富创精密（688409）：收购Compart完善平台化布局，业务+技术高度协同加速发展

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company announced on March 31 that it plans to jointly invest with partners to acquire a 21.58% stake in Compart [2] - The acquisition will enhance the company's platform layout and accelerate development through high synergy between business and technology [3] - Compart is a leading supplier in the global semiconductor gas delivery system sector, with a 2024 revenue forecast of 878 million and a net profit of 162 million, indicating strong profitability [4] - The acquisition valuation of Compart is set at 3.8 billion, with a PE ratio of 23.5, significantly lower than comparable companies [4] - The company aims to leverage its resources to accelerate the integration of Compart's operations into the domestic market, transitioning from an OEM manufacturer to a product-oriented enterprise [4] Summary by Sections Acquisition Details - The company will invest 600 million, while partners will contribute 1.57 billion, forming a special purpose company for the transaction [3] - After the acquisition, the ownership structure of Compart will be concentrated, with the company holding 80.81% [3] Financial Projections - Revenue forecasts for 2024-2026 are adjusted to 3.042 billion, 4.365 billion, and 5.892 billion, with year-on-year growth rates of 47.2%, 43.5%, and 35.0% respectively [7] - Net profit forecasts for the same period are 198 million, 362 million, and 509 million, with growth rates of 17.6%, 82.6%, and 40.4% [7] - The company's earnings per share (EPS) are projected to be 0.65, 1.18, and 1.66 yuan for 2024, 2025, and 2026 respectively [7] Market Position - The company is positioned as a leading player in the domestic semiconductor component sector, focusing on key metal components and integrated products [4][6] - The acquisition aligns with the trend of domestic substitution in the semiconductor industry, where consolidation opportunities are expected to increase [6]