Piotech (688072) 民生证券·2024-08-28 16:30Investment Rating - The report maintains a "Recommend" rating for Tuojing Technology (688072 SH) [2] Core Views - Tuojing Technology's Q2 2024 performance showed strong recovery with significant growth in orders and shipments [2] - The company's CVD product line is becoming more comprehensive with continuous improvement in process coverage [2] - Tuojing Technology is expected to achieve revenue of 4 056 5 689 and 7 320 billion yuan in 2024 2025 and 2026 respectively with corresponding net profits of 745 1 213 and 1 715 billion yuan [2] Financial Performance - In Q2 2024 Tuojing Technology achieved revenue of 7 95 billion yuan a YoY increase of 32 22% and a QoQ increase of 68 53% [2] - The company's net profit attributable to the parent company in Q2 2024 was 0 64 billion yuan a YoY increase of 40 90% [2] - As of Q2 2024 the company's contract liabilities reached 6 52 billion yuan indicating a significant increase in orders on hand [2] Product Line Development - The company has a complete product line in the field of thin film equipment including PECVD ALD SACVD and HDPCVD [2] - In PECVD the company covers advanced dielectric film materials such as ACHM LoKⅠ and LoKⅡ and has introduced new processes for wafer backside film deposition and SiC [2] - In ALD the company's first PE ALD SiN equipment has passed verification and received repeat orders [2] - In HDPCVD the company has received repeat orders with cumulative shipments exceeding 70 reaction chambers as of the mid year report [2] Future Outlook - The company is expected to ship over 1 000 reaction chambers in 2024 laying the foundation for sustained high revenue growth [2] - Tuojing Technology is projected to maintain its leading position in the semiconductor thin film equipment field with a PE ratio of 46 28 and 20 times for 2024 2025 and 2026 respectively [2] Financial Forecast - The company's revenue is expected to grow at rates of 49 9% 40 3% and 28 7% in 2024 2025 and 2026 respectively [4] - Net profit attributable to the parent company is forecasted to grow by 12 5% 62 7% and 41 5% in 2024 2025 and 2026 respectively [4] - The company's EPS is projected to be 2 68 4 36 and 6 16 yuan in 2024 2025 and 2026 respectively [4]