证券代码：688409 证券简称：富创精密 公告编号：2025-072 沈阳富创精密设备股份有限公司 关于大股东增持进展的自愿性披露公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况 沈阳富创精密设备股份有限公司（以下简称"公司"）于 2025 年 5 月 6 日在 上海证券交易所网站（www.sse.com.cn）披露了《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）。公司大股东沈阳先进制 造技术产业有限公司（以下简称"沈阳先进"）拟自该公告披露之日起 12 个月内， 以股票增持专项贷款及自有资金增持公司股份。增持金额不低于人民币 1.2 亿元， 不超过人民币 2.4 亿元，增持计划不设定价格区间，沈阳先进将根据市场整体走 势及对公司价值的合理判断，在实施期限内择机实施增持计划。（以下简称"本次 增持计划"） 截至本公告披露日，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 783,819 股，约占公司总股本的 0.25 ...

Core Viewpoint - The announcement details the progress of the share buyback plan by the major shareholder of Shenyang Fuchuang Precision Equipment Co., Ltd., indicating a commitment to increase shareholding within a specified financial range and timeframe [1]. Group 1: Buyback Plan Details - The major shareholder, Shenyang Advanced Manufacturing Technology Industry Co., Ltd., plans to increase its shareholding by no less than RMB 120 million and no more than RMB 240 million within 12 months from the announcement date [1]. - The buyback will be executed without a set price range, allowing the shareholder to make purchases based on market conditions and the company's perceived value [1]. Group 2: Implementation Progress - As of the announcement date, the major shareholder has acquired 750,683 shares, representing approximately 0.25% of the total share capital, with a total transaction amount of RMB 39.95 million (excluding transaction fees) [1]. Group 3: Shareholding Structure - The actual controller and chairman of the company, Zheng Guangwen, along with associated parties, collectively hold 79.75 million shares, accounting for 26.04% of the total share capital [4].

Group 1 - The core point of the article is that 富创精密 (Fuchuang Precision) announced a share increase by 沈阳先进 (Shenyang Advanced) through the Shanghai Stock Exchange, acquiring 750,700 shares, which represents approximately 0.25% of the company's total share capital [1] - The total transaction amount for the share acquisition was 39.95 million RMB, excluding transaction fees [1]

证券代码：688409 证券简称：富创精密 公告编号：2025-071 沈阳富创精密设备股份有限公司 关于大股东增持进展的自愿性披露公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况 沈阳富创精密设备股份有限公司（以下简称"公司"）于 2025 年 5 月 6 日在 上海证券交易所网站（www.sse.com.cn）披露了《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）。公司大股东沈阳先进制 造技术产业有限公司（以下简称"沈阳先进"）拟自该公告披露之日起 12 个月内， 以股票增持专项贷款及自有资金增持公司股份。增持金额不低于人民币 1.2 亿元， 不超过人民币 2.4 亿元，增持计划不设定价格区间，沈阳先进将根据市场整体走 势及对公司价值的合理判断，在实施期限内择机实施增持计划。（以下简称"本次 增持计划"） 增持计划的实施进展 截至本公告披露日，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 750,683 股，约占公 ...

Core Viewpoint - Shenyang Advanced has increased its stake in Fuchuang Precision (688409.SH) by acquiring 750,683 shares, representing approximately 0.25% of the company's total equity, with a total transaction value of 39.95 million RMB (excluding transaction fees) [1] Summary by Categories - **Shareholding Increase** - Shenyang Advanced has acquired 750,683 shares of Fuchuang Precision, which is about 0.25% of the total share capital [1] - The total amount spent on this acquisition is 39.95 million RMB (excluding transaction fees) [1] - **Future Plans** - The share acquisition plan is not yet completed, and Shenyang Advanced will continue to implement this plan [1]

Core Points - The Shanghai Composite Index closed at 3960.19 points, with a decline of 0.41% and a total trading volume of 1,938.395 billion yuan [1] - A total of 107 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Group 1: Stocks with Significant Death Cross - Hongyuan Electronics (603267) had a 5-day moving average of 52.69 yuan, down 1.97% from the 10-day moving average of 53.74 yuan, with a current price of 48.86 yuan, representing a deviation of -9.09% [1] - Zhongjian Technology (002779) reported a 5-day moving average of 123.82 yuan, down 1.88% from the 10-day moving average of 126.19 yuan, with a current price of 117.70 yuan, showing a deviation of -6.73% [1] - ST Huizhou (002122) showed a 5-day moving average of 3.56 yuan, down 1.41% from the 10-day moving average of 3.62 yuan, with a current price of 3.23 yuan, indicating a deviation of -10.65% [1] Group 2: Additional Stocks with Death Cross - Chao Hongji (002345) had a 5-day moving average of 13.02 yuan, down 1.33% from the 10-day moving average of 13.20 yuan, with a current price of 11.69 yuan, reflecting a deviation of -11.43% [1] - Kema Technology (301611) reported a 5-day moving average of 54.35 yuan, down 1.30% from the 10-day moving average of 55.06 yuan, with a current price of 52.30 yuan, showing a deviation of -5.02% [1] - Chuangyi Tong (300991) had a 5-day moving average of 40.78 yuan, down 1.26% from the 10-day moving average of 41.30 yuan, with a current price of 39.27 yuan, indicating a deviation of -4.91% [1]

