Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company continues to experience high growth in performance, benefiting from the trend of domestic substitution in the components sector [7] - The company achieved a revenue of 3.04 billion yuan in 2024, representing a year-on-year increase of 47.14%, with overseas revenue of 900 million yuan, up 40.3% [7] - The net profit attributable to the parent company for 2024 was 202.65 million yuan, a year-on-year increase of 20.13% [7] - The company is positioned as a leading supplier of semiconductor equipment components, benefiting from the domestic semiconductor equipment and component localization wave [7] Financial Summary - Revenue forecast for 2024 is 3,040 million yuan, with a year-on-year growth of 47.14% [1] - Net profit forecast for 2024 is 202.65 million yuan, with a year-on-year growth of 20.13% [1] - The company’s EPS (Earnings Per Share) for 2024 is projected to be 0.66 yuan [1] - The company’s P/E (Price to Earnings) ratio is expected to be 71.79 at the current price [1] - The company plans to expand production capacity and product offerings, with significant investments in R&D and strategic hiring [7]
富创精密(688409):2024年报、2025年一季报点评:业绩持续高增,零部件龙头持续受益国产替代