Piotech (SH:688072) Huaxin Securities·2024-09-05 23:06Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Views - The company has shown robust revenue growth in the first half of 2024, with a year-on-year increase of 26.22%, achieving a revenue of 1.267 billion yuan [2][3]. - The net profit attributable to shareholders increased by 3.64% year-on-year, reaching 129 million yuan, although the net profit after deducting non-recurring gains and losses decreased by 69.38% [2][3]. - The company has a strong order backlog and continues to receive new orders from downstream customers, particularly in the semiconductor equipment sector, with a significant increase in shipment value by 146.50% year-on-year [2][3]. Revenue and Profit Forecast - The company is expected to achieve revenues of 3.973 billion yuan, 5.307 billion yuan, and 6.730 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.81 yuan, 3.84 yuan, and 5.06 yuan [4][6]. - The projected P/E ratios for the next three years are 44.4, 32.4, and 24.6 times [4][6]. Product Development and Market Position - The company is actively expanding its PECVD product matrix and has successfully industrialized new equipment, including the PECVD Bianca process equipment, which has passed customer validation [2][3]. - The company has also made advancements in wafer-level 3D integration technology, with products like Dione 300 and Propus achieving industrialization and receiving repeat orders from customers [3][4]. - Continuous investment in R&D has led to a 49.61% increase in R&D expenses, reflecting the company's commitment to enhancing its product offerings and core competitiveness [2][4].