Piotech (SH:688072) Guotou Securities·2024-04-30 05:00Investment Rating - The investment rating for the company is "Buy - A" with a target price of 241.45 CNY [5]. Core Views - The company achieved a revenue of 2.705 billion CNY in 2023, a year-on-year increase of 58.60%, and a net profit attributable to the parent company of 663 million CNY, up 79.82% year-on-year [2][9]. - The company expects to double its shipment of reaction chambers in 2024, with over 1,000 units projected to be shipped [2][9]. - The decline in net profit in Q1 2024 is attributed to longer acceptance cycles for new products and increased expenses due to business scale growth and heightened R&D investment [2][9]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.705 billion CNY, with a significant contribution from thin-film deposition equipment, which generated 2.570 billion CNY, a 52.51% increase year-on-year [2]. - The Q4 2023 performance showed a revenue of 1.002 billion CNY, a 40.39% increase year-on-year and a 43.46% increase quarter-on-quarter [1]. - For Q1 2024, the company reported a revenue of 472 million CNY, a 17.25% year-on-year increase but a significant quarter-on-quarter decrease of 86.39% [1][2]. Product Development - The company successfully passed customer verification for its first wafer-to-wafer bonding product, Dione 300, and received repeat orders [3]. - The newly launched chip-to-wafer hybrid bonding pre-treatment product, Propus, also achieved customer verification and industrial application [8]. Future Projections - Revenue projections for 2024 to 2026 are 4.058 billion CNY, 5.275 billion CNY, and 6.593 billion CNY, respectively, with net profits expected to be 826 million CNY, 1.007 billion CNY, and 1.396 billion CNY [9][12]. - The company anticipates a significant increase in equipment shipments, contributing to revenue growth [9].