富创精密：24H1大陆半导体零件营收yoy +107%

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company reported a revenue of 1.506 billion yuan for H1 2024, representing a year-over-year increase of 81.8%, with a net profit of 122 million yuan, up 27.3% year-over-year [4][5]. - The company is a leading provider of precision components for semiconductor equipment in China, with significant growth across all product categories in H1 2024 [4][5]. - The global semiconductor equipment demand is recovering, with the company's revenue from mainland China doubling year-over-year in H1 2024 [5]. - The company is expanding its production capacity both domestically and internationally, with new factories planned in Nantong and Beijing, and subsidiaries established in Singapore and the USA [5]. - Profit margins are expected to improve as the company transitions from a capital investment phase to a production phase, supported by a stock incentive plan [5]. - The profit forecast for 2024 has been adjusted downwards from 310 million yuan to 290 million yuan due to increased management costs and reduced investment income expectations, while maintaining profit forecasts for 2025 and 2026 [5]. Financial Summary - The total revenue for 2024 is projected to be 3.106 billion yuan, with a year-over-year growth rate of 50.4% [6]. - The net profit for 2024 is estimated at 293 million yuan, reflecting a growth rate of 73.7% [6]. - The earnings per share for 2024 is expected to be 0.95 yuan [6]. - The gross margin for H1 2024 is reported at 26.3% [4][6]. - The return on equity (ROE) for 2024 is projected to be 6.1% [6].