富创精密：Q3毛利率大幅改善，持续受益半导体零部件国产化！"#$%

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Insights - The company achieved a revenue of 2.3 billion in the first three quarters of 2024, representing a year-on-year growth of 67%, with a net profit attributable to shareholders of 200 million, up 44% year-on-year [2][3] - In Q3 2024, the company reported a revenue of 800 million, flat quarter-on-quarter but up 44% year-on-year, with a net profit of 100 million, an 11% increase quarter-on-quarter and an 87% increase year-on-year [2] - The gross margin improved significantly to 33% in Q3, reflecting a 6 percentage point increase quarter-on-quarter and a 7 percentage point increase year-on-year, driven by scale effects and optimized product structure [2][3] - The company is benefiting from the domestic semiconductor parts localization, with a projected increase in China's 12-inch wafer capacity to 25% of the global total by 2026, positioning the company favorably in the semiconductor supply chain [2][3] Financial Performance Summary - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 282 million, 424 million, and 603 million respectively, with corresponding EPS of 0.92, 1.38, and 1.96 [2][3] - The latest closing price corresponds to P/E ratios of 79x, 52x, and 37x for the years 2024, 2025, and 2026 respectively [2][3] - The gross margin is projected to improve from 29.5% in 2024 to 30.8% in 2026, indicating a positive trend in profitability [3][7] Production and Market Position - The company is actively expanding its production capacity in response to the growing demand in the semiconductor market, with facilities in various regions including the Yangtze River Delta, Beijing, and Singapore [2][3] - The company is one of the few capable of mass-producing precision components for semiconductor equipment at the 7nm process node, which enhances its competitive edge [2][3]