Investment Rating - The investment rating for the company is "Buy-A" with a target price of 61.12 CNY per share, maintaining the rating [4][9]. Core Views - The company achieved significant revenue growth in 2024, with operating income reaching 3.04 billion CNY, a year-on-year increase of 47.14%, and a net profit of 203 million CNY, up 20.13% year-on-year [1]. - In Q1 2025, the company reported operating income of 762 million CNY, a year-on-year increase of 8.62%, but a net loss of 22 million CNY, reflecting a decline of 136.67% year-on-year [1][2]. - The semiconductor business is a key growth driver, with major clients seeing over 50% growth, and international orders increasing by over 40% [2][3]. - The company is expanding its production capacity in multiple locations, including Shenyang, Nantong, Beijing, and Singapore, enhancing its global presence [4][8]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 25.8%, a slight increase of 0.6 percentage points year-on-year, while the net profit margin was 5.43%, down 2.7 percentage points year-on-year [2]. - For Q1 2025, the gross margin decreased by 1.25 percentage points year-on-year, and the net margin fell by 11.68 percentage points, primarily due to increased depreciation and labor costs [2]. Strategic Initiatives - The company has made significant advancements in semiconductor components, achieving mass production of complex structures and enhancing its technological capabilities [3]. - A strategic acquisition of a 21.58% stake in Compart is underway, aimed at integrating technology and supply chain resources to bolster global operations [4][8]. Future Projections - Revenue projections for 2025-2027 are 4.164 billion CNY, 5.455 billion CNY, and 6.873 billion CNY, with net profits expected to be 323 million CNY, 472 million CNY, and 606 million CNY respectively [9][11].

Group 1 - The semiconductor industry ETF (159582) has shown a strong performance, rising 1.45% recently, marking its third consecutive increase [3] - Key stocks in the semiconductor sector include Feikai Materials (300398) with a rise of 13.98%, Linweina (688661) up 5.13%, and Fuchuang Precision (688409) increasing by 4.29% [3] - As of April 30, 2025, the semiconductor industry ETF has achieved a net value increase of 39.06% over the past year, ranking 128 out of 2771 in the stock fund category [4] Group 2 - The top ten weighted stocks in the semiconductor index account for 76.35% of the total index, with Northern Huachuang (002371) leading at 15.51% [5] - The ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in comparable funds [4] - The ETF's tracking error over the past year is 0.056%, indicating the highest tracking precision among similar funds [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company continues to experience high growth in performance, benefiting from the trend of domestic substitution in the components sector [7] - The company achieved a revenue of 3.04 billion yuan in 2024, representing a year-on-year increase of 47.14%, with overseas revenue of 900 million yuan, up 40.3% [7] - The net profit attributable to the parent company for 2024 was 202.65 million yuan, a year-on-year increase of 20.13% [7] - The company is positioned as a leading supplier of semiconductor equipment components, benefiting from the domestic semiconductor equipment and component localization wave [7] Financial Summary - Revenue forecast for 2024 is 3,040 million yuan, with a year-on-year growth of 47.14% [1] - Net profit forecast for 2024 is 202.65 million yuan, with a year-on-year growth of 20.13% [1] - The company’s EPS (Earnings Per Share) for 2024 is projected to be 0.66 yuan [1] - The company’s P/E (Price to Earnings) ratio is expected to be 71.79 at the current price [1] - The company plans to expand production capacity and product offerings, with significant investments in R&D and strategic hiring [7]

