中信证券股份有限公司 关于沈阳富创精密设备股份有限公司 2023年持续督导工作现场检查结果及提请公司注意事项 沈阳富创精密设备股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号—持续督导》 的有关要求，对贵公司认真履行了持续督导职责。 基于 2023 年度现场检查，本保荐人提请贵公司关注以下事项： 1 调整经营策略，进一步加强经营管理，防范相关经营风险。对于公司未来业绩波 动的情况，公司应当及时履行信息披露义务，及时、充分地揭示相关风险。 保荐人将本着勤勉尽责的态度对公司上述情况进行持续关注和督导，督促公 司改善经营业绩，切实回报全体股东。保荐人提请投资者特别关注公司业绩下滑 风险。 2、建议公司继续严格按照《公司法》、《证券法》、《上海证券交易所股票上 市规则》等法律法规的要求，不断完善公司治理结构，及时履行信息披露义务， 合规合理使用募集资金，有序推进募投项目的建设及实施，确保募投项目完成并 实现预期收益。 附件：《中信证券股份有限公司关于沈阳富创精密设备股份有限公司 2023 年持续督导工作现场检查报告》 ...

Financial Data and Key Metrics Changes - In 2023, the company achieved total revenue of 2.06 billion, a year-on-year increase of 33.75% compared to 2022. However, the net profit attributable to shareholders decreased by 31.28% to 169 million [49][50] - For Q1 2024, the company reported revenue of 700 million, representing a year-on-year growth of 105.47% and a quarter-on-quarter increase of 3.81%. The net profit for the same period was 60 million, up 53.42% year-on-year and 64.79% quarter-on-quarter [77] Business Line Data and Key Metrics Changes - The proportion of module products and gas pipeline products in the main business revenue increased from 40.62% in 2022 to 53.5% in 2023, indicating a shift towards higher value products [56] - The company is focusing on enhancing gross margins through scale effects and improving product offerings, particularly in the module and gas pipeline segments [2][4] Market Data and Key Metrics Changes - Domestic customers accounted for over 70% of the company's revenue in Q1 2024, while overseas customers contributed less than 30% [7] - The company is experiencing a recovery in the overseas market, with expectations of at least a 30% year-on-year growth in international revenue for 2024 [87] Company Strategy and Development Direction - The company is committed to internationalization, establishing manufacturing bases in Singapore and the United States to enhance customer engagement and mitigate geopolitical risks [80] - The strategic focus includes expanding market share in high-value products and enhancing the supply chain's bargaining power through increased scale [56][80] Management Comments on Operating Environment and Future Outlook - Management noted that the semiconductor market is recovering, with a positive outlook for revenue growth driven by domestic demand and advanced process upgrades [85] - The company anticipates a continuous upward trend in production capacity utilization, supported by strong order backlogs and market demand [82] Other Important Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares and has repurchased shares worth 208 million, primarily for employee stock incentives [26] - R&D expenses for 2023 reached 206 million, accounting for nearly 10% of revenue, reflecting the company's commitment to innovation and product development [51] Q&A Session Summary Question: What is the expected growth rate for revenue this year? - The company expects a minimum growth rate of over 50% compared to last year's revenue, with internal targets set even higher [111] Question: How is the company addressing the challenges in the overseas market? - The company has observed a recovery in the overseas market since Q4 of the previous year, with expectations for significant growth in 2024 [87] Question: What is the current status of the new factories in Singapore and the US? - The Singapore factory is on track to start receiving orders in Q3 2024, with an estimated revenue of around 60 million for the year [95]

446 数据来源：聚源、华金证券研究所 投资建议：鉴于当前半导体下游复苏/半导体零部件国产化进程，我们调整对公司 原有业绩预期。预计 2024 年至 2026 年营业收入为 31.31（前值为 27.33）/42.66 （前值为 38.87）/50.15（新增）亿元，增速分别为 51.6%/36.3%/17.6%；归母净 利润为 3.08（前值为 3.28）/4.40（前值为 4.31）/5.61（新增）亿元，增速分别为 82.5%/43.1%/27.3%；对应 PE 分别为 43.5/30.4/23.9 倍。考虑到富创精密是全球 为数不多能够量产应用于 7 纳米工艺制程半导体设备的精密零部件制造商，随着国 内对半导体设备需求的不断提高，叠加我国的政策支持及技术突破，在半导体核心 产业链自主可控背景下，有望加速半导体设备国产替代进程，为公司发展提供历史 机遇。维持"增持-A"评级。 | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022 ...

