富创精密：看好毛利率持续提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 83.52 RMB [5][9]. Core Views - The company reported Q3 2024 revenue of 809 million RMB, a year-on-year increase of 44.01% and a quarter-on-quarter increase of 0.47%. The net profit attributable to the parent company was 68 million RMB, up 86.96% year-on-year and 10.69% quarter-on-quarter. The growth in revenue and profit is attributed to increased domestic and international market demand, continuous optimization of product structure, and improved customer service capabilities. The gross margin significantly improved, with Q3 gross margin rising by 6.36 percentage points to 33.4% [2][3][4]. Summary by Sections Financial Performance - For the first three quarters, the company achieved revenue of 2.315 billion RMB, a year-on-year increase of 66.54%, and a net profit of 190 million RMB, up 43.72% year-on-year. The gross margin for Q3 was 33.43%, reflecting a year-on-year increase of 7.03 percentage points and a quarter-on-quarter increase of 6.36 percentage points [3][4]. Market Outlook - The global semiconductor equipment parts direct materials market is estimated to reach approximately 49.2 billion USD in 2024, with the domestic market around 16.4 billion USD, indicating significant potential for domestic substitution. The company is expected to benefit from the acceleration of domestic component localization and the release of production capacity from its factories in Nantong, Beijing, and Singapore [4][5]. Valuation - The projected revenue for 2024-2026 is 3.23 billion RMB, 4.52 billion RMB, and 6.02 billion RMB, respectively, with corresponding net profits of 280 million RMB, 440 million RMB, and 620 million RMB. The target price is set at 83.52 RMB based on an industry average PE of 58 times for 2025 [5][6].