Mergers and Acquisitions - Xingye Yinxin plans to acquire Atlantic Tin Company for approximately 4.54 billion RMB, with a total investment of about 0.98 million AUD at a price of 0.24 AUD per share [1] - Electric Power Investment Energy is undergoing an asset restructuring with its actual controller, State Power Investment Corporation, involving the acquisition of Inner Mongolia Baiyin Hua Coal Power equity [2] - Huibo Yuntong intends to purchase control of Baode Computer System Co., Ltd. through a combination of share issuance and cash payment, with details to be disclosed in a restructuring report [3] Share Buybacks and Increases - Kesi Technology plans to repurchase shares worth between 30 million and 50 million RMB, using self-owned funds for employee stock ownership plans or capital reduction [4] - Fuchuang Precision's major shareholder, Shenyang Advanced Manufacturing Technology Industry Co., Ltd., aims to increase its stake in the company by 1.2 billion to 2.4 billion RMB over the next 12 months [5] Regulatory and Compliance Issues - Yong'an Pharmaceutical's actual controller and chairman, Chen Yong, is under investigation and has been detained, with the company monitoring the situation closely [6] - *ST Gongzhi received a notice of termination of listing due to financial reporting issues, including an audit report with no opinion expressed for the 2024 fiscal year [8] - Xianju Pharmaceutical was fined 195 million RMB for engaging in monopolistic practices related to the pricing of dexamethasone phosphate sodium raw materials [9] - *ST Hengli failed to disclose periodic reports within the legal timeframe, leading to potential termination of its stock listing [10] - Tianmao Group also failed to disclose its periodic reports on time, resulting in stock suspension [11]

证券代码：688409 证券简称：富创精密 公告编号：2025-027 沈阳富创精密设备股份有限公司 关于大股东以专项贷款和自有资金 增持公司股份计划的公告 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、准确性和完整性承担法律责任。 重要内容提示： 沈阳富创精密设备股份有限公司（以下简称"公司"或"富创精密"） 的大股东沈阳先进制造技术产业有限公司（以下简称"沈阳先进"）拟自本公告 披露之日起 12 个月内，以股票增持专项贷款及自有资金通过上海证券交易所允 许的方式(包括但不限于集中竞价交易、大宗交易等)增持公司股份。增持金额不 低于人民币 1.2 亿元，不超过人民币 2.4 亿元，本次增持计划不设定价格区间， 沈阳先进将根据市场整体走势及对公司价值的合理判断，在实施期限内择机实施 增持计划。 专项贷款承诺函情况：中国银行股份有限公司辽宁省分行（以下简称"中 国银行辽宁省分行"）承诺为沈阳先进提供金额不超过人民币 2 亿元的专项贷款， 贷款期限 3 年。 本次增持计划可能存在因资本市场情况发生变化等因素导致增持计划延 迟实施或者无法完成实施的风险。增持计 ...

智通财经5月5日电，富创精密(688409.SH)公告称，公司大股东沈阳先进制造技术产业有限公司计划自 公告披露之日起12个月内，以股票增持专项贷款及自有资金通过上海证券交易所允许的方式增持公司股 份，增持金额不低于1.2亿元，不超过2.4亿元。增持计划不设定价格区间，沈阳先进将根据市场走势及 公司价值判断择机实施。此外，中国银行辽宁省分行已承诺提供最高不超过2亿元的专项贷款支持此次 增持。 富创精密：大股东沈阳先进拟增持1.2亿元-2.4亿元公司股份 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved significant revenue growth in the semiconductor sector, successfully breaking into international top-tier clients [6] - The first quarter of 2025 saw a decline in net profit due to concentrated strategic investments impacting costs [6][8] - The company is actively expanding its production capacity both domestically and internationally, enhancing its platform strategy [8] Financial Performance Summary - In 2024, the company reported revenue of 3.04 billion yuan, a year-on-year increase of 47.14%, and a net profit of 203 million yuan, up 20.13% [3] - The first quarter of 2025 showed revenue of 762 million yuan, an 8.62% increase year-on-year, but a net loss of 22 million yuan, a decrease of 136.67% [3] - The gross margin for 2024 was 25.80%, with a slight increase from the previous year, while the first quarter of 2025 saw a decrease to 24.15% [6] Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 4.256 billion yuan, 5.426 billion yuan, and 6.686 billion yuan respectively, with growth rates of 40%, 27%, and 23% [7] - Expected net profits for the same years are 351 million yuan, 487 million yuan, and 643 million yuan, with growth rates of 73%, 39%, and 32% respectively [7] Strategic Developments - The company is enhancing its product development capabilities, achieving breakthroughs in advanced product areas and expanding its production capacity in multiple locations [8] - A strategic investment in Compart aims to leverage its technology and global supply chain resources to improve advanced component manufacturing capabilities [8]