今天参会的嘉宾有副创经理副总经理宋阳总副创经理国际市场负责人李国辉总副创经理董事会秘书梁倩倩总副创经理财务总监杨爽总我是本次会议的主持人中信证券的半导体分析师王子元今天的会议我们将首先由董秘梁总开场词 最后由财务总监杨总介绍财务数据董立良总介绍业务数据最后是问答的环节接下来我们首先把时间交给杨总有请 各位投资人大家好欢迎参加公司2023年报及2024年一级报业绩交流会感谢大家对公司的关注与支持公司是国内半导体设备精密零部件的领军企业致力于金属零部件研发与制造是海内外半导体设备龙头企业的战略供应商主要提供工艺零件、结构零件、模组产品、气体管路产品 覆盖刻石、薄膜沉积等多种钱袋设备二三年是半导体行业增速较弱的一年公司逆产业投资加大研发投入和产能建设提前储备人才在拓展市场规模的同时利润端有所承压二四年一季度随着行业复苏及产能释放公司规模效应出现营收和利润实现同环比双增长 下面有请财务总监杨爽介绍公司2023年度及2024年一季度主要财务指标各位投资人大家好首先我来介绍一下公司2023年度的主要财务状况 2023年受益于国内半导体市场增长的需求以及零部件国产化需求的拉动公司实现总体的营收是20.6亿较2022年同期增 ...

证券代码：688409 证券简称：富创精密 公告编号：2024-033 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 31 日 沈阳富创精密设备股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2023 年年度股东大会 召开日期时间：2024 年 5 月 31 日 14 点 00 分 召开地点：沈阳市浑南区飞云路 18 甲-1 号沈阳富创精密设备股份有限公司 A103 会议室 至 2024 年 5 月 31 日 股东大会召开日期：2024年5月31日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交 ...

688409.SH 富创精密 富创精密 2023 年新工厂布局对毛利率造成负面影响。公司 2024Q1 营业收入同比实现 快速增长，新产能投放推动毛利率环比回升。公司在 Y-Al 和含氟涂层技术实现突破。 全球化布局旨在推动国际市占率提升。下调至增持评级。 支撑评级的要点 富创精密 2024Q1 营业收入环比实现稳健增长，毛利率环比实现回升。富创精密 2023Q4 营 业收入 6.76 亿元，QoQ+20%，YoY+27%；毛利率 21.3%，QoQ-5.1pcts，YoY-10.2pcts；扣 非归母净利润 0.49 亿元，QoQ+316%，YoY-8%。富创精密 2024Q1 营业收入 7.01 亿元， QoQ+4%，YoY+105%；毛利率 25.4%，QoQ+4.1pcts，YoY-3.8pcts；扣非归母净利润 0.54 亿元，QoQ+10%，YoY+1385%。考虑到一季度有春节影响，富创精密 2024Q1 营业收入依 然实现了环比增长，这体现了公司营业收入的韧性。富创精密 2023Q4 毛利率有所下滑，系 公司新工厂人工成本和设备折旧等费用增加，随着新工厂产能的开出，公司 2024Q1 毛利率 ...

