富创精密（688409）：蓄势待发，蓄势待发

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - The company has made significant forward-looking investments in advanced capacity, talent reserves, and key resources, which have temporarily pressured profit margins but are expected to enhance profitability as production capacity is gradually released [3][4]. - The company focuses on a major client strategy, establishing a stable growth engine by deepening relationships with leading global semiconductor manufacturers and enhancing its service capabilities [4][5]. - Continuous innovation in product development is driven by the demand for advanced process iterations in semiconductor equipment, with several new products achieving certification and entering mass production [5][8]. Company Overview - The latest closing price of the company's stock is 70.50 yuan, with a total market capitalization of 216 billion yuan and a total share capital of 3.06 billion shares [2]. - The company reported a revenue of 2.73 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 17.94%, while the net profit attributable to shareholders was 37.48 million yuan, down 80.24% year-on-year [3]. Financial Projections - Revenue projections for the company are 37.5 billion yuan in 2025, 50 billion yuan in 2026, and 70 billion yuan in 2027, with net profits expected to be 0.9 billion yuan, 3.5 billion yuan, and 6.6 billion yuan respectively [9][11]. - The company anticipates a revenue growth rate of 23.48% in 2025, 33.49% in 2026, and 39.80% in 2027 [11][14]. Strategic Acquisitions - The company plans to acquire 100% of Beijing Yisheng Precision Semiconductor Co., Ltd. for up to 800 million yuan to enhance its semiconductor component platform and service capabilities [8]. - A strategic investment in the international brand Compart aims to strengthen the company's vertical integration and global competitiveness in the gas transmission sector [8].