Piotech (SH:688072) Ping An Securities·2024-10-30 09:30Investment Rating - The report maintains a "Recommended" rating for the company [1][5] Core Views - The company achieved a revenue of 1.011 billion yuan in Q3 2024, representing a year-on-year growth of 44.67%, while the net profit attributable to shareholders was 142 million yuan, a decrease of 2.91% year-on-year [3] - Revenue growth is attributed to the increasing production scale of new equipment platforms and reaction chambers, while profitability is under short-term pressure due to high client validation costs and significant R&D investments [3][4] - The company’s contract liabilities and inventory have shown stable growth, indicating a healthy order situation, with contract liabilities reaching 2.512 billion yuan, an increase of 81.80% compared to the end of 2023 [3][4] Financial Summary - The company is projected to have net profits of 682 million yuan in 2024, 968 million yuan in 2025, and 1.289 billion yuan in 2026, with corresponding P/E ratios of 62.4X, 43.9X, and 33.0X respectively [4][8] - Revenue is expected to grow from 2.705 billion yuan in 2023 to 6.721 billion yuan in 2026, with a year-on-year growth rate of 58.6% in 2023 and 47.7% in 2024 [4][8] - The gross margin is projected to be 45.9% in 2024, with a net margin of 17.1% [4][8] Operational Insights - The company is recognized as a leading domestic manufacturer of thin-film deposition equipment, with a comprehensive product layout and strong competitive advantages [4][5] - The semiconductor industry in China continues to develop robustly, providing a favorable environment for the company's growth potential [4][5]