| | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -3.79 | -9.39 | 10.4 | 9.23 | | 相对表现% | -2.55 | -11.03 | 1.76 | -6.14 | | 沪深 300% | -1.24 | 1.64 | 8.64 | 15.37 | | 薛宏伟 | 执业证书编号：S0860524110001 | | --- | --- | | | xuehongwei@orientsec.com.cn | | | 021-63326320 | | 蒯剑 | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | | kuaijian@orientsec.com.cn | | | 021-63326320 | | 韩潇锐 | 执业证书编号：S0860523080004 | | | hanxiaorui@orientsec.com.cn | | | 021-63326320 | 富创精密 688409.SH 公司研究 | 季报点评 | | 买入（维持） | ...

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].

Summary of the Conference Call for 富创精密 Company Overview - **Company**: 富创精密 (Fuchuang Precision) - **Industry**: Semiconductor components and gas transmission systems Key Points and Arguments Financial Performance - In the first three quarters of 2025, 富创精密 achieved significant revenue growth, with quarterly revenue surpassing 1 billion RMB, a year-on-year increase of 24% [3] - Cumulative revenue from January to September increased by 18% year-on-year [3] - Gross margin has declined due to increased orders from Shenzhen clients, which have lower margins, and a shift in product structure where gas products rose from 28% to 44% of total sales, with gas cabinets accounting for 80% of the gas business [3][4] Strategic Focus - The company is shifting its strategic focus towards advanced processes, collaborating with key domestic clients to develop products, moving from an OEM model to participating in R&D [2][5] - Aiming to maintain revenue share while preserving gross margins, the company is committed to growing alongside its Shenzhen clients [5] Profit Outlook - Profit is expected to improve in 2026, with a potential profit inflection point around 2030, driven by national advanced process projects and a reduction in operating expenses [2][6] - The company is actively working on cost optimization, with a notable decrease in period expenses, including a one-time consulting fee of 30 million RMB and inventory write-downs exceeding 90 million RMB [6] Investment in 康帕 - 富创精密 holds a 26% stake in 康帕, which has not yet been consolidated into financial reports, but business synergies are already evident [2][7] - 康帕, a major gas transmission system supplier, has optimized gas cabinet costs, contributing to a 3% improvement in cost optimization in Q3 [7] Core Component Business - The core component business, including engine disks and heating disks, is progressing rapidly in terms of orders and mass production, laying a foundation for future profitability [2][8] - The company is adopting a major client strategy, providing one-stop services tailored to client needs, which differs from competitors [8] Production Capacity and International Expansion - The company is expanding production capacity in Beijing, Nantong, and internationally to meet future market demand [12] - The new Singapore factory has secured two overseas clients but is currently operating at high costs, expected to break even by 2026 [14] Depreciation Trends - Fixed assets are projected to peak at 400 million RMB by the end of 2025, with depreciation rates expected to gradually decline starting in 2026 [15][16] M&A Strategy - The company emphasizes the importance of a robust management model for scaling in the semiconductor component industry, with a focus on acquiring companies with strong profitability [17] Additional Important Insights - The transition to 3D NAND storage technology is increasing demands for components, leading to significant market growth opportunities [11] - The company is actively involved in joint development with clients to meet advanced process requirements, focusing on collaborative solutions rather than traditional sales relationships [10]