Piotech (SH:688072) Xin Lang Cai Jing·2025-11-02 12:33Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by robust order backlog and successful validation of advanced process equipment [1][2]. Financial Performance - Q3 2025 revenue reached 2.266 billion yuan, representing a year-on-year increase of 124% and a quarter-on-quarter increase of 82% [1][2]. - The net profit attributable to shareholders was 460 million yuan, showing a year-on-year growth of 225% and a quarter-on-quarter growth of 91.6% [1][2]. - The gross margin was 34.4%, which is a decrease of 4.8 percentage points year-on-year and 4.4 percentage points quarter-on-quarter, reflecting normal quarterly fluctuations [1]. - The net profit margin after deducting non-recurring items was 18.5%, up 14 percentage points year-on-year and 1 percentage point quarter-on-quarter [1]. Order Backlog and Future Outlook - As of the end of Q3 2025, the company's contract liabilities reached 4.894 billion yuan, a 64% increase from the beginning of the year, indicating strong order growth [2]. - The outlook for revenue growth in 2026 is positive, supported by the expansion of leading domestic storage production lines and expected increases in order scale and product share [2]. - The company has upgraded its revenue forecasts for 2025, 2026, and 2027 to 6.51 billion, 8.56 billion, and 11.04 billion yuan, respectively, and net profit forecasts to 1.05 billion, 1.66 billion, and 2.33 billion yuan, respectively [2]. Product Development and Production - Multiple advanced process equipment models have successfully passed customer validation and have entered the mass production phase [1][2]. - The company is leveraging new equipment platforms and reaction chambers to enhance its production capabilities, which are expected to drive continued revenue growth [1].