Piotech (SH:688072) Changjiang Securities·2025-11-09 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has experienced significant revenue growth, benefiting from the expansion trend in storage. In Q3 2025, the company achieved revenue of 2.266 billion yuan, a year-on-year increase of 124.15%. The net profit attributable to the parent company was 462 million yuan, up 225.07% year-on-year, while the non-recurring net profit reached 420 million yuan, reflecting an increase of 822.50% year-on-year [2][6]. - The company's gross margin was 34.42%, a decrease of 4.85 percentage points year-on-year. For the first three quarters of 2025, the company reported total revenue of 4.220 billion yuan, a year-on-year increase of 85.27%, with a net profit of 557 million yuan, up 105.14% year-on-year [2][6]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 2.266 billion yuan, with a year-on-year growth of 124.15%. The net profit attributable to the parent company was 462 million yuan, marking a 225.07% increase year-on-year. The non-recurring net profit was 420 million yuan, reflecting an 822.50% increase year-on-year. The gross margin stood at 34.42%, down 4.85 percentage points year-on-year [2][6]. - For the first three quarters of 2025, the company achieved a total revenue of 4.220 billion yuan, a year-on-year increase of 85.27%. The net profit attributable to the parent company was 557 million yuan, up 105.14% year-on-year, while the non-recurring net profit was 458 million yuan, reflecting a 599.67% increase year-on-year. The gross margin was 33.28%, down 10.31 percentage points year-on-year [2][6]. Market Trends - The semiconductor equipment industry is expected to maintain a favorable outlook, with accelerated construction of advanced processes. From January to September 2025, the import value of semiconductor equipment in mainland China increased by 7.22% to reach 32.4 billion USD. Major semiconductor equipment companies reported revenues of 24.33 billion yuan, a year-on-year increase of 44.2% [12]. - The demand for semiconductor equipment remains strong due to the ongoing construction of domestic wafer fabs. The global semiconductor equipment market is projected to continue growing, with SEMI estimating that spending on 300mm wafer fab equipment will increase by 7% in 2025, reaching 107 billion USD [12]. Company Outlook - The company has accumulated deep expertise in technology, customer relationships, and brand recognition. It has continuously expanded its product framework and industrial application areas. The current order backlog is robust, and compared to other companies in the industry, its growth potential is more pronounced and certain. The projected net profits attributable to the parent company for 2025-2027 are 978 million yuan, 1.471 billion yuan, and 2.101 billion yuan, respectively, corresponding to price-to-earnings ratios of 89x, 59x, and 42x at the current stock price [12].