Group 1 - The company achieved operating revenue of 1 billion yuan in Q2 2025, a year-on-year increase of 20% and a quarter-on-quarter increase of 26% [1] - The net profit attributable to shareholders was 34.43 million yuan, a year-on-year decrease of 44% but a quarter-on-quarter increase of 255% [1] - The semiconductor equipment precision components business experienced rapid growth, with major customers' orders increasing by 74% and 236% year-on-year [1] Group 2 - The company successfully broke through overseas technical barriers with its metal heating plate and became a major supplier to domestic mainstream customers [2] - The customer structure has been further optimized, with the top five customers accounting for over 75% of revenue during the reporting period [2] - The gas transmission business orders grew by 53% year-on-year, with revenue increasing by 21% [2] Group 3 - The company expects net profits attributable to shareholders to be 325 million yuan, 439 million yuan, and 644 million yuan for 2025-2027, with corresponding EPS of 1.06, 1.43, and 2.10 yuan [3] - The latest closing price corresponds to PE ratios of 68x, 50x, and 34x for the respective years [3]

富创精密(688409)9月15日披露的投资者关系活动记录表显示，公司于9月3日至9月11日期间接待了恒泽 投资、兴全基金、西部证券（002673）、中邮证券等机构投资者的调研。 富创精密是国内半导体设备精密零部件领军企业，也是全球为数不多的能够为7纳米工艺制程半导体设 备批量提供精密零部件的厂商。公司持续专注主营业务，构建并完善精密制造全链条技术体系，主要包 括精密机械制造技术、表面处理特种工艺、焊接工艺及气体传输系统集成技术，通过持续研发投入形成 差异化技术壁垒，具备全球行业少有的工艺完备性，满足设备厂商对零部件高精密、高洁净、高耐腐 蚀、耐击穿电压的性能要求。在气体传输系统领域，公司为国内龙头客户开发70余种气柜设计方案，大 部分已量产。公司在沈阳、南通、北京及新加坡均积极推进相关产能布局。 2025年上半年，公司营业收入同比增长14.44%，保持稳健增长态势；其中来自中国大陆以外地区收入 表现强劲，增速超30%，公司在当前复杂多变的国际形势中全球业务的竞争力和市场开拓能力持续提 升，为公司未来发展奠定基础。 公司利润总额、归属于上市公司股东的净利润、归属于上市公司股东的扣除非经常性损益的净利润同比 下 ...

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]

Core Insights - Company reported a revenue of 1.724 billion yuan for H1 2025, a year-on-year increase of 14.44%, but net profit attributable to shareholders dropped by 89.92% to 12 million yuan [1] - In Q2 2025, revenue reached 962 million yuan, showing a year-on-year growth of 19.51% and a quarter-on-quarter increase of 26.24%, while net profit was 34 million yuan, down 43.89% year-on-year but turning profitable quarter-on-quarter [1] - The company achieved a positive operating cash flow of 149 million yuan in H1 2025, compared to a negative 100 million yuan in the same period last year, indicating improved cash management and customer payment collection [1] Financial Performance - H1 2025 gross margin was 28.41%, up 1.34 percentage points year-on-year and 4.26 percentage points quarter-on-quarter; net margin was 3.90%, down 2.73 percentage points year-on-year but up 8.34 percentage points quarter-on-quarter [1] - R&D expenses for H1 2025 were 121 million yuan, a year-on-year increase of 17.48%, reflecting the company's commitment to technology upgrades and market expansion [2] Product Development and Market Position - Significant growth in high-end products, with major clients' orders for gas distribution plates increasing by 74% and 236% year-on-year, demonstrating strong market penetration [2] - Successful breakthrough in metal heating plate R&D, achieving mass production and becoming a key supplier for major domestic clients, enhancing the company's competitive edge in high-end components [2] Strategic Moves - The company acquired shares in international brand Compart, which has 35 years of industry experience, enhancing its vertical integration and global competitiveness in gas transmission systems [2] - The gas transmission system business saw a 53% increase in orders and a 21% increase in revenue year-on-year in H1 2025, aligning with expectations [2] Investment Outlook - Projected net profits for 2025-2027 are 322 million, 508 million, and 680 million yuan, corresponding to PE ratios of 66, 42, and 31 times, respectively, indicating sustained growth potential [3]

