富创精密（688409）：产能扩张夯实基础，战略并购完善布局

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 61.12 CNY per share, maintaining the rating [4][9]. Core Views - The company achieved significant revenue growth in 2024, with operating income reaching 3.04 billion CNY, a year-on-year increase of 47.14%, and a net profit of 203 million CNY, up 20.13% year-on-year [1]. - In Q1 2025, the company reported operating income of 762 million CNY, a year-on-year increase of 8.62%, but a net loss of 22 million CNY, reflecting a decline of 136.67% year-on-year [1][2]. - The semiconductor business is a key growth driver, with major clients seeing over 50% growth, and international orders increasing by over 40% [2][3]. - The company is expanding its production capacity in multiple locations, including Shenyang, Nantong, Beijing, and Singapore, enhancing its global presence [4][8]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 25.8%, a slight increase of 0.6 percentage points year-on-year, while the net profit margin was 5.43%, down 2.7 percentage points year-on-year [2]. - For Q1 2025, the gross margin decreased by 1.25 percentage points year-on-year, and the net margin fell by 11.68 percentage points, primarily due to increased depreciation and labor costs [2]. Strategic Initiatives - The company has made significant advancements in semiconductor components, achieving mass production of complex structures and enhancing its technological capabilities [3]. - A strategic acquisition of a 21.58% stake in Compart is underway, aimed at integrating technology and supply chain resources to bolster global operations [4][8]. Future Projections - Revenue projections for 2025-2027 are 4.164 billion CNY, 5.455 billion CNY, and 6.873 billion CNY, with net profits expected to be 323 million CNY, 472 million CNY, and 606 million CNY respectively [9][11].