Piotech (688072) 国信证券·2024-11-04 14:01Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company has achieved a revenue growth of 33.79% year-on-year in the first three quarters, with total revenue reaching 2.278 billion yuan and a net profit of 271 million yuan, reflecting a slight increase of 0.1% year-on-year [1]. - The third quarter saw a significant revenue increase of 44.67% year-on-year, amounting to 1.011 billion yuan, although net profit decreased by 2.74% year-on-year [1]. - The company's gross margin has decreased to 43.59%, down 6.75 percentage points year-on-year, primarily due to the high costs associated with the validation of new products and processes [1]. - The company continues to invest heavily in research and development, with R&D expenses increasing by 35.75% year-on-year to 481 million yuan [1]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 3.809 billion yuan, 5.170 billion yuan, and 6.635 billion yuan, respectively, with corresponding net profit estimates of 552 million yuan, 916 million yuan, and 1.230 billion yuan [1][2]. - The company's earnings per share (EPS) for 2024 is projected at 1.98 yuan, with a price-to-earnings (P/E) ratio of 78.2 [2][7]. - The gross margin for the third quarter was reported at 39.27%, reflecting a quarter-on-quarter decline of 7.62 percentage points [1][5].