Piotech (688072) 东吴证券·2024-05-05 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 2.705 billion yuan, a year-on-year increase of 58.6%. The net profit attributable to shareholders was 663 million yuan, up 79.8% year-on-year [3][9] - In Q1 2024, the company experienced a decline in net profit due to increased expenses and longer acceptance cycles for new products, resulting in a revenue of 472 million yuan, a year-on-year increase of 17.25%, but a net profit drop of 80.51% [3][9] - The company has a strong growth potential with its PECVD technology and a broad stock incentive plan aimed at long-term development [4][14] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.705 billion yuan, with a 58.6% year-on-year growth. The revenue from thin film deposition equipment was 2.57 billion yuan, up 52.51% year-on-year [3][9] - The gross profit margin for 2023 was 51.01%, an increase of 1.74 percentage points year-on-year, while the net profit margin was 24.54%, up 3.19 percentage points [10][11] Inventory and Liabilities - As of Q1 2024, the company's contract liabilities were 1.386 billion yuan, a decrease of 15.1% year-on-year, while inventory increased to 5.613 billion yuan, up 106.59% year-on-year [4][11] Incentive Plans - The company announced a stock incentive plan for 2023, proposing to grant up to 3.75 million restricted shares to 701 employees, which represents 76% of the workforce. The revenue targets for 2024-2026 are set at 3.33 billion, 4.44 billion, and 5.29 billion yuan respectively [4][13] Growth Potential - The PECVD technology has shown continuous expansion potential, with 2023 revenue from PECVD reaching 2.32 billion yuan, a year-on-year increase of 48%. The company has also made significant progress in ALD and SACVD technologies [14][15] Profit Forecast - The profit forecasts for 2024 and 2025 have been adjusted to 830 million and 1.18 billion yuan respectively, with a projected net profit of 1.41 billion yuan for 2026. The current market value corresponds to dynamic P/E ratios of 44, 31, and 26 times for the respective years [4][15]