Piotech (688072) 开源证券·2024-10-30 14:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue growth in Q3 2024, with a year-over-year increase of 44.67% and a quarter-over-quarter increase of 27.14% [3][4] - Despite the revenue growth, the gross margin has seen a temporary decline due to high R&D costs and new process validation expenses [3][4] - The company is expected to lead the domestic equipment market as demand from downstream wafer fabs continues to grow [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.278 billion yuan, representing a year-over-year increase of 33.79% [3] - The net profit attributable to shareholders for the same period was 271 million yuan, a slight increase of 0.1% year-over-year, while the non-recurring net profit decreased by 62.72% year-over-year [3] - The gross margin for Q3 2024 was 43.59%, down 6.75 percentage points year-over-year, and the net margin was 11.41%, down 4.42 percentage points year-over-year [3] - The company has maintained high R&D investment, totaling 481 million yuan for the first three quarters of 2024, an increase of 35.73% year-over-year [4] Revenue and Profit Forecast - The company forecasts net profits for 2024-2026 to be 675 million, 1.064 billion, and 1.344 billion yuan respectively, with corresponding EPS of 2.42, 3.82, and 4.83 yuan [3][6] - The projected P/E ratios for 2024-2026 are 62.5, 39.6, and 31.4 times respectively [3][6] Product Development and Market Position - The company has made significant progress in the development of new products and processes, including PECVD, ALD, SACVD, and HDPCVD, which are now being mass-produced [4] - The introduction of new equipment platforms and reaction chambers has contributed to revenue recognition in Q3 2024 [4]