Piotech (SH:688072) Soochow Securities·2025-08-28 10:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid growth in Q2 2025, with significant increases in revenue and net profit driven by the successful mass production of new products [7][8] - The company's revenue for H1 2025 reached 1.954 billion yuan, a year-on-year increase of 54.2%, while the net profit attributable to shareholders was 0.94 billion yuan, a decrease of 27.0% due to high costs during the customer validation process [7] - The gross margin for H1 2025 was 31.9%, reflecting a year-on-year decrease of 15.1 percentage points, while the net profit margin was 4.2%, down 5.4 percentage points year-on-year [7] - The company has optimized its customer structure, leading to a significant increase in contract liabilities and inventory, with contract liabilities reaching 4.54 billion yuan, up 122.6% year-on-year [7] - The company has successfully delivered over 3,000 advanced reaction chambers, with its PECVD and ALD products gaining traction in the market [7] Financial Projections - The company is projected to achieve total revenue of 5.917 billion yuan in 2025, with a year-on-year growth rate of 44.2% [1][8] - The net profit attributable to shareholders is expected to reach 1.004 billion yuan in 2025, representing a year-on-year increase of 45.93% [1][8] - The earnings per share (EPS) is forecasted to be 3.59 yuan in 2025, with a dynamic P/E ratio of 53.40 [1][8]