Piotech (688072) 中泰证券·2024-06-20 11:00Investment Rating - Buy rating (首次) [1] Core Views - The company is a leading domestic thin film deposition equipment manufacturer with a strong product portfolio and significant growth potential [5] - The domestic thin film deposition equipment market has vast potential for localization, and the company is well-positioned to benefit from this trend [5] - The company's expansion into hybrid bonding technology opens up new growth opportunities [6] Company Overview - The company specializes in semiconductor thin film deposition equipment, with products including PECVD, ALD, SACVD, and HDPCVD [11] - It has gained recognition from major domestic fabs such as SMIC, Hua Hong Group, Yangtze Memory, and ChangXin Memory [11] - The company's revenue grew from 251 million RMB in 2019 to 2.705 billion RMB in 2023, with a CAGR of 81.14% [5] - In Q1 2024, the company's revenue was 472 million RMB, a YoY increase of 17.25%, but net profit declined by 80.51% due to high R&D expenses [5] Market and Industry Analysis - The global thin film deposition equipment market is expected to reach 34 billion USD by 2025, with a CAGR of 15% from 2020 [28] - The domestic thin film deposition equipment market in China is projected to reach 8.9 billion USD in 2023, with a CAGR of 33% from 2017 [28] - PECVD is the largest segment in the thin film deposition equipment market, accounting for 33% of the market share [30] - The company's thin film deposition equipment revenue in 2023 was 2.57 billion RMB, accounting for 4.1% of the domestic market demand [5] Hybrid Bonding Technology - Hybrid bonding technology offers higher I/O density, shorter interlayer distances, and eliminates the need for underfill, making it ideal for advanced packaging [6] - The global hybrid bonding equipment market was 267 million USD in 2020, with W2W bonding equipment accounting for 261 million USD [6] - By 2027, the W2W and C2W bonding equipment markets are expected to grow to 507 million USD and 232 million USD, respectively, with CAGRs of 9.95% and 68.56% [6] - The company's Dione 300 W2W bonding product has passed customer verification and received repeat orders, marking a significant milestone in domestic hybrid bonding equipment [58] Financial Projections - The company is expected to achieve revenues of 3.9 billion RMB, 5.3 billion RMB, and 6.7 billion RMB in 2024, 2025, and 2026, respectively, with YoY growth rates of 46%, 35%, and 25% [6] - Net profits are projected to be 796 million RMB, 1.167 billion RMB, and 1.575 billion RMB for the same periods, with YoY growth rates of 20%, 47%, and 35% [6] - The company's PE ratios for 2024-2026 are estimated at 48x, 33x, and 24x, respectively, compared to the industry average of 56x for 2024 [6]