Piotech (688072) 国投证券·2024-10-30 05:23Investment Rating - The investment rating for the company is "Buy - A" with a target price of 187.98 CNY [4][8]. Core Insights - The company reported a revenue of 2.278 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 33.79%. The net profit attributable to shareholders was 271 million CNY, a slight increase of 0.10% year-on-year. However, the net profit excluding non-recurring items decreased by 62.72% [2][3]. - In Q3 2024, the company achieved a revenue of 1.011 billion CNY, marking a significant year-on-year increase of 44.67% and a quarter-on-quarter increase of 27.14%. This growth was primarily driven by breakthroughs in client validation of new products and processes [2][3]. - The company continues to invest heavily in R&D, with expenditures reaching 481 million CNY in the first nine months of 2024, an increase of 35.73% year-on-year. This investment is aimed at expanding its product offerings and enhancing process capabilities [3][8]. Financial Performance Summary - For 2024, the company is projected to generate revenues of 4.058 billion CNY, with net profits expected to reach 669 million CNY. The revenue growth rates for the subsequent years are forecasted at 52.75 billion CNY in 2025 and 65.93 billion CNY in 2026 [8][10]. - The company maintains a high R&D investment ratio, which accounted for 21.12% of its revenue in the first three quarters of 2024. This focus on innovation is expected to support future growth [3][8]. - The company's financial metrics indicate a projected PE ratio of 78.00X for 2024, with a corresponding target price of 187.98 CNY based on its growth potential and product advancements [8][10].