格隆汇12月16日｜富创精密公告，截至本公告披露日，大股东沈阳先进通过上海证券交易所系统以集中 竞价交易方式增持了公司股份279.98万股，约占公司总股本的0.9143%，成交总额为1.77亿元人民币。 ...

富创精密公告，截至本公告披露日，大股东沈阳先进通过上海证券交易所系统以集中竞价交易方式增持 了公司股份279.98万股，约占公司总股本的0.9143%，成交总额为1.77亿元人民币（不含交易费用）。 ...

神工股份跌超10%，摩尔线程跌逾5%，艾森股份、富创精密、宏微科技、英集芯等跟跌。 (本文来自第一财经) 神工股份跌超10%，摩尔线程跌逾5%，艾森股份、富创精密、宏微科技、英集芯等跟跌。 (本文来自第一财经) ...

Core Viewpoint - Recently, Fuchuang (Nantong) Precision Sheet Metal Co., Ltd. was established with a registered capital of 60 million yuan, focusing on manufacturing and selling semiconductor device specialized equipment, metal processing machinery, and providing 3D printing and additive manufacturing services [1] Company Summary - The legal representative of the newly established company is Chen Xiyao [1] - The company is wholly owned by Fuchuang Precision through indirect shareholding [1] Industry Summary - The business scope includes manufacturing and sales of specialized equipment for semiconductor devices, which indicates a focus on the semiconductor industry [1] - The inclusion of 3D printing and additive manufacturing services suggests an alignment with advanced manufacturing trends [1]

Group 1: Commercial Aerospace - SpaceX plans to conduct an IPO in 2026, aiming to raise several billion dollars, marking a new phase of commercialization and capitalization in the commercial aerospace industry [3] - China's recent successful launch of multiple satellites demonstrates its growing capabilities in space exploration, with an increasing frequency of launches expected to drive exponential growth in orders for upstream suppliers [3][4] - Companies like Guanglian Aviation are positioned to benefit significantly from the anticipated increase in commercial rocket launches, with potential revenue growth reaching tens of billions [4] Group 2: AI and Server Technology - The demand for AI computing power is escalating, with power consumption for AI models increasing significantly, leading to a shift from traditional air cooling to liquid cooling solutions [6] - Companies with rare certification for liquid cooling solutions are expected to see a revaluation of their worth due to the high technical barriers and increased average selling prices [6] - The AI server supply chain is evolving, with investments shifting towards companies that possess high technical barriers and rare certifications, which will likely enjoy valuation premiums [6][9] Group 3: Humanoid Robots - Tesla's Optimus has initiated the supplier review process, indicating that humanoid robots are on the verge of mass production, with Chinese companies expected to surpass Tesla in production scale by 2026 [7] - Key components such as lightweight materials and advanced sensors are critical for the development of humanoid robots, with companies like Ningbo Huaxiang collaborating on innovative materials [8][10] - Investment strategies should prioritize core components over complete systems, focusing on companies with high technical barriers and established supply chains [11] Group 4: Semiconductor Industry - The demand for high-bandwidth memory (HBM) is surging due to AI chip requirements, prompting a rapid evolution in HBM technology and a focus on domestic production capabilities [12] - Companies like Huahai Chengke are positioned to capture significant market share in the HBM materials sector, with potential revenues reaching 3 billion yuan [14] - The semiconductor investment landscape is shifting towards companies that can achieve substantial breakthroughs and secure orders in high-demand areas like HBM and advanced packaging [12] Group 5: Energy Sector - The energy market is experiencing a transition, with gas turbines expected to maintain strong demand through 2035, benefiting companies like Yingliu [15] - Nuclear fusion technology is advancing, with Chinese teams making significant progress, positioning companies like China Uranium Industry as future leaders in energy solutions [16] - Investment strategies should focus on both immediate opportunities in gas turbines and long-term potential in nuclear fusion technologies [16] Group 6: Optical Communication - The optical communication sector is transitioning from 800G to 1.6T technology, significantly increasing the demand for core materials like indium phosphide [17] - Companies that have achieved breakthroughs in domestic production of critical components for optical modules are expected to benefit from industry growth and market share increases [17][21] - Investment in optical communication should align with the dual themes of speed upgrades and domestic substitution [17] Group 7: Macro Variables - The Federal Reserve's recent interest rate cut is expected to create a more favorable liquidity environment for growth-oriented technology stocks, particularly those sensitive to interest rates [18][22] - The anticipated improvement in financing conditions will support technology companies in sectors like commercial aerospace, AI, and robotics that require substantial R&D investments [22] - Investors should focus on identifying companies with real technological barriers and clear growth paths in the evolving landscape of hard technology [23]

察委员会冻结（京监冻(2024)130003 号），冻结期限自 2024 年 6 月 6 日起至 2025 年 6 月 6 日止。 证券代码：688409 证券简称：富创精密 公告编号：2025-083 沈阳富创精密设备股份有限公司 关于实际控制人所持第一大股东部分股权 被冻结的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 截至本公告披露日，沈阳富创精密设备股份有限公司（以下简称"公司"） 实际控制人郑广文先生所持有的公司第一大股东沈阳先进制造技术产业有限公 司（以下简称"沈阳先进"）831.17 万元出资额由于协助调查事项尚未结束， 无法单独启动解除冻结流程，冻结期限将延长至 2026 年 6 月 6 日止，被冻结出 资额间接对应公司总股本比例 8.11%。 公司于 2025 年 5 月 6 日发布了《关于大股东以专项贷款和自有资金增持 公司股份计划的公告》（公告编号：2025-027），截至目前沈阳先进已通过集中 竞价交易方式合计增持公司股份 279.9823 万股，占公司总股本的比例为 0 ...

