Piotech (688072) 东吴证券·2025-04-26 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid revenue growth in Q4, with a year-on-year increase of 82.1% and a quarter-on-quarter increase of 80.6% [8] - The company is expanding its PECVD (Plasma-Enhanced Chemical Vapor Deposition) field, with a full range of PECVD dielectric film materials now in industrial application [3] - New products have slightly decreased the gross margin, which was 41.7% for 2024, down 9.3 percentage points year-on-year [8] Financial Performance - The total revenue for 2024 is projected to be 41.0 billion yuan, a year-on-year increase of 51.7% [8] - The net profit attributable to shareholders for 2024 is expected to be 6.9 billion yuan, a year-on-year increase of 3.9% [8] - The company’s R&D investment for 2024 is 7.6 billion yuan, an increase of 31.3% year-on-year, aimed at expanding new products and processes [8] Revenue and Profit Forecast - Revenue forecasts for the next few years are as follows: 2024 at 41.0 billion yuan, 2025 at 59.17 billion yuan, 2026 at 82.49 billion yuan, and 2027 at 107.13 billion yuan [1] - The net profit attributable to shareholders is forecasted to be 10.0 billion yuan in 2025, 15.5 billion yuan in 2026, and 22.1 billion yuan in 2027 [9] Market Position - The company is the leading domestic supplier in the ALD (Atomic Layer Deposition) process coverage, with its first PE-ALD SiN process successfully verified by customers [3] - The company’s advanced packaging equipment revenue for 2024 is expected to reach 95.67 million yuan, a year-on-year increase of 48.8% [3]