Piotech (SH:688072) Soochow Securities·2025-11-02 03:36Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company has demonstrated sustained high growth in performance, with a significant increase in revenue and net profit for the first three quarters of 2025. Revenue reached 4.22 billion yuan, up 85.3% year-on-year, while net profit grew by 105.1% to 557 million yuan [2]. - The company is benefiting from new product launches and the expansion of production capacity, particularly in advanced process equipment, which has been validated by customers [2]. - Cost control measures and economies of scale have led to improved profitability, with a net profit margin of 20.0% in Q3, up 6.4 percentage points year-on-year [3]. - The company has seen a substantial increase in contract liabilities, indicating a strong order book and improved cash flow management, with net cash flow from operating activities reaching 2.83 billion yuan for the first three quarters [4]. - The company is actively investing in the development of thin film deposition and advanced packaging equipment, which is expected to strengthen its competitive position in the semiconductor equipment sector [5]. Financial Summary - For 2023, the total revenue is projected at 2.705 billion yuan, with a year-on-year growth of 58.6%. By 2025, revenue is expected to reach 5.917 billion yuan, reflecting a growth rate of 44.2% [1]. - The net profit attributable to the parent company is forecasted to be 662.58 million yuan for 2023, with a significant increase to 1.004 billion yuan by 2025, representing a growth of 45.93% [1]. - The earnings per share (EPS) is expected to rise from 2.36 yuan in 2023 to 3.57 yuan in 2025, indicating a strong upward trend in profitability [1].