New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Large one-off items impacting financial results. Board Change • May 15
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Sheng Liu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥445, the stock trades at a forward P/E ratio of 61x. Average forward P/E is 57x in the Semiconductor industry in China. Total returns to shareholders of 150% over the past three years. New Risk • Apr 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 28
Full year 2025 earnings released: EPS: CN¥3.32 (vs CN¥2.48 in FY 2024) Full year 2025 results: EPS: CN¥3.32 (up from CN¥2.48 in FY 2024). Revenue: CN¥6.52b (up 59% from FY 2024). Net income: CN¥926.7m (up 35% from FY 2024). Profit margin: 14% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 31% per year. Annuncio • Apr 28
Piotech Inc., Annual General Meeting, May 18, 2026 Piotech Inc., Annual General Meeting, May 18, 2026, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenyang, Liaoning China Annuncio • Mar 30
Piotech Inc. to Report Q1, 2026 Results on Apr 28, 2026 Piotech Inc. announced that they will report Q1, 2026 results on Apr 28, 2026 Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: CN¥3.33 (vs CN¥2.48 in FY 2024) Full year 2025 results: EPS: CN¥3.33 (up from CN¥2.48 in FY 2024). Revenue: CN¥6.52b (up 59% from FY 2024). Net income: CN¥929.3m (up 35% from FY 2024). Profit margin: 14% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Dec 26
Piotech Inc. to Report Fiscal Year 2025 Results on Apr 28, 2026 Piotech Inc. announced that they will report fiscal year 2025 results on Apr 28, 2026 Price Target Changed • Nov 01
Price target increased by 9.3% to CN¥244 Up from CN¥223, the current price target is an average from 6 analysts. New target price is 20% below last closing price of CN¥305. Stock is up 97% over the past year. The company is forecast to post earnings per share of CN¥3.42 for next year compared to CN¥2.48 last year. Annuncio • Sep 30
Piotech Inc. to Report Q3, 2025 Results on Oct 31, 2025 Piotech Inc. announced that they will report Q3, 2025 results on Oct 31, 2025 New Risk • Sep 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: CN¥0.87 (vs CN¥0.39 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.87 (up from CN¥0.39 in 2Q 2024). Revenue: CN¥1.25b (up 57% from 2Q 2024). Net income: CN¥241.2m (up 103% from 2Q 2024). Profit margin: 19% (up from 15% in 2Q 2024). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Annuncio • Jun 30
Piotech Inc. to Report First Half, 2025 Results on Aug 26, 2025 Piotech Inc. announced that they will report first half, 2025 results on Aug 26, 2025 Annuncio • Jun 24
Piotech Inc.(SHSE:688072) dropped from Shanghai Stock Exchange 180 Value Index Piotech Inc removed Declared Dividend • Jun 15
Dividend of CN¥0.27 announced Shareholders will receive a dividend of CN¥0.27. Ex-date: 19th June 2025 Payment date: 19th June 2025 Dividend yield will be 0.2%, which is lower than the industry average of 1.7%. Reported Earnings • Apr 25
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥2.48 (up from CN¥2.39 in FY 2023). Revenue: CN¥4.10b (up 52% from FY 2023). Net income: CN¥688.2m (up 3.9% from FY 2023). Profit margin: 17% (down from 25% in FY 2023). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 43% per year. Annuncio • Apr 25
Piotech Inc., Annual General Meeting, May 20, 2025 Piotech Inc., Annual General Meeting, May 20, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenyang, Liaoning China Annuncio • Mar 28
Piotech Inc. to Report Q1, 2025 Results on Apr 30, 2025 Piotech Inc. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥2.48 (up from CN¥2.39 in FY 2023). Revenue: CN¥4.10b (up 52% from FY 2023). Net income: CN¥688.5m (up 3.9% from FY 2023). Profit margin: 17% (down from 25% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Price Target Changed • Jan 17
Price target increased by 8.5% to CN¥218 Up from CN¥201, the current price target is an average from 6 analysts. New target price is 41% above last closing price of CN¥155. Stock is up 24% over the past year. The company is forecast to post earnings per share of CN¥2.45 for next year compared to CN¥2.39 last year. Annuncio • Dec 27
Piotech Inc. to Report Fiscal Year 2024 Results on Apr 25, 2025 Piotech Inc. announced that they will report fiscal year 2024 results on Apr 25, 2025 Price Target Changed • Nov 25
Price target increased by 9.1% to CN¥219 Up from CN¥201, the current price target is an average from 6 analysts. New target price is 14% above last closing price of CN¥192. Stock is up 14% over the past year. The company is forecast to post earnings per share of CN¥2.24 for next year compared to CN¥2.39 