关于以集中竞价交易方式回购公司股份的进展公告 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。 证券代码：688409 证券简称：富创精密 公告编号：2024-032 沈阳富创精密设备股份有限公司 截至 2024 年 4 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 重要内容提示： 截至 2024 年 4 月 30 日，沈阳富创精密设备股份有限公司（以下简称"公 司"）通过上海证券交易所交易系统以集中竞价交易方式已累计回购公司股份 2,856,124 股，占公司总股本 209,053,334 股的比例为 1.3662%，回购成交的最 高价为 86.00 元/股，最低价为 42.99 元/股，支付的资金总额为人民币 207,838,655.50 元（不含印花税、交易佣金等交易费用）。 一、 回购股份的基本情况 方式已累计回购公司股份 2,856,124 股，占公司总股本 209,053,334 股的比例为 1.3662%，回购成交的最高价为 86.00 元/股，最低价为 42.99 元/股，支付的资 金总额为人民 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative price increase of 5% to 15% over the next six months [2][25]. Core Views - The company is experiencing short-term pressure on profitability due to increased costs associated with talent and equipment at new production bases, a higher proportion of low-margin module products, and increased R&D expenses [3][4]. - The company is positioned as a leading supplier of semiconductor components, benefiting from the domestic semiconductor equipment and component localization trend, with plans for significant capacity expansion in both domestic and international markets [3][4]. - The revenue forecast for 2024 and 2025 has been adjusted downwards to 250 million and 320 million respectively, reflecting cautious expectations regarding downstream recovery [3][4]. Financial Performance Summary - In 2023, the company achieved total revenue of 2,066 million, a year-on-year increase of 33.75%, while net profit attributable to shareholders was 168.69 million, a decrease of 31.28% [2][4]. - The company's gross margin and net margin for 2023 were 25.2% and 8.1%, respectively, both showing a decline compared to the previous year [3][9]. - The company’s earnings per share (EPS) for 2024 is projected at 1.20, with a price-to-earnings (P/E) ratio of 56.37 based on current market price [2][12].

请务必阅读正文之后的免责声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|---------|-------|---------|-------|-----------------------------|-------|-------|-------|-------| | 现金流量表（百万元） | 2023A | 2024E | 2025E | 2026E | 重要财务与估值指标 | 2023A | 2024E | 2025E | 2026E | | 经营活动现金流 | (386) | 1,018 | (79) | 1,400 | 每股净资产 ( 元 ) | 21.84 | 21.91 | 23.46 | 25.42 | | 投资活动现金流 | (561) | (941) | (895) | (829) | 最新发行在外股份（百万股） | 209 | 209 | 209 | 209 | | 筹资活动现金流 | 532 | (258) | (60) | (60) | ROIC(% ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market benchmark [15][21]. Core Insights - The company reported a revenue of 701 million yuan in Q1 2024, representing a year-on-year growth of 105.47%. The gross margin improved to 25.39%, an increase of 4.07 percentage points from the previous quarter. The net profit attributable to the parent company was 60.43 million yuan, up 53.42% year-on-year [15]. - The company is benefiting from strong demand from downstream customers, leading to significant revenue growth and gradually realizing economies of scale. The contribution of high-value complex module products to revenue has increased, with module products and gas pipelines accounting for 53.50% of total revenue in 2023, up from 40.62% in 2022 [15]. - Domestic demand remains robust, with local revenue growing by 72% year-on-year, while overseas revenue declined by 13%. The domestic revenue share increased from 54.0% in 2022 to 69.5% in 2023 [15]. - The company continues to invest in R&D, with expenditures reaching 206 million yuan in 2023, representing 9.97% of revenue, and a 25.01% increase in Q1 2024 R&D spending [15]. - The company is expanding its production capacity both domestically and internationally, with new factories planned in Nantong and Beijing, and subsidiaries established in Singapore and the United States [15]. - Profit margins are expected to improve as the company transitions from a capital-intensive phase to a more profitable operational phase, supported by a stock incentive plan aimed at enhancing employee motivation and performance [15]. Financial Summary - The total revenue for 2023 is projected at 2,066 million yuan, with a year-on-year growth rate of 33.75%. The net profit attributable to the parent company is expected to reach 169 million yuan, reflecting a significant recovery from a decline in the previous year [16]. - The company forecasts a net profit of 313 million yuan for 2024, with a growth rate of 85.7%, and aims for 494 million yuan in 2025 [16]. - The earnings per share (EPS) is projected to be 1.50 yuan in 2024, increasing to 2.36 yuan in 2025 and 2.88 yuan in 2026 [16].