Piotech (SH:688072) HUAXI Securities·2024-05-04 06:06Investment Rating - The report assigns a rating of "Buy" for the company [2] Core Views - The company has shown significant revenue growth, with a 59% year-on-year increase in 2023, reaching 2.705 billion yuan, driven by advancements in new processes and product development [3] - The company expects to deliver over 1,000 reaction chambers in 2024, with a year-on-year growth rate exceeding 117% [3] - Despite high R&D expenses impacting short-term profitability, the company maintains strong market competitiveness and growth potential [4][7] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 663 million yuan, up 80% year-on-year, with a sales net profit margin of 24.54% [4] - For Q1 2024, the company reported a net profit of 10.47 million yuan, a decrease of 80.51% year-on-year, primarily due to increased R&D expenses [4] - The company’s revenue for Q1 2024 was 472 million yuan, reflecting a 17% year-on-year increase [3] Product Development - The company has expanded its thin film deposition equipment offerings, including PECVD, ALD, SACVD, and HDPCVD, supporting over 100 process applications [6] - New product platforms and reaction chambers have been successfully developed and validated, enhancing the company's competitive edge [6] Revenue and Profit Forecast - The revenue forecast for 2024 and 2025 has been adjusted to 4.125 billion yuan and 5.636 billion yuan, respectively, with a projected net profit of 819 million yuan for 2024 [7] - The expected earnings per share (EPS) for 2024 is 4.35 yuan, with a price-to-earnings (PE) ratio of 42 times based on the latest stock price [7]