Piotech (688072) Guohai Securities·2024-09-01 06:30Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4]. Core Insights - The company achieved significant revenue growth in Q2 2024, with a revenue of 795 million yuan, representing a year-on-year increase of 32.22% and a quarter-on-quarter increase of 68.53% [3]. - The company continues to expand its product offerings, which opens up long-term growth potential [3]. - The gross margin has faced some pressure, with a gross margin of 47.05% in H1 2024, down 2.38 percentage points year-on-year [3]. Financial Performance Summary - In H1 2024, the company reported a total revenue of 1.267 billion yuan, a year-on-year increase of 26.22%, and a net profit attributable to shareholders of 129 million yuan, up 3.64% year-on-year [3]. - The company’s net profit margin for H1 2024 was 9.66%, down 2.84 percentage points year-on-year [3]. - The company’s R&D expenses increased by 49.61% year-on-year to 314 million yuan in H1 2024, indicating a strong commitment to innovation [3]. Product Development Summary - The company has successfully validated its first PECVD equipment and continues to receive orders for new equipment platforms and reaction chambers [3]. - The company’s ALD products have also seen successful customer validation and repeat orders [3]. - The introduction of high aspect ratio trench filling CVD products has led to multiple customer orders and successful validations [3].