富创精密：2024年中报点评：业绩稳健增长，四大类产品全面放量

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [3]. Core Insights - The company achieved a revenue of 1.506 billion yuan in the first half of 2024, representing a year-over-year increase of 81.80%, and a net profit attributable to shareholders of 122 million yuan, up 27.30% year-over-year [1]. - The semiconductor equipment market is experiencing an upturn, with significant growth potential for domestic components, as the global semiconductor equipment sales are projected to reach 109 billion USD in 2024, a 3.4% increase year-over-year [1]. - The company is expanding its production capacity both domestically and internationally, with new facilities in Nantong, Beijing, and Singapore contributing to its growth strategy [1]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 1.506 billion yuan, with a breakdown of product revenues: module products at 579 million yuan (up 67.96% YOY), process components at 333 million yuan (up 70.70% YOY), structural components at 390 million yuan (up 91.65% YOY), and gas pipeline revenue at 145 million yuan (up 98.68% YOY) [1]. - The company’s gross margin for Q2 2024 was 27.07%, reflecting a year-over-year increase of 0.68 percentage points [1]. - The projected revenues for 2024, 2025, and 2026 are 3.029 billion yuan, 4.093 billion yuan, and 5.171 billion yuan, respectively, with corresponding net profits of 305 million yuan, 421 million yuan, and 550 million yuan [2][4]. Market and Competitive Landscape - The report highlights the broad growth potential in the domestic component market, which is expected to reach 16.4 billion USD in 2024 [1]. - The company is well-positioned in the semiconductor equipment sector, benefiting from the ongoing recovery in demand both domestically and internationally [1].