Piotech (SH:688072) Xin Lang Cai Jing·2025-10-31 06:34Core Insights - The company reported significant growth in Q3 2025, with revenue reaching 4.22 billion yuan, a year-on-year increase of 85.27%, driven by an expanded product process coverage and enhanced core competitiveness [1] - The gross profit margin was 33.28%, down 10.31 percentage points year-on-year, primarily due to high costs associated with new product validation [1] - The net profit attributable to shareholders was 557 million yuan, up 105.14% year-on-year, benefiting from increased revenue and reduced expense ratios due to scale effects [1] Financial Performance - For Q3 2025, the company achieved revenue of 2.27 billion yuan, a year-on-year increase of 124.15% and a quarter-on-quarter increase of 81.94% [1] - The gross profit margin for Q3 was 34.42%, a decrease of 4.4 percentage points quarter-on-quarter [1] - The net profit attributable to shareholders for Q3 was 462 million yuan, reflecting a year-on-year increase of 225.07% and a quarter-on-quarter increase of 91.60% [1] Production and Market Position - The company began large-scale production of advanced process machines in Q3 2025, exceeding expectations, leading to an upward revision of profit forecasts for 2025-2027 [2] - Revenue projections for 2025-2027 are now set at 6.4 billion, 8.6 billion, and 10.6 billion yuan, respectively, with net profit forecasts of 1.02 billion, 2.02 billion, and 2.73 billion yuan [2] - The company maintains a leading position in the CVD field, with a diverse range of deposition equipment, and is expected to strengthen its competitive edge as various advanced process machines enter mass production [2] Technological Advancements - The company has launched multiple W2W and D2W bonding equipment, aligning with the trend of advanced packaging and expected to contribute to long-term growth [3] - The new generation of memory devices, such as the next-generation 4F2 DRAM, will utilize CBA technology, increasing demand for bonding equipment [3]