Piotech (688072) 山西证券·2024-05-13 07:30Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for the stock [1][2]. Core Views - The company has a robust order backlog and is experiencing significant revenue growth, with a focus on the successful industrialization of new equipment [1][4]. - The revenue for 2023 reached 2.705 billion yuan, a year-on-year increase of 58.6%, while the net profit was 663 million yuan, up 79.82% year-on-year [3][4]. - The company is actively expanding its product offerings and has successfully validated new products, which are expected to contribute to future revenue growth [4]. Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported revenue of 472 million yuan, a year-on-year increase of 17.25%, but net profit decreased by 80.51% to 10 million yuan due to longer verification cycles for new products and increased R&D expenses [3][4]. - The company’s revenue from its core PECVD equipment reached 2.321 billion yuan, a year-on-year increase of 48.6% [4]. Order Backlog and Future Projections - The company has a strong order backlog of 6.423 billion yuan, an increase of 39.57% year-on-year, which supports future performance [4]. - EPS projections for 2024-2026 are 4.63, 6.14, and 7.91 yuan, respectively, with corresponding PE ratios of 37.9, 28.6, and 22.2 [2][4]. R&D and Product Development - R&D expenses in Q1 2024 were 153 million yuan, a 78% increase year-on-year, reflecting the company's commitment to innovation [2][4]. - The company has successfully validated new products in the wafer-level 3D integration field, achieving international leading performance and capacity metrics [4].