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 ...

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 - Shenyang Fortune Precision Equipment Co., Ltd. reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, primarily due to strategic investments in capacity, technology, and talent to adapt to the semiconductor market changes [4][5][6]. Financial Performance - Revenue for the first half of 2025 reached CNY 172,377.24 million, a 14.44% increase compared to CNY 150,630.16 million in the same period last year [4]. - Total profit decreased by 84.92% to CNY 1,982.49 million from CNY 13,147.08 million year-on-year [4]. - Net profit attributable to shareholders fell by 89.92% to CNY 1,227.64 million from CNY 12,180.08 million [4]. - The basic earnings per share dropped by 92.73% to CNY 0.04 from CNY 0.55 [4]. Industry Context - The global semiconductor manufacturing industry is expected to grow at a compound annual growth rate (CAGR) of 7% from 2024 to 2028, driven by the expansion of advanced process capacity [7]. - The global semiconductor equipment market is projected to reach USD 125.5 billion in 2025, with a year-on-year growth of 7.4% [8]. - China is anticipated to maintain its position as the largest semiconductor equipment market, with sales expected to reach USD 49.6 billion in 2024, a 35% increase year-on-year [8][9]. Strategic Initiatives - The company is focusing on a "big customer strategy" to enhance service capabilities for global semiconductor equipment leaders, aiming to provide comprehensive solutions from mechanical components to gas transmission systems [10][12]. - The company has made significant investments in R&D, particularly in the development of precision components for semiconductor equipment, achieving breakthroughs in various product lines [11][14]. - A strategic acquisition of international brand Compart has been made to enhance the company's capabilities in the gas transmission system sector, which is critical for semiconductor manufacturing [13]. Competitive Advantages - The company has established a strong network of high-end customers and has been certified by several leading domestic and international equipment manufacturers, enhancing its credibility and market position [15][16]. - The implementation of a flexible manufacturing model and a localized production strategy has improved the company's responsiveness to regional demands and strengthened its competitive edge [18][19].

Core Viewpoint - Fuchuang Precision has become one of the few global manufacturers capable of mass-producing precision components for 7nm process semiconductor equipment [1][2]. Group 1: Company Overview - Fuchuang Precision is a leading domestic enterprise in precision components for semiconductor equipment, providing mechanical and electromechanical components, gas transmission systems, and more, covering various stages of chip manufacturing such as lithography, etching, film deposition, and coating development [2]. - The company focuses on three main areas: precision metal parts processing, vacuum valve products, and gas transmission systems, with 90% of metal components in the semiconductor field now being domestically produced [2][3]. Group 2: Market Potential - The gas transmission system accounts for approximately 7% to 8% of the total semiconductor equipment sales, indicating a significant market size [3]. - The domestic production rate of core technologies for gas transmission systems and key components remains low, with a high reliance on imports, presenting substantial opportunities for domestic replacement [3].

Core Viewpoint - The development of China's semiconductor industry is likened to "climbing Mount Everest," with precision components being crucial for the manufacturing and upgrading of semiconductor equipment, which has historically been a bottleneck for domestic companies [2] Group 1: Company Overview - Fuchuang Precision is a leading domestic manufacturer of precision components for semiconductor equipment, providing mechanical and electromechanical components, gas transmission systems, and covering multiple stages of chip manufacturing such as lithography, etching, film deposition, and coating development [2] - Fuchuang Precision is one of the few global suppliers capable of mass-producing precision components for 7nm process semiconductor equipment [2] Group 2: Business Focus Areas - The company focuses on three main areas: 1. Precision metal parts processing, starting from OEM, with 90% of metal components in the semiconductor field now being produced domestically [2] 2. Products like vacuum valve bodies, which have a low domestic production rate, with 90% currently relying on imports, indicating significant potential for domestic substitution [2] 3. Gas transmission systems, which represent a new growth curve for the company's performance [2] Group 3: Market Potential and Growth - The overall market for gas transmission systems and key component manufacturing has a low domestic production rate, with the market primarily dominated by a few large enterprises [3] - The gas transmission business is experiencing strong growth due to: 1. The absolute market size, with gas transmission systems accounting for approximately 7% to 8% of total semiconductor equipment sales [3] 2. High potential for domestic substitution, as the current import ratio in this field is significant [3] 3. The company's technical capabilities, as it participates in the design of new processes for major semiconductor equipment manufacturers [3]

