富创精密（688409）：2025年中报点评：业绩短期承压，看好零部件龙头平台化布局下的长期成长性

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is experiencing short-term pressure on performance but is expected to achieve long-term growth due to its leading position in the components sector and platform-based layout [1] - The company's revenue for H1 2025 was 1.724 billion yuan, a year-on-year increase of 14.4%, while the net profit attributable to shareholders was 12.28 million yuan, a year-on-year decrease of 89.9% [7] - The company has made significant improvements in cash flow and order fulfillment capabilities, with contract liabilities increasing by 207.4% year-on-year [7] Financial Forecasts - Revenue projections for 2023A to 2027E are as follows: 2,066 million yuan (2023A), 3,040 million yuan (2024A), 4,189 million yuan (2025E), 5,515 million yuan (2026E), and 7,002 million yuan (2027E) [1] - Net profit attributable to shareholders is forecasted to be 168.69 million yuan (2023A), 202.65 million yuan (2024A), 321.14 million yuan (2025E), 475.02 million yuan (2026E), and 650.93 million yuan (2027E) [1] - The company’s P/E ratios are projected to be 126.16 (2023A), 105.02 (2024A), 66.27 (2025E), 44.80 (2026E), and 32.69 (2027E) [1] Operational Highlights - The company has deepened its penetration with major clients, with the top five clients accounting for over 75% of revenue in H1 2025 [7] - The company has achieved significant breakthroughs in the mass production of precision components, including various gas distribution plates and metal heating plates [7] - The establishment of overseas bases and the acquisition of Compart have enhanced the company's global competitiveness [7]