Piotech (SH:688072) 光大证券研究·2025-08-30 00:03Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, driven by the successful mass production of advanced process verification equipment, although net profit saw a decline due to high costs associated with new product validation [4][5][6]. Financial Performance - The company achieved an operating revenue of 1.954 billion, representing a year-on-year growth of 54.25% [4]. - The net profit attributable to shareholders was 94 million, a decrease of 26.96% year-on-year, while the net profit excluding non-recurring items was 38 million, showing a substantial increase of 91.35% [4]. Production and Market Expansion - The company’s advanced process verification equipment has successfully passed customer certification and is entering mass production, contributing to rapid revenue growth [5]. - The company is optimizing its customer structure, maintaining strong partnerships with leading domestic wafer manufacturers while successfully onboarding new clients, which has increased market penetration [5]. - As of the end of the first half of 2025, contract liabilities reached 4.536 billion, a growth of 52.07% compared to the end of 2024, indicating a solid foundation for future revenue growth [5]. Profitability Trends - The decline in net profit for the first half of 2025 was primarily due to a significant drop in Q1, attributed to high costs and low gross margins during the customer validation of new products and processes [6]. - However, the company saw a recovery in Q2, with net profit reaching 241 million, a year-on-year increase of 103.37%, and a sequential increase of 388 million from Q1, indicating a notable improvement in performance [6].