Core Viewpoint - The report highlights the strong growth potential of 富创精密 (Fuchuang Precision) in the semiconductor components sector, driven by its dual strategy in mechanical and electromechanical components and gas transmission systems, with a projected revenue increase of 47.14% in 2024 [2] Group 1: Business Strategy and Growth - The company has established a competitive advantage through its dual strategy in mechanical and electromechanical components and gas transmission systems, focusing on precision parts for semiconductor equipment [2] - In 2024, the company expects to achieve revenue of 3.04 billion yuan, with mechanical and electromechanical components and gas transmission systems contributing 2.08 billion yuan and 879 million yuan, respectively, reflecting year-on-year growth of 57.69% and 22.82% [2] - The company has developed over 70 gas cabinet design solutions for leading domestic clients, with most already in mass production, indicating a strong market position [2] Group 2: Market Expansion and Client Strategy - The company is focusing on a major client strategy, with revenue from mainland China accounting for 69.75% of total revenue, a year-on-year increase of 43.95% [3] - The company is implementing a "localization + regional collaboration" strategy to efficiently allocate resources and cover key global markets, with production bases established in Shenyang, Nantong, Beijing, and Singapore [3] - The Singapore subsidiary has completed client certification and is expected to enhance the company's competitiveness in the global market by reducing supply chain costs [3] Group 3: Mergers and 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 service ecosystem [4] - A strategic investment in Zhejiang Poxin Electronic Technology Co., Ltd. aims to gain a 21.58% stake in the international gas transmission system manufacturer Compart, leveraging its technology and global supply chain [5] Group 4: Financial Projections - The company forecasts revenues of 4.03 billion yuan, 5.35 billion yuan, and 7.03 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 213 million yuan, 412 million yuan, and 646 million yuan [6] - The current stock price corresponds to a price-to-earnings ratio of 76x, 39x, and 25x for the years 2025 to 2027, maintaining a "buy" rating [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is positioned as a leading player in the semiconductor components sector, focusing on mechanical and electromechanical components as well as gas transmission systems, which have been validated by major domestic and international clients and are in mass production [2][3] - The company anticipates a revenue of 3.04 billion yuan in 2024, representing a year-on-year growth of 47.14%, with net profit expected to reach 203 million yuan, a 20.13% increase [2][9] - The company is implementing a large customer strategy, with 69.75% of its revenue coming from mainland China, which has grown by 43.95% year-on-year [3] - The company is expanding its global footprint with production bases in key regions, including Shenyang, Nantong, Beijing, and Singapore, to enhance service delivery and meet customer demands [3] Summary by Sections Company Overview - The latest closing price is 52.51 yuan, with a total market capitalization of 16.1 billion yuan and a total share capital of 3.06 billion shares [1] Financial Performance - Revenue projections for 2025, 2026, and 2027 are 4.025 billion yuan, 5.350 billion yuan, and 7.030 billion yuan respectively, with corresponding net profits of 213 million yuan, 412 million yuan, and 646 million yuan [7][9] - The company expects a gross margin improvement from 25.8% in 2024 to 29.6% in 2027 [12] Strategic Initiatives - The company is pursuing acquisitions to enhance its semiconductor component platform, including a planned acquisition of Beijing Yisheng Precision Semiconductor Co., Ltd. for up to 800 million yuan [6] - The company is also investing in Zhejiang Poxin Electronic Technology Co., Ltd. to gain a stake in the international gas transmission system manufacturer Compart, aiming to leverage its technology and global supply chain [6]

Core Viewpoint - 富创精密 is focusing on building a platform-based enterprise in the semiconductor components sector, emphasizing both mechanical and gas transmission systems to enhance market share and technological capabilities [1][4]. Group 1: Financial Performance - In 2024, 富创精密 achieved operating revenue of 3.04 billion yuan, a year-on-year increase of 47.14%, and a net profit of 172 million yuan, up 98.98% [1]. - The mechanical and electromechanical components business generated 2.084 billion yuan in revenue, with a compound annual growth rate (CAGR) of 38.15% over the past five years [1]. - The gas transmission business, initiated in 2018, reported 879 million yuan in revenue for 2024, with a CAGR of 71.71% over the last five years [1]. Group 2: Global Expansion and Market Strategy - 富创精密 has established subsidiaries in the United States and Japan to enhance responsiveness to overseas clients and facilitate the integration of international and domestic technologies [2]. - The company set up a research and manufacturing base in Singapore, which has completed customer validation and deepened collaboration with international clients [2]. - In 2024, revenue from regions outside mainland China reached 897 million yuan, reflecting a year-on-year growth of 48.98% [2]. Group 3: Competitive Positioning and Industry Trends - The semiconductor components sector is characterized by high technical barriers, leading to a "stronger gets stronger" competitive landscape [2]. - Leading companies are expected to strengthen their competitive advantages through global expansion, capacity growth, and technological innovation [2]. - 富创精密 aims to build competitive barriers through platform capabilities and global layouts, balancing geopolitical risks while serving both international and domestic equipment manufacturers [3]. Group 4: Future Outlook and Strategic Initiatives - The company is optimistic about order growth for the year, with new orders in Q1 2025 showing both year-on-year and quarter-on-quarter increases [4]. - 富创精密 plans to acquire Beijing Yisheng Precision Semiconductor Co., Ltd. to enhance its platform strategy in the semiconductor components sector, with the acquisition contingent on achieving stable profitability [4]. - The company is focused on high-value products in the mechanical and electromechanical components sector and aims to deepen collaboration with Compart in the gas transmission system area to accelerate global market share expansion [4].

Core Viewpoint - The sudden resignation of the CFO and an independent director at Fuchuang Precision raises concerns about the company's management stability and operational continuity [2][4][6]. Group 1: Management Changes - Fuchuang Precision announced the resignation of CFO Cui Jing on May 19, citing personal reasons, and the general manager Zhang Xuan will temporarily assume the CFO responsibilities [4][6]. - Cui Jing had only served as CFO for 9 months, having joined the company a year ago, and was previously praised for her extensive financial expertise [6]. - Independent director Zhu Yu also resigned on the same day, with a similar reason of personal circumstances, despite having over a year left in his term [6]. Group 2: Regulatory Issues - The company received a warning from the Liaoning Securities Regulatory Bureau for failing to disclose related party transactions, which involved purchasing products from an associated company [8]. - The warning implicated several key executives, including the chairman and both CFOs, indicating a serious compliance issue within the company's governance [8]. Group 3: Financial Performance - Fuchuang Precision has experienced significant fluctuations in its financial performance since its listing, with net profits of 178 million yuan in 2022, dropping to 86.39 million yuan in 2023, and a projected 172 million yuan in 2024 [8]. - The company reported a net loss of 22.16 million yuan in the first quarter of 2025, indicating ongoing financial challenges [8]. - As of May 19, the company's market capitalization stood at 15.45 billion yuan [9].

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]