富创精密：2024年半年报点评：2024H1业绩稳健增长，打造半导体零部件平台

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6]. Core Insights - The company, 富创精密 (Fuchuang Precision), reported a robust revenue growth of 81.80% year-on-year for H1 2024, achieving a total revenue of 1.506 billion yuan. The net profit attributable to shareholders increased by 27.30% to 122 million yuan, while the non-recurring net profit surged by 346.04% to 112 million yuan [1][2]. - The company is expanding its production capacity and aims to establish a semiconductor component platform, with significant investments in new facilities and acquisitions to enhance its product offerings and market reach [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.506 billion yuan, with a year-on-year growth of 81.80%. The net profit attributable to shareholders was 122 million yuan, up 27.30%, and the non-recurring net profit reached 112 million yuan, reflecting a growth of 346.04% [1][2]. - For Q2 2024, the company reported a revenue of 805 million yuan, a year-on-year increase of 65.21% and a quarter-on-quarter growth of 14.73%. The net profit attributable to shareholders was 61 million yuan, with a year-on-year increase of 9.02% [2]. Product Revenue Growth - All product categories experienced significant revenue growth in H1 2024. Module products generated 579 million yuan, up 67.96%; structural components reached 390 million yuan, a growth of 91.65%; process components achieved 333 million yuan, increasing by 70.70%; gas pipelines generated 145 million yuan, up 98.68%; and other businesses saw a remarkable growth of 392.40%, reaching 59 million yuan [2]. Margin and Cost Analysis - The company's gross margin for H1 2024 was 26.29%, a decrease of 1.26 percentage points year-on-year. The net profit margin was 6.92%, down 4.81 percentage points year-on-year. In Q2 2024, the gross margin improved to 27.07%, reflecting a year-on-year increase of 0.68 percentage points [2]. Capacity Expansion and Strategic Moves - The company is actively expanding its production capacity, with the Shenyang factory nearing saturation and the Nantong factory positioned as a key production base for semiconductor equipment components. The company is also investing in a new facility in Beijing to strengthen collaborations with domestic semiconductor manufacturers [2][4]. - A significant acquisition is planned, with the company announcing its intention to acquire 100% of Beijing Yisheng Precision Semiconductor Co., Ltd. This acquisition is expected to enhance product offerings and customer access, particularly in the 12-inch wafer market [4][5]. Earnings Forecast - The company is projected to achieve revenues of 3.268 billion yuan, 4.419 billion yuan, and 5.547 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 309 million yuan, 429 million yuan, and 572 million yuan for the same years [5][6].