沈阳富创精密设备股份有限公司 独立董事 2024 年度述职报告 作为沈阳富创精密设备股份有限公司（以下简称"公司"或"富创精密"） 独立董事，本人严格按照《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》、《上市公司治理准则》及《上市公司独立董事管理 办法》等有关法律、法规、规范性文件和《沈阳富创精密设备股份有限公司章程》 （以下简称"《公司章程》"）《沈阳富创精密设备股份有限公司独立董事制度》 （以下简称"《独立董事制度》"）等相关规定，积极参加公司股东大会、董事 会及其专门委员会相关会议，认真审议各项议案，并对相关事项发表独立意见， 勤勉尽责，充分发挥独立董事作用，切实维护公司整体利益和全体股东尤其是中 小股东的合法权益。现将本人2024年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 朱煜先生，男，1965年出生，中国国籍，无境外永久居住权，博士研究生学 历，机械设计及理论专业。1983年8月至2004年9月，先后任中国矿业大学助教、 讲师、副教授；2004年10月至今，历任清华大学副教授、教授；2012年5月至今， 历任华卓精科董事及 ...

沈阳富创精密设备股份有限公司 独立董事 2024 年度述职报告 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 傅穹先生，男，1970年出生，中国国籍，无境外永久居住权，博士研究生学 历，民商法学专业。1995年至今，任吉林大学法学院教师、教授；2008年8月至 2016年12月，兼任吉林财经大学法学院院长；2022年12月至今，任豪尔赛科技集 团股份有限公司独立董事；2022年2月至今，任爱迪特（秦皇岛）科技股份有限 公司独立董事；2023年10月至今，任富创精密独立董事。 （二）独立性说明 作为公司独立董事期间，本人及本人直系亲属、主要社会关系均不在公司或 其附属企业任职，且未在公司关联企业任职；没有为公司或其附属企业提供财务、 法律、咨询等服务。本人具备《上市公司独立董事管理办法》《公司章程》和《独 立董事制度》所要求的独立性和担任公司独立董事的任职资格。本人在履职过程 中能够确保客观、独立的专业判断，维护全体股东特别是中小投资者的利益，不 存在影响独立性的情况。 二、独立董事年度履职概况 1 作为公司独立董事期间，本人独立、客观、审慎的对公司2024年度董事会所 有议案行使表决权。本 ...

沈阳富创精密设备股份有限公司 独立董事 2024 年度述职报告 作为沈阳富创精密设备股份有限公司（以下简称"公司"或"富创精密"） 独立董事期间内，本人严格按照《中华人民共和国公司法》、《中华人民共和国 证券法》、《上市公司治理准则》及《上市公司独立董事管理办法》等有关法律、 法规、规范性文件和《沈阳富创精密设备股份有限公司章程》（以下简称"《公 司章程》"）《沈阳富创精密设备股份有限公司独立董事制度》（以下简称"《独 立董事制度》"）等相关规定，积极参加公司2024年度召开的股东大会、董事会 及董事会各专门委员会的相关会议，参与公司各项重大经营决策，发挥作为财务 方向独立董事的专业优势和独立作用，努力维护并保障公司全体股东，尤其是中 小股东的合法权益。 现将本人2024年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 何燎原先生，男，1972年出生，中国国籍，无境外永久居住权，博士研究生 学历，工商管理专业。先后工作于香港冰源资本，信达证券等金融机构，现任北 京光跃私募基金管理公司投资合伙人。2023年10月至今，任富创精密独立董事。 （二）独立性说明 ...