Piotech (688072) 长江证券·2024-11-04 04:09Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - The company reported a revenue of 1.011 billion yuan in Q3 2024, representing a year-on-year increase of 44.67%. However, the net profit attributable to the parent company decreased by 2.91% to 142 million yuan, and the net profit after deducting non-recurring gains and losses fell by 58.79% to 46 million yuan. The gross margin was 39.27%, down 12.4 percentage points year-on-year [5][6]. - For the first three quarters of 2024, the company achieved a revenue of 2.278 billion yuan, an increase of 33.79% year-on-year, with a net profit attributable to the parent company of 271 million yuan, a slight increase of 0.10%. The net profit after deducting non-recurring gains and losses was 65 million yuan, down 62.72%, and the gross margin was 43.59%, down 6.8 percentage points year-on-year [5][6]. Summary by Sections R&D and Product Development - The company has significantly increased its R&D investment, reaching 480 million yuan in the first three quarters of 2024, a year-on-year growth of approximately 36%, accounting for 21.1% of revenue, which is an increase of 0.3 percentage points. This investment is aimed at expanding new products and processes, as well as optimizing equipment platforms and reaction chambers [5][6]. - The introduction of new products and processes has led to a temporary decline in gross margin due to higher costs during the customer validation phase. However, as these new products achieve scale, the gross margin is expected to stabilize and recover [5][6]. Order Growth and Market Position - The company has seen strong order growth, with its main product PECVD and other products like ALD, SACVD, and HDPCVD contributing to increased orders. The company has upgraded its HDPCVD product to a new hexagonal platform, achieving industry-leading performance [6]. - As of August 2024, the cumulative installation of reaction chambers exceeded 70 units, with expectations to surpass 100 units by the end of 2024. The company is well-positioned to benefit from domestic substitution trends and downstream capacity expansion, leading to sustained high growth in orders and performance [6]. Financial Projections - The company is projected to achieve net profits of 540 million yuan, 970 million yuan, and 1.36 billion yuan for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are expected to be 79x, 43x, and 31x [6].