Core Viewpoint - The company reported strong revenue growth in Q2 2025, driven by new product launches and effective capacity expansion, exceeding market expectations [1] Group 1: Revenue Performance - In H1 2025, the company's revenue reached 1.72 billion yuan, with Q2 revenue at 960 million yuan, representing a year-on-year increase of 19.5% and a quarter-on-quarter increase of 26.2, surpassing market expectations [1] - The mechanical and electromechanical components remain the core revenue source, with significant growth in multi-model gas distribution plates, where orders from major clients increased by 74% and 236% [1] - The gas transportation system showed strong development, with revenue up 21% year-on-year and orders up 53%, indicating a promising growth trajectory [1] - Non-metallic components (Beijing Yisheng Precision) saw revenue and orders grow by over 50%, accelerating the platform layout [1] Group 2: Profitability Analysis - In H1 2025, the company's net profit attributable to shareholders was 12.27 million yuan, while the net profit excluding non-recurring items was -1.62 million yuan, with Q2 showing a turnaround to 34.43 million yuan and 26.81 million yuan respectively [2] - The net profit margin for H1 2025 was 0.21%, with Q2 at 3.90%, indicating a gradual recovery in profitability [2] - The gross profit margin for H1 2025 was 26.52%, with Q2 at 28.4%, reflecting improvements in production efficiency and capacity release [2] Group 3: Capital Expenditure and Growth Outlook - The company plans to invest approximately 3.5 billion yuan in capital expenditures from 2021 to 2024, laying a solid foundation for expansion [3] - By the end of 2024, fixed assets are expected to reach 3.3 billion yuan, a tenfold increase since 2018, with production capacity gradually being released [3] - The company has made strategic acquisitions to enhance its product offerings and technology capabilities, positioning itself as a leader in the semiconductor components market [3] Group 4: Revenue and Profit Forecast - Revenue forecasts for 2025-2027 have been adjusted to 3.923 billion, 5.117 billion, and 7.011 billion yuan, representing year-on-year growth rates of 29.1%, 32.0%, and 35.4% respectively [4] - The forecast for net profit attributable to shareholders is set at 205 million, 310 million, and 472 million yuan for the same period, with corresponding year-on-year growth rates of 1.3%, 51.1%, and 52.2% [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科创板股票上市规则》等有关 法律、法规的规定，华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为江苏先锋 精密科技股份有限公司（以下简称"先锋精科""公司"）首次公开发行股票并在科创板上市的保荐人，对 先锋精科进行持续督导，并出具本持续督导跟踪报告： 一、保荐人和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 公司目前面临的风险因素主要如下： （一）技术风险 1、无法跟随技术升级迭代的风险 公司所处的半导体设备精密零部件行业属于技术密集型行业，随着芯片制程的不断升级，半导体设备及 半导体设备零部件厂商必须紧跟晶圆制造等产业链下游厂商的需求不断提高工艺水平以及产品性能，从 而对公司的研发能力、工艺水平不断提出更高要求。此外，对于同一代工艺制程，半导体设备企业也会 不断升级优化，提升效率及良品率，公司必须及时研发相匹配的精密零部件产品以应对下游厂商不断提 升的技术要求。 若公司产品不能紧跟和满足客户产品的更新迭代需求，公司的行业地位和未来经营业绩将受到不利影 响。 2、技术人 ...

Core Viewpoint - 富创精密 is a leading domestic semiconductor equipment precision components manufacturer, focusing on technological innovation and market expansion, with a strategic emphasis on global collaboration and vertical integration [1][2][3][4] Group 1: Company Overview - 富创精密 specializes in providing precision components for semiconductor equipment, particularly for 7nm process technology, and has established a comprehensive technical system for precision manufacturing [1] - The company has developed over 70 gas cabinet design solutions for domestic leading clients, most of which are in mass production [1] Group 2: Financial Performance and Market Expansion - The company has successfully expanded its international market presence, achieving over 40% year-on-year revenue growth from key overseas clients [2] - A strategic investment was made to acquire a stake in 浙江镨芯, which holds a significant share in the international gas transmission system manufacturer Compart, enhancing the company's global supply chain capabilities [2] Group 3: Product Development and Innovation - 富创精密 has completed the development of new generation products, including complex structures like heated gas distribution plates, and has achieved small batch production capabilities [3] - The company aims to localize the supply of critical components like vacuum valves, reducing dependency on international manufacturers [3] Group 4: Future Strategy - The company plans to implement a "1+2+N strategic deployment" framework, focusing on technological innovation, resource integration, and global collaboration to enhance its competitive edge [4] - Future efforts will include strengthening support capabilities for domestic semiconductor equipment companies and accelerating the expansion into advanced overseas markets [4]