Piotech (SH:688072) Guoxin Securities·2024-05-08 00:30Investment Rating - The investment rating for the company is "Buy" [1][4][11] Core Views - The company has a full order book with expected shipments to exceed 1,000 reaction chambers in 2024, marking a historical high [1] - In Q1 2024, the company reported revenue of 472 million yuan, a year-on-year increase of 17.3%, but a quarter-on-quarter decrease of 52.9%, with net profit declining significantly due to delayed revenue recognition and increased expenses [1] - The company achieved revenue of 2.705 billion yuan in 2023, a year-on-year increase of 58.6%, driven by high R&D investment and significant technological breakthroughs [1][2] - The company has over 6.4 billion yuan in orders on hand, indicating strong demand and growth potential [1] - The domestic semiconductor manufacturing expansion is expected to sustain rapid growth for the company, supported by government incentives and policies promoting chip localization [1] Financial Summary - Revenue projections for 2024-2026 are 4.197 billion yuan, 5.457 billion yuan, and 6.876 billion yuan, respectively, with corresponding net profit estimates of 863 million yuan, 1.194 billion yuan, and 1.573 billion yuan [2][9] - The company’s net profit margin is projected to improve, with an EBIT margin increasing from 11.7% in 2023 to 16.1% in 2024 [2][9] - The company’s price-to-earnings ratio (PE) is currently at 39.6 for 2024, indicating a favorable valuation compared to historical levels [2][9]