Piotech (SH:688072) Huachuang Securities·2024-04-30 11:02Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][14]. Core Insights - The company achieved a revenue of 2.705 billion yuan in 2023, representing a year-over-year increase of 58.60%. The gross margin was 51.01%, and the net profit attributable to shareholders was 663 million yuan, up 79.82% year-over-year [1][2]. - For Q1 2024, the company reported a revenue of 472 million yuan, a year-over-year increase of 17.25%, but a quarter-over-quarter decrease of 52.94%. The gross margin was 47.31%, with a net profit of 10 million yuan, down 80.51% year-over-year [1][2]. - The company is experiencing a positive trend in revenue and new orders, with a significant increase in R&D investment and new product validations, although short-term profits are under pressure due to high costs associated with new product launches [1][2]. - The company has a strong order backlog, with inventory at 5.61 billion yuan and contract liabilities at 1.386 billion yuan as of Q1 2024 [1][2]. - The company launched two new equipment platforms and two new reaction chambers in 2023, with over 130 new reaction chambers receiving customer orders and more than 460 units shipped [1][2]. - The company is positioned as a leader in the domestic semiconductor film deposition equipment market, with a strong focus on R&D and product innovation [1][2]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 4.081 billion yuan, 5.268 billion yuan, and 6.527 billion yuan, respectively, with expected growth rates of 50.9%, 29.1%, and 23.9% [2][8]. - The projected net profit for the same years is 823 million yuan, 1.103 billion yuan, and 1.375 billion yuan, with growth rates of 24.2%, 34.1%, and 24.7% [2][8]. - The company’s earnings per share (EPS) are expected to increase from 3.52 yuan in 2023 to 4.37 yuan in 2024, and further to 5.86 yuan in 2025 [2][8].