富创精密：24Q3收入/利润同比高增，盈利能力逐季改善

Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1][3]. Core Views - The company has shown significant revenue and profit growth in Q3 2024, with a year-on-year revenue increase of 66.54% for the first three quarters, reaching 2.315 billion yuan. In Q3 2024 alone, revenue was 809 million yuan, up 44.01% year-on-year and 0.47% quarter-on-quarter [1]. - The net profit attributable to the parent company for the first three quarters of 2024 was 190 million yuan, reflecting a year-on-year increase of 43.72%. The gross profit margin for the first three quarters was 28.78%, showing a trend of improvement quarter by quarter [1][3]. - The company is focusing on expanding its production capacity both domestically and internationally, with new factories being established in regions such as the Yangtze River Delta and overseas in Singapore and the United States to meet the growing demand for semiconductor components [1][3]. Financial Performance - For the first three quarters of 2024, the company reported a cumulative revenue of 2.315 billion yuan, with a gross profit margin of 28.78%. The gross profit margins for Q1, Q2, and Q3 of 2024 were 25.39%, 27.07%, and 33.43%, respectively [1]. - The projected revenues for 2024, 2025, and 2026 are 3.131 billion yuan, 4.266 billion yuan, and 5.015 billion yuan, with growth rates of 51.6%, 36.3%, and 17.6% respectively. The net profit attributable to the parent company is expected to be 275 million yuan, 439 million yuan, and 570 million yuan for the same years [3][4]. - The company is positioned as one of the few manufacturers capable of mass-producing precision components for semiconductor equipment used in 7nm process technology, which is expected to accelerate the domestic substitution process in the semiconductor industry [3][4].