沈阳富创精密设备股份有限公司 2025 年第六次临时股东会会议资料 证券代码：688409 证券简称：富创精密 沈阳富创精密设备股份有限公司 2025 年第六次临时股东会会议资料 2025 年 12 月 1 沈阳富创精密设备股份有限公司 2025 年第六次临时股东会会议资料 目 录 沈阳富创精密设备股份有限公司 2025 年第六次临时股东会会议须知 为维护投资者的合法权益，确保股东会的正常秩序和议事效率，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《沈阳富创精密设备股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，沈阳富创精密设备 股份有限公司（以下简称"公司"）特制定本次股东会现场会议须知： 1、为保证股东会的严肃性和正常秩序，切实维护股东的合法权益，务请出 席本次股东会的相关人员准时签到参会，参会资格未得到确认的人员不得进入 会场。 2、股东参加股东会，依法享有发言权、表决权等各项权利，并履行法定义 务和遵守有关规定，对于扰乱股东会秩序和侵犯其它股东合法权益的，将报告 有关部门处理。 3、股东会召开期间，股东可以发言。股东要求发言时应先举手示意，经大 会主持人许可后，方可发言或提出 ...

Investment Rating - The investment rating for the company is "Accumulate" (first time) [2] Core Views - The company is a leading manufacturer of precision components for semiconductor equipment in China, with a strong focus on high-end manufacturing capabilities and a complete delivery system [9][13] - The global semiconductor equipment market is expected to grow significantly, with the global semiconductor equipment sales projected to reach $125.5 billion in 2025, and the Chinese market expected to exceed $26.3 billion [9][27] - The company has shown steady revenue growth, with a projected revenue increase of 47.1% in 2024 and a 14.44% increase in the first half of 2025 [28][29] - The company is actively expanding its production capacity globally, with facilities in Shenyang, Nantong, Beijing, and Singapore to meet the increasing demand for precision components [9][37] Summary by Sections Company Overview - The company has been focused on precision component manufacturing for semiconductor equipment since its establishment in 2008, achieving significant milestones in technology and production capabilities [13][14] - It has developed a diverse product range, including process components, structural components, module products, and gas pipelines, which are essential for semiconductor manufacturing [19][20] Industry Outlook - The semiconductor manufacturing industry is experiencing a robust growth cycle, driven by the expansion of advanced process capacities [24][27] - The demand for semiconductor equipment is expected to increase, particularly in China, which is projected to maintain its position as the largest market for semiconductor equipment [27] Revenue and Profitability - The company’s revenue is expected to grow from approximately 20.65 billion yuan in 2023 to 69.82 billion yuan by 2027, with a compound annual growth rate of 37.33% [50][49] - The gross margin is projected to remain stable, with expected rates of 26.40%, 25.70%, and 25.73% for 2025, 2026, and 2027 respectively [49] Production Capacity and Globalization - The company is building a global production capacity matrix to enhance its responsiveness and risk management, with significant investments in local production facilities [37][38] - The establishment of a localized IP protection strategy has strengthened relationships with high-end clients and mitigated risks of technology leakage [39] Growth Strategy - The company is pursuing both organic growth and strategic acquisitions to enhance its product offerings and market position [42][45] - Continuous investment in R&D and process optimization is expected to drive future growth, with a focus on high-end products and advanced manufacturing techniques [43][44]

Core Viewpoint - The company is a leading manufacturer of precision components in the semiconductor equipment sector, with a strong focus on high-quality metal parts and a complete manufacturing capability that meets stringent standards [1] Group 1: Company Overview - The company has been established since 2008 and specializes in precision mechanical manufacturing, high cleanliness surface treatment, welding, assembly, and testing [1] - The company achieved a revenue of 1.724 billion yuan in the first half of 2025, representing a year-on-year growth of 14.44% [1] Group 2: Market Potential - The global semiconductor equipment sales are projected to reach 125.5 billion USD by 2025, leading to an estimated global semiconductor components market size exceeding 60 billion USD, with China's market expected to surpass 26.3 billion USD [1] Group 3: Financial Performance - The company has maintained steady revenue growth for three consecutive years since 2022, with a revenue of approximately 1.724 billion yuan in the first half of 2025, reflecting a robust growth trend [1] - The company is increasing forward-looking investments to adapt to changes in the domestic and international semiconductor markets, which has led to short-term profit pressure [1] Group 4: Global Strategy - The company is building a global production capacity matrix with active capacity layouts in Shenyang, Nantong, Beijing, and Singapore, meeting the systematic, standardized, and traceable requirements of the global semiconductor equipment sector [1]

格隆汇12月3日｜华安证券研报指出，富创精密2025年第三季度归母净利润2521万元，同比减少63%， 环比减少27%；公司利润端承压，主要是公司为应对未来需求，主动实施产能、技术、人才前置战略， 导致成本大幅增加。坚定推行产能与人才前置战略，研发投入持续加码公司着眼于长期国产替代与国际 化竞争机遇，坚定加大关键资源投入。2025年第三季度研发费用约7400万元，同比增长35%，研发费率 提升至7%。前三季度公司在生产及研发运营类人才上投入显著增加，为高效运行和技术突破提供保 障。随着新产能规模效应逐步释放以及人才团队成熟，公司有望在未来构筑更强的交付能力，逐步消化 前期投入。由于公司投入增大，调整2025-2027年公司归母净利润为0.98、1.72、4.01亿元（前值分别为 3.25、4.39、6.44亿元），对应的EPS分别为0.32、0.56、1.31元，最新收盘价对应 PE 分别为199x、 114x、49x，维持"增持"评级。 ...