富创精密：24H1业绩高增，在手订单充足

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]