Piotech (688072) 东方证券·2024-11-19 00:44Investment Rating - The report maintains a "Buy" rating for the company with a target price of 236.13 yuan [2][5][8]. Core Insights - The company achieved a revenue of 1.011 billion yuan in Q3 2024, representing a year-on-year increase of approximately 45%, while the net profit attributable to the parent company was 142 million yuan, a slight decrease of 3% [1]. - For the first three quarters of 2024, the company reported a revenue of 2.28 billion yuan, a year-on-year growth of 34%, with net profit attributable to the parent company remaining stable at 271 million yuan [1]. - The company has significantly increased its inventory to 7.08 billion yuan by the end of September 2024, a 55% increase from the beginning of the year, primarily due to increased shipments, which saw a year-on-year growth of over 160% [1]. - The PECVD products continue to enhance the company's core competitiveness, with a full range of PECVD dielectric film materials now covered and widely applied in domestic integrated circuit manufacturing lines [1]. - The company has made breakthroughs in client validation of new products and processes, with mass production scale continuously expanding due to sustained high-intensity R&D investment [1]. - The company is actively expanding into the high-end semiconductor equipment sector with the introduction of hybrid bonding equipment, which has already received customer orders [1]. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits attributable to the parent company of 537 million, 914 million, and 1.291 billion yuan for the years 2024, 2025, and 2026, respectively [2][8]. - The original profit forecasts for 2024 and 2025 were adjusted downwards due to higher costs associated with new products and processes, leading to a revised target price of 236.13 yuan based on DCF valuation [2][8].