富创精密：2024年三季报业绩点评：营收端高速增长，盈利端快速改善

Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company has experienced rapid revenue growth and significant improvement in profitability, with a revenue of 2.315 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 66.5% [1]. - The net profit attributable to the parent company for the same period reached 190 million yuan, up 43.7% year-on-year, while the net profit after deducting non-recurring items surged by 371.0% to 175 million yuan [1]. - The company is benefiting from high demand in both domestic and international markets, along with continuous optimization of product structure and enhanced customer service capabilities [1]. - The company is expanding its production capacity with new factories, particularly in Nantong, which is expected to further support revenue growth [1]. - The gross margin for Q3 2024 was reported at 33.4%, an increase of 7.0 percentage points year-on-year and 6.4 percentage points quarter-on-quarter, indicating improved profitability [1]. - The acceleration of domestic semiconductor component localization is expected to continue, driven by uncertainties in overseas supply chains [1]. - The company plans to acquire Beijing Yisheng Precision to enter the silicon carbide sector, which will enhance its product offerings and market reach [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 809 million yuan, a 44.0% increase year-on-year, with a net profit of 68 million yuan, up 87.0% year-on-year [1]. - The company’s revenue for 2024 is projected to reach 3.155 billion yuan, with a growth rate of 52.73% [2]. - The net profit for 2024 is estimated at 289 million yuan, reflecting a growth rate of 71.32% [2]. Profitability and Valuation - The report forecasts the company's net profit for 2024 and 2025 to be 289 million yuan and 418 million yuan, respectively, with a new estimate for 2026 at 555 million yuan [1][2]. - The current stock price corresponds to an EPS of 0.94, 1.36, and 1.80 yuan for 2024, 2025, and 2026, respectively, with P/E ratios of 70, 48, and 37 [1][2]. Market Position and Strategy - The company is positioned as a leader in the metal precision components sector, with ongoing improvements in revenue and profitability [1]. - The acquisition of Yisheng Precision is expected to create synergies in product offerings and enhance the company's competitive edge in the semiconductor market [1].