富创精密：筹划收购拓展产品线，业绩预计实现高增

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.48 to 1.53 billion yuan in the first half of 2024, representing a year-on-year growth of 78.63% to 84.66%. The net profit attributable to the parent company is projected to be between 115 to 135 million yuan, with a growth of 20.19% to 41.09% [2] - The semiconductor industry is showing signs of recovery, which is expected to support the company's growth. The company is increasing its production capacity in response to strong domestic demand and a recovering international market [2] - The company is planning to acquire 100% of Beijing Yisheng Precision Semiconductor, with a transaction amount not exceeding 800 million yuan. This acquisition is expected to enhance the company's capabilities and expand its product line [2] - The acquisition is anticipated to strengthen the company's position in the semiconductor parts market, providing a comprehensive solution for domestic and international semiconductor equipment manufacturers [2] Financial Projections - Revenue projections for 2024 to 2026 are 3.23 billion, 4.47 billion, and 5.65 billion yuan respectively, with net profits of 315 million, 442 million, and 568 million yuan respectively. The corresponding price-to-earnings (PE) ratios are 34.51, 24.60, and 19.14 times [2][4] - The company is expected to see a revenue growth rate of 56.3% in 2024, followed by 38.5% in 2025 and 26.3% in 2026 [4] - The net profit growth rate is projected to be 86.74% in 2024, 40.28% in 2025, and 28.53% in 2026 [4] - The company's return on equity (ROE) is expected to improve from 6.62% in 2024 to 10.48% in 2026 [4]