Piotech (688072) 东吴证券·2025-04-26 14:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in Q4, with revenue reaching 4.1 billion yuan, a year-on-year increase of 51.7%. The net profit attributable to shareholders is 688.16 million yuan, up 3.9% year-on-year [8][9] - The company has achieved significant milestones in the PECVD field, with a full range of PECVD dielectric film materials now in industrial application. The company is also the leading domestic provider of ALD processes and advanced packaging equipment [3][9] - The company’s gross margin has slightly decreased to 41.7% due to new product introductions, while R&D investment has increased by 31.3% to 760 million yuan [8][9] Financial Performance - The total revenue for 2024 is projected to be 4.1 billion yuan, with a year-on-year growth rate of 51.7%. The net profit attributable to shareholders is expected to be 688.16 million yuan, reflecting a growth of 3.9% [1][8] - In Q4 alone, the company reported a revenue of 1.83 billion yuan, marking an impressive year-on-year increase of 82.1% and a quarter-on-quarter increase of 80.6% [8] - The company’s cash flow from operating activities turned positive for the first time since 2023, amounting to 720 million yuan in Q4 [8][9] Revenue and Profit Forecast - The company’s revenue forecast for 2025 is 5.92 billion yuan, with a projected net profit of 1 billion yuan, indicating a growth rate of 45.93% [1][9] - The estimated net profit for 2026 is 1.55 billion yuan, with a growth rate of 54.77% [1][9] - By 2027, the net profit is expected to reach 2.21 billion yuan, with a growth rate of 41.96% [1][9]