Piotech (SH:688072) Xin Lang Cai Jing·2025-08-26 06:36Core Viewpoint - The company reported significant revenue growth and a substantial turnaround in profit for Q2 2025, driven by increased production and successful product deliveries in advanced manufacturing processes [1][3]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 1.954 billion yuan, a year-on-year increase of 54.3%, while the net profit attributable to shareholders was 94.3 million yuan, down 27% year-on-year; however, the net profit excluding non-recurring items was 38 million yuan, up 91% year-on-year [1]. - For Q2 2025, revenue was 1.25 billion yuan, representing a year-on-year increase of 56.6% and a quarter-on-quarter increase of 75.7%; the gross margin was 38.8%, down 8.1 percentage points year-on-year but up 19 percentage points quarter-on-quarter; the net profit attributable to shareholders was 240 million yuan, up 103.4% year-on-year and increased by 390 million yuan quarter-on-quarter; the net profit excluding non-recurring items was 218 million yuan, up 240% year-on-year and increased by 400 million yuan quarter-on-quarter [1]. Group 2: Product Development and Orders - The company has successfully delivered multiple PECVD devices for advanced storage production lines, achieving comprehensive coverage of various advanced hard mask processes, including PECVD ACHM, a-Si, SiB, and high-temperature SiN [2]. - The PE-ALD equipment has seen rapid growth in orders, with multiple units of PE-ALD SiO2 and PE-ALD SiCO passing customer validation, achieving full coverage of dielectric film materials [2]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, and the new generation of high-speed, high-precision bonding products has been shipped for client validation [2]. Group 3: Investment Outlook - The company is expected to maintain high revenue growth, with projected revenues of 5.41 billion yuan, 6.86 billion yuan, and 8.51 billion yuan for 2025, 2026, and 2027 respectively; net profit attributable to shareholders is projected to be 960 million yuan, 1.3 billion yuan, and 1.75 billion yuan for the same years, corresponding to PE ratios of 53.6, 39.4, and 29.2 times [3].