富创精密：2024年半年报点评：需求强势增长，收入实现高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a strong revenue growth of 81.80% year-on-year, achieving an operating income of 1.506 billion yuan in the first half of 2024 [2][6] - The net profit attributable to shareholders increased by 27.30% year-on-year, reaching 122 million yuan, while the non-recurring net profit surged by 346.04% to 112 million yuan [2][6] - The basic earnings per share (EPS) for the company is 0.55 yuan [2] Financial Performance - The company's revenue for the first half of 2024 was 1.506 billion yuan, with a year-on-year growth of 81.80% [2][6] - The gross margin and net margin for the first half of 2024 were 26.29% and 6.92%, respectively, showing a decline of 1.26 percentage points and 4.81 percentage points year-on-year [7] - In Q2 2024, the company achieved an operating income of 805 million yuan, a year-on-year increase of 65.21% [7] Market Dynamics - The domestic semiconductor market has shown significant growth, with the company's revenue from mainland China reaching 1.086 billion yuan, up 106.57% year-on-year [8] - The revenue from various product categories, including process components and module products, has also increased significantly, with growth rates of 70.70% and 67.96%, respectively [8] Earnings Forecast and Valuation - The company is expected to generate revenues of 3.265 billion yuan, 4.333 billion yuan, and 5.526 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 58.07%, 32.70%, and 27.52% [9] - The projected net profit for the same years is 293 million yuan, 466 million yuan, and 622 million yuan, with corresponding growth rates of 73.47%, 59.16%, and 33.53% [9] - The estimated EPS for 2024, 2025, and 2026 is 0.95 yuan, 1.51 yuan, and 2.02 yuan, with price-to-earnings (P/E) ratios of 36x, 22x, and 17x, respectively [9]