Piotech (688072) 财通证券·2024-05-05 02:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.705 billion yuan in 2023, representing a year-on-year growth of 58.60%, and a net profit of 663 million yuan, which is an increase of 79.82% year-on-year [3] - In Q1 2024, the company achieved a revenue of 472 million yuan, showing a year-on-year growth of 17.25%, but the net profit decreased by 80.51% year-on-year [3] - The semiconductor thin film deposition equipment business is steadily developing, with the company covering a full range of PECVD thin film materials and receiving bulk orders [3] - The company has launched new models of reaction chambers to meet the stringent requirements of chip technology [3] - The first quarter of 2024 faced challenges due to longer acceptance cycles for new products and increased costs associated with business expansion and R&D investments [3] - The company is advancing into the field of advanced packaging with its first wafer-to-wafer bonding product, which has passed customer validation and received repeat orders [3] - The forecast for net profit from 2024 to 2026 is 835 million yuan, 1.205 billion yuan, and 1.557 billion yuan, corresponding to PE ratios of 40.94, 28.37, and 21.96 respectively [3] Financial Data Summary - Revenue for 2022 was 1.706 billion yuan, with a projected revenue of 4.021 billion yuan for 2024, indicating a growth rate of 48.66% [2] - The net profit for 2022 was 368 million yuan, with a projected net profit of 835 million yuan for 2024, reflecting a growth rate of 26.02% [2] - The company's EPS for 2022 was 2.15 yuan, expected to rise to 4.44 yuan in 2024 [2] - The company's ROE is projected to increase from 14.42% in 2023 to 15.34% in 2024 [2] - The company's PB ratio is expected to decrease from 9.42 in 2023 to 6.28 in 2024 [2]