Piotech (SH:688072) Xin Lang Cai Jing·2025-08-28 00:34Core Viewpoint - The company experienced significant revenue growth in the first half of 2025, with a notable improvement in gross margin in Q2, despite a decline in net profit year-on-year [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 1.954 billion yuan, a year-on-year increase of 54.25%, while net profit attributable to shareholders was 94.288 million yuan, a decrease of 26.96% [2]. - In Q2 2025, the company reported revenue of 1.245 billion yuan, a year-on-year increase of 56.64% and a quarter-on-quarter increase of 75.74, with net profit attributable to shareholders reaching 241 million yuan, a year-on-year increase of 103.37% [3]. Profitability and Margins - The gross margin improved significantly in Q2, reaching 38.82%, an increase of 18.93 percentage points from Q1, where the gross margin was 19.89% [3]. - The decline in net profit in H1 was attributed to high costs associated with new product verification processes in Q1, which resulted in lower gross margins [3]. Product Development and Market Position - The company has successfully advanced its new product lines, with various advanced process equipment passing customer acceptance tests and entering mass production [4]. - The company is expanding its market penetration by optimizing its customer structure and securing new clients while maintaining strong relationships with leading domestic wafer manufacturers [3][4]. Future Outlook - The company is well-positioned in the thin film deposition equipment market, with strong competitive advantages and significant growth potential anticipated [5]. - Profit forecasts for the company have been adjusted, with expected net profits of 958 million yuan, 1.357 billion yuan, and 1.824 billion yuan for 2025, 2026, and 2027 respectively, reflecting a positive outlook for the semiconductor industry [5].