富创精密：战略投入期，积极扩张国内外产能-20250515

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is in a strategic investment phase, actively expanding domestic and international production capacity [1] - In Q1 2025, the company achieved revenue of 800 million yuan, a year-on-year increase of 9% and a quarter-on-quarter increase of 5%. However, it reported a net loss attributable to shareholders of 22.16 million yuan [5][6] - The company is expected to achieve revenue of 3 billion yuan in 2024, a year-on-year increase of 47%, with a net profit of 200 million yuan, a year-on-year increase of 20% [5] Financial Performance Summary - The company’s revenue for 2024 is projected at 3,040 million yuan, with a year-on-year growth of 47.1%. The net profit attributable to shareholders is expected to be 203 million yuan, reflecting a year-on-year increase of 20.1% [10] - The company’s gross margin is projected to be 25.8% in 2024, increasing to 27.0% in 2025 [10] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.06 yuan, 1.43 yuan, and 2.10 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 46.50, 34.38, and 23.45 [8][10] Strategic Expansion - The company is recognized as one of the few capable of mass-producing 7nm process semiconductor equipment precision components, with active capacity expansion in both domestic and international markets [7] - New production lines in Shenyang, Nantong, and Beijing have been launched, enhancing supply capabilities in North China. The Nantong project, funded by the IPO, has completed acceptance and is operational [7] - The Singapore facility has successfully passed customer validation, establishing a significant presence in the overseas market and enhancing the company's global competitive edge [7]