Quantitative Models and Construction - **Model Name**: DecompGRU **Model Construction Idea**: The model improves information interaction between time-series and cross-sectional data by introducing two simple de-mean modules on the GRU baseline model[18] **Model Construction Process**: 1. The DecompGRU model architecture is based on GRU as the baseline 2. Two de-mean modules are added to enhance the interaction between time-series and cross-sectional data 3. The model is trained using IC and weighted MSE loss functions[18] **Model Evaluation**: The model demonstrates improved interaction between time-series and cross-sectional data, enhancing prediction accuracy[18] Model Backtesting Results - **DecompGRU TOP200 Portfolio**: - Cumulative absolute return: 41.11% - Excess return relative to WIND All A equal-weight index: 13.98% - Maximum drawdown: 10.08% - Weekly win rate: 64.52% - Monthly win rate: 100% - October absolute return: 1.78%, excess return: -0.07%[11] - **ETF Rotation Portfolio**: - Cumulative absolute return: 19.06% - Excess return relative to benchmark: -2.00% - Maximum drawdown: 7.82% - Weekly win rate: 62.50% - Monthly win rate: 57.14% - October absolute return: -2.04%, excess return: -1.18%[14][15] Quantitative Factors and Construction - **Factor Name**: Sentiment Heat Factor **Factor Construction Idea**: The factor aggregates stock-level sentiment heat metrics (e.g., browsing, self-selection, and clicks) to represent broader market sentiment[19] **Factor Construction Process**: 1. Individual stock sentiment heat is calculated as the sum of browsing, self-selection, and click counts 2. The sentiment heat is normalized by dividing by the total market sentiment on the same day and multiplying by 10,000 3. Aggregated sentiment heat is used as a proxy for market sentiment at the index, industry, and concept levels[19] **Factor Evaluation**: The factor effectively captures market sentiment and its impact on pricing errors[19] Factor Backtesting Results - **Broad-based Index Sentiment Heat Rotation Strategy**: - Annualized return since 2017: 8.74% - Maximum drawdown: 23.5% - 2025 portfolio return: 38.5% - Benchmark return: 32.9%[28] - **Concept Sentiment Heat BOTTOM Portfolio**: - Annualized return: 15.71% - Maximum drawdown: 28.89% - 2025 portfolio return: 42.1%[41][44]

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]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a revenue of 2.73 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 18.0%, with Q3 revenue reaching 1.01 billion yuan, up 24.5% year-on-year, indicating a continued acceleration in revenue growth [3] - The company is experiencing significant demand for advanced process components, which is expected to enhance revenue growth in Q4, supported by a 47% year-on-year increase in contract liabilities as of the end of Q3 [3] - The company's net profit for Q3 2025 was 25.21 million yuan, with a net profit margin of 2.24%, reflecting stable profitability despite a decline due to high depreciation and pre-investment costs [4] - The ODM model is gaining traction in the industry, with the company being one of the few manufacturers capable of mass production at the 7nm level, positioning it for significant growth in the semiconductor equipment parts market, projected to exceed 20 billion USD in 2024 [5] Financial Summary - Revenue projections for 2025-2027 are set at 3.923 billion, 5.177 billion, and 7.011 billion yuan, respectively, with year-on-year growth rates of 29.1%, 32.0%, and 35.4% [6] - Adjusted net profit forecasts for the same period are 103 million, 196 million, and 442 million yuan, reflecting a significant recovery in profitability after a projected decline in 2025 [6] - The company's earnings per share (EPS) are expected to be 0.34, 0.64, and 1.44 yuan for 2025, 2026, and 2027, respectively [6]

Core Insights - Fuchuang Precision (688409.SH) reported its Q3 2025 results, revealing that 34 institutional investors hold a total of 196 million shares, representing 64.04% of the company's total equity [1] - The top ten institutional investors collectively own 60.65% of the shares, with a decrease of 4.04 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Fuchuang Precision shares has reached 34, with a total holding of 196 million shares [1] - The top ten institutional investors include notable entities such as Shenyang Advanced Manufacturing Technology Industry Co., Ltd. and China Construction Bank [1] - The proportion of shares held by the top ten institutional investors has decreased by 4.04 percentage points from the last quarter [1] Public Fund Activity - Six public funds increased their holdings, with a total increase of 0.24% compared to the previous quarter [2] - Nine public funds reduced their holdings, with a total decrease of 0.63% [2] - Five new public funds disclosed their holdings this quarter, while 175 public funds did not disclose their holdings compared to the previous quarter [2]