Piotech (688072) 华金证券·2024-11-05 12:18Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1][4] Core Views - The company achieved record-high revenue in Q3 2024, with significant breakthroughs in new products and processes [1] - Revenue for Q3 2024 reached 1.011 billion yuan, representing a year-on-year increase of 44.67% and a quarter-on-quarter increase of 27.14% [1] - The company continues to benefit from high R&D investment, leading to breakthroughs in new products and processes validated by clients [1][4] Financial Performance - The company reported a net profit attributable to shareholders of 142 million yuan in Q3 2024, a decrease of 2.91% year-on-year but an increase of 19.87% quarter-on-quarter [1] - The gross profit margin for Q3 2024 was 39.27%, down 12.40 percentage points year-on-year and 7.62 percentage points quarter-on-quarter, primarily due to the high costs associated with new products and processes [1] - The company expects revenues of 3.870 billion, 5.250 billion, and 6.615 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 43.1%, 35.6%, and 26.0% [4][5] Product Development - The company has achieved full coverage of PECVD dielectric film materials, with multiple new products in mass production [4] - New equipment platforms (PF-300M and PF-300T Plus) and new reaction chambers (Supra-D) have been developed and are receiving orders from multiple clients [1][3] - The company’s SACVD equipment has seen increased application in domestic integrated circuit manufacturing lines [1][3] Market Position - The company’s equipment performance and capacity have reached international leading levels, with significant orders and repeat orders from clients [1][3] - The company is well-positioned to benefit from the rapid development of advanced packaging technologies [4]