Piotech (SH:688072) Ping An Securities·2024-04-30 11:00Investment Rating - The report maintains a "Recommend" rating for the company [2][6] Core Viewpoints - The company achieved significant revenue and profit growth in 2023, with revenue reaching 2.705 billion yuan, a year-on-year increase of 58.60%, and a net profit of 663 million yuan, up 79.82% [3][4] - The company has a strong order backlog of 6.423 billion yuan at the end of the reporting period, providing a solid foundation for future performance [4][6] - The company continues to invest heavily in R&D, with R&D expenses of 576 million yuan in 2023, representing 21.29% of revenue, leading to advancements in various product lines [4][6] Financial Summary - For 2024 Q1, the company reported revenue of 472 million yuan, a year-on-year increase of 17.25%, but net profit decreased by 80.51% to 10.47 million yuan due to increased costs and longer acceptance periods for new products [6][8] - The company expects continued revenue growth, with projected revenues of 4.125 billion yuan in 2024, 5.389 billion yuan in 2025, and 6.935 billion yuan in 2026, reflecting growth rates of 52.5%, 30.7%, and 28.7% respectively [5][11] - The company's net profit is projected to reach 970 million yuan in 2024, 1.342 billion yuan in 2025, and 1.753 billion yuan in 2026, with corresponding growth rates of 46.4%, 38.4%, and 30.7% [5][11] Market Position - The company is positioned as a leading domestic manufacturer of thin film deposition equipment, with a diverse product portfolio including PECVD, SACVD, ALD, and HDPCVD equipment, which enhances its competitive edge [6][8] - The company has successfully validated new products in various fields, including HDPCVD and bonding equipment, which have been well-received in the market [6][8]