富创精密：2024年半年报点评：业绩符合预期，半导体设备零部件国产化趋势持续

Investment Rating - The report maintains a "Buy" rating for the company, reflecting positive expectations for its future performance [1] Core Views - The company's performance aligns with expectations, driven by robust growth in domestic demand and the ongoing trend of semiconductor equipment localization [2] - Revenue for H1 2024 reached 1.506 billion yuan, up 81.80% YoY, with domestic revenue contributing 1.086 billion yuan, a 107% increase YoY [2] - Overseas revenue grew by 24% YoY to 361 million yuan, supported by increased demand from international storage customers [2] - Net profit attributable to shareholders in H1 2024 was 122 million yuan, up 27.30% YoY, while non-GAAP net profit surged 346% to 112 million yuan [2] - Q2 2024 revenue was 805 million yuan, up 65.21% YoY and 14.73% QoQ, with net profit at 61 million yuan, up 9.02% YoY and 1.56% QoQ [2] Financial Performance - Gross margin for H1 2024 was 26.29%, down 1.26 percentage points YoY, while net profit margin was 6.92%, down 4.81 percentage points YoY [11] - Q2 2024 gross margin improved to 27.07%, up 0.68 percentage points YoY and 1.67 percentage points QoQ [11] - Operating cash flow for Q2 2024 was -20 million yuan, showing significant improvement both YoY and QoQ, indicating better customer payment collection [15] Market Position and Growth Strategy - The company is a leading domestic supplier of semiconductor components, benefiting from the localization trend in the semiconductor industry [17] - It has entered the supply chains of major global semiconductor equipment manufacturers, with some products used in 7nm process equipment [17] - The company plans to establish production bases in Shenyang, Nantong, and Beijing, and is setting up a subsidiary in Singapore to expand its overseas presence [17] Profit Forecast and Valuation - The report forecasts net profit attributable to shareholders for 2024-2026 at 251.77 million yuan, 324.26 million yuan, and 409.42 million yuan, respectively [1] - The current market valuation corresponds to a P/E ratio of 44x, 34x, and 27x for 2024-2026 [1] Financial Metrics - Accounts receivable at the end of Q2 2024 stood at 1.179 billion yuan, up 98% YoY, reflecting increased revenue from domestic clients with longer payment cycles [15] - Inventory at the end of Q2 2024 was 824 million yuan, up 0.93% YoY [15]