Piotech (SH:688072) Guolian Securities·2024-08-29 05:32Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with total revenue reaching 1.267 billion yuan, a year-on-year growth of 26.22%, and a net profit attributable to shareholders of 129 million yuan, up 3.64% year-on-year [10][11] - The second quarter saw remarkable performance, with revenue of 795 million yuan, a year-on-year increase of 32.22% and a quarter-on-quarter increase of 68.53%. The net profit for Q2 was 119 million yuan, reflecting a year-on-year growth of 67.43% and a quarter-on-quarter growth of 1032.79% [11] - The company is experiencing strong demand for its semiconductor equipment, leading to a substantial increase in new orders and shipment amounts [11] - The company has made progress in new product development, particularly in ALD equipment and bonding equipment, which are expected to contribute to future growth [11][12] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 47.05% and a net margin of 9.66%, with slight declines in both metrics compared to the previous year [11] - The company's earnings per share (EPS) for the first half of 2024 was 0.46 yuan [10] - The projected revenue for 2024-2026 is expected to be 3.967 billion yuan, 5.356 billion yuan, and 6.956 billion yuan, respectively, with year-on-year growth rates of 46.65%, 35.01%, and 29.88% [12][13] - The projected net profit for the same period is expected to be 771 million yuan, 1.133 billion yuan, and 1.427 billion yuan, with growth rates of 16.30%, 47.01%, and 25.95% respectively [12][13]