment in the gross margin forecast for the main business [2][5] - The DCF valuation method indicates a target price of 38.21 CNY, maintaining the "Buy" rating [5][6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.48 to 1.53 billion yuan in the first half of 2024, representing a year-on-year growth of 78.63% to 84.66%. The net profit attributable to the parent company is projected to be between 115 to 135 million yuan, with a growth of 20.19% to 41.09% [2] - The semiconductor industry is showing signs of recovery, which is expected to support the company's growth. The company is increasing its production capacity in response to strong domestic demand and a recovering international market [2] - The company is planning to acquire 100% of Beijing Yisheng Precision Semiconductor, with a transaction amount not exceeding 800 million yuan. This acquisition is expected to enhance the company's capabilities and expand its product line [2] - The acquisition is anticipated to strengthen the company's position in the semiconductor parts market, providing a comprehensive solution for domestic and international semiconductor equipment manufacturers [2] Financial Projections - Revenue projections for 2024 to 2026 are 3.23 billion, 4.47 billion, and 5.65 billion yuan respectively, with net profits of 315 million, 442 million, and 568 million yuan respectively. The corresponding price-to-earnings (PE) ratios are 34.51, 24.60, and 19.14 times [2][4] - The company is expected to see a revenue growth rate of 56.3% in 2024, followed by 38.5% in 2025 and 26.3% in 2026 [4] - The net profit growth rate is projected to be 86.74% in 2024, 40.28% in 2025, and 28.53% in 2026 [4] - The company's return on equity (ROE) is expected to improve from 6.62% in 2024 to 10.48% in 2026 [4]

关于沈阳富创精密设备股份有限公司 2024 年度变更情况专项说明的专项报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） c.mof.gov.cn) 报告编码:沪24FM10FR7N (D C (D 0 0 信会师报字[2024]第 ZA13924 号 沈阳富创精密设备股份有限公司全体股东: 我们接受沈阳富创精密设备股份有限公司(以下简称富创精密) 委托,审核了后附的富创精密管理层编制的《沈阳富创精密设备股份 有限公司 2024 年度会计政策变更情况专项说明》(以下简称专项说明) 一、管理层对专项说明的责任 0 0 () 0 D 关于沈阳富创精密设备股份有限公司 2024 年度变更情况专项说明的专项报告 富创精密管理层的责任是按照《企业会计准则第 28 号 -- 会计 政策、会计估计变更和差错更正》以及《上海证券交易所科创板股票 上市规则》、《科创板上市公司自律监管指南第 3 号 -- 日常信息 披露》的相关规定编制专项说明,并负责设计、执行和维护必要的内 部控制,以使会计政策变更事项按照适用的财务报告编制基础确认、 计量和披露,不存在由于舞弊或错误导 ...