Piotech (SH:688072) Great Wall Securities·2024-05-07 10:32Investment Rating - The report maintains an "Accumulate" rating for the company [1][7] Core Views - The company is expected to achieve record-high shipments in 2024, with a year-on-year increase in revenue of 58.6% in 2023, reaching 2.705 billion yuan, and a net profit of 663 million yuan, up 79.82% [2][14] - The company has a strong order backlog, with sales orders amounting to 6.423 billion yuan at the end of 2023, a 39.57% increase year-on-year, indicating robust growth potential for 2024 [6][7] - The company is positioned as a leading domestic supplier of thin film deposition equipment, benefiting from the trend of domestic substitution in semiconductor equipment [7] Financial Summary - Revenue and Profit Forecasts: - 2022A: Revenue of 1.706 billion yuan, net profit of 364 million yuan - 2023A: Revenue of 2.705 billion yuan, net profit of 663 million yuan - 2024E: Revenue expected to reach 3.855 billion yuan, net profit projected at 801 million yuan - 2025E: Revenue forecasted at 5.057 billion yuan, net profit at 1.079 billion yuan - 2026E: Revenue expected to be 6.426 billion yuan, net profit at 1.441 billion yuan [2][18] - Growth Rates: - Revenue growth rates: 125.0% (2022), 58.6% (2023), 42.5% (2024E), 31.2% (2025E), 27.1% (2026E) [19] - Net profit growth rates: 438.0% (2022), 79.8% (2023), 21.0% (2024E), 34.6% (2025E), 33.6% (2026E) [19] - Key Financial Ratios: - Return on Equity (ROE): 9.8% (2022), 14.5% (2023), projected to reach 18.8% by 2026 [19] - Price-to-Earnings (P/E) ratio: 92.8 (2022), 51.6 (2023), expected to decline to 23.7 by 2026 [19] Product and Market Insights - The company's main product, PECVD, saw a revenue increase of 53% in 2023, supported by continuous bulk orders and acceptance [4] - The company is expanding into hybrid bonding equipment, with its first wafer-to-wafer bonding product achieving international leading performance metrics [5] - The company has diversified its customer base by shipping PECVD equipment overseas, enhancing its market presence [6]