富创精密(688409)：营收同环比双增 前瞻投入致业绩短期承压

Core Insights - The company achieved total revenue of 1 billion yuan in Q3 2025, representing a year-on-year increase of 24% and a quarter-on-quarter increase of 5% [1] - The net profit attributable to shareholders was 25.21 million yuan, a decrease of 63% year-on-year and a decrease of 27% quarter-on-quarter [1] - The non-recurring net profit was 21.67 million yuan, down 65% year-on-year and down 19% quarter-on-quarter [1] Revenue and Profit Analysis - Revenue increased both year-on-year and quarter-on-quarter, but profit was under pressure due to strategic investments in capacity, technology, and talent, leading to significant cost increases [2] - Depreciation expenses for newly added capacity increased by 78.8 million yuan year-on-year, with production-related depreciation accounting for 59.27 million yuan and period expenses for 19.53 million yuan [2] - Labor costs rose by 160 million yuan year-on-year due to talent reserves, indicating a proactive approach to future demand [2] Strategic Investments - The company is committed to a forward-looking strategy in capacity and talent, with R&D expenses reaching approximately 74 million yuan in Q3 2025, a 35% increase year-on-year, and the R&D expense ratio rising to 7% [2] - Significant investments in production and R&D personnel have been made to ensure efficient operations and technological breakthroughs [2] - The company aims to build stronger delivery capabilities and gradually digest prior investments as new capacity scales up [2] Investment Recommendations - Due to increased investments, the company's net profit forecasts for 2025-2027 have been adjusted to 98 million, 172 million, and 401 million yuan, respectively, with corresponding EPS of 0.32, 0.56, and 1.31 yuan [3] - The latest closing price corresponds to P/E ratios of 199x, 114x, and 49x for the respective years, maintaining a "buy" rating [3]