Piotech (SH:688072) ZHONGTAI SECURITIES·2024-09-11 01:30Investment Rating - The report maintains a "Buy" rating for the company with a market price of 120.5 CNY per share [1]. Core Insights - The company achieved a record high revenue of 1.267 billion CNY in H1 2024, representing a year-on-year increase of 26.22%. The net profit attributable to the parent company was 129 million CNY, up 3.64% year-on-year [3]. - The company has a strong order backlog, with a contract liability of 2.038 billion CNY as of H1 2024, reflecting a growth of 47.49% compared to the end of 2023, which lays a solid foundation for future revenue growth [3]. - The company is expanding its product offerings in the thin film deposition field and has successfully industrialized several new equipment platforms, which are receiving positive customer feedback [4][8]. Financial Performance Summary - Revenue Forecasts: - 2022A: 1,706 million CNY - 2023A: 2,705 million CNY - 2024E: 3,936 million CNY - 2025E: 5,372 million CNY - 2026E: 6,852 million CNY - Revenue growth rates are projected at 125% for 2022A, 59% for 2023A, and gradually decreasing to 27.5% by 2026E [1]. - Net Profit Forecasts: - 2022A: 369 million CNY - 2023A: 663 million CNY - 2024E: 780 million CNY - 2025E: 1,093 million CNY - 2026E: 1,479 million CNY - Net profit growth rates are expected to be 438% for 2022A, 80% for 2023A, and stabilizing around 35.3% by 2026E [1]. - Earnings Per Share (EPS): - 2022A: 1.32 CNY - 2023A: 2.38 CNY - 2024E: 2.80 CNY - 2025E: 3.93 CNY - 2026E: 5.31 CNY [1]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio is projected to decrease from 91.0 in 2022A to 22.3 by 2026E [1]. - Price-to-Book (P/B) ratio is expected to decline from 9.0 in 2022A to 4.2 by 2026E [1]. Growth Drivers - The company is benefiting from increased domestic demand for semiconductor equipment, with a significant rise in shipment value of 32.49 billion CNY in H1 2024, up 146.50% year-on-year [3]. - The company has successfully industrialized new equipment in the PECVD and ALD processes, which are critical for the semiconductor manufacturing process [4][8].