Piotech (SH:688072) Guotai Junan Securities·2024-08-28 17:07Investment Rating - The report maintains a rating of "Buy" for the company [4] - The target price has been adjusted to 175.80 CNY from the previous 205.84 CNY [4] Core Insights - The company has experienced significant order growth and steady revenue increase, driven by downstream expansion and successful product integration [2][3] - The company is positioned for long-term growth due to the expansion of mature and advanced processes in the semiconductor industry [2] - The report highlights a substantial increase in orders and revenue for the first half of 2024, with a year-on-year revenue growth of 26.22% and a shipment value increase of 146.50% [9] Financial Summary - For the first half of 2024, the company reported a revenue of 1.267 billion CNY and a net profit attributable to shareholders of 129 million CNY, reflecting a year-on-year increase of 3.64% [9] - The company’s R&D expenses reached 314 million CNY, accounting for 24.8% of revenue, indicating a strong commitment to innovation [9] - The projected earnings per share (EPS) for 2024-2026 are revised to 2.93 CNY, 4.43 CNY, and 6.26 CNY respectively [9] Market Position - The company is recognized as a leader in thin film deposition equipment, with a diverse product range including PECVD, SACVD, HDPCVD, and ALD technologies [9] - The company has successfully developed hybrid bonding equipment, positioning itself at the forefront of wafer-level 3D integration applications [9] - The report notes that the company is expected to benefit from the growing demand for AI-driven high-performance computing [9]