半导体富创精密(688409)季报点评：富创精密：技术与市场双向突破 稳健布局未来

Group 1 - The company achieved operating revenue of 1 billion yuan in Q2 2025, a year-on-year increase of 20% and a quarter-on-quarter increase of 26% [1] - The net profit attributable to shareholders was 34.43 million yuan, a year-on-year decrease of 44% but a quarter-on-quarter increase of 255% [1] - The semiconductor equipment precision components business experienced rapid growth, with major customers' orders increasing by 74% and 236% year-on-year [1] Group 2 - The company successfully broke through overseas technical barriers with its metal heating plate and became a major supplier to domestic mainstream customers [2] - The customer structure has been further optimized, with the top five customers accounting for over 75% of revenue during the reporting period [2] - The gas transmission business orders grew by 53% year-on-year, with revenue increasing by 21% [2] Group 3 - The company expects net profits attributable to shareholders to be 325 million yuan, 439 million yuan, and 644 million yuan for 2025-2027, with corresponding EPS of 1.06, 1.43, and 2.10 yuan [3] - The latest closing price corresponds to PE ratios of 68x, 50x, and 34x for the respective years [3]