富创精密（688409）：平台化龙头乘国产化东风产能释放在即有望带来增量

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 113.06 CNY [3][7]. Core Insights - The company, Fuchuang Precision, is a leading domestic semiconductor precision component manufacturer, leveraging a platform-based layout to build strong competitive advantages. Its product range includes mechanical and electromechanical components, gas transmission systems, and more, with clients including major domestic and international equipment manufacturers [1][13]. - The company has experienced robust revenue growth driven by market demand and domestic substitution. However, in the first three quarters of 2025, net profit faced temporary pressure due to increased depreciation and labor costs from proactive capacity expansion and talent investment. As capacity is released and economies of scale are realized, profitability is expected to gradually improve [1][2][28]. Summary by Sections 1. Semiconductor Component Leader with Platform-Based Layout - Fuchuang Precision has established itself as a leader in the semiconductor component sector, with a product portfolio that has been validated by major domestic and international clients, achieving mass production [13]. - The company has expanded its product layout through acquisitions, such as indirect holdings in Compart, enhancing its position in the gas transmission system sector [1][17]. 2. Downstream Demand Driving Growth in the Component Industry - The global wafer capacity is accelerating, particularly in advanced processes, which is driving continuous growth in semiconductor equipment demand. Precision components, which account for over 90% of equipment costs, are seeing a corresponding market expansion [1][37]. - The domestic semiconductor equipment market is becoming increasingly important, providing significant growth opportunities for local suppliers as the localization rate of critical components remains low [1][46]. 3. Deepening Market Expansion and Capacity Release Expected to Boost Profitability - The company is enhancing its market competitiveness and leading position in domestic substitution through deepened platform-based layouts, R&D, and acquisitions. It has achieved international competitiveness in mechanical components and has entered international supply chains for gas/liquid/vacuum systems [2][52]. - Capacity construction is progressing steadily, with the Shenyang factory at full capacity and others in Nantong, Beijing, and Singapore ramping up. As fixed asset investment peaks, depreciation costs are expected to stabilize, leading to improved profitability as capacity is released [2][28]. 4. Profit Forecast and Investment Recommendations - Revenue forecasts for 2025-2027 are 3.55 billion CNY, 5.25 billion CNY, and 6.83 billion CNY, with net profits of -0.09 billion CNY, 0.30 billion CNY, and 0.53 billion CNY respectively. The acceleration of domestic substitution in the semiconductor industry is expected to provide sustained performance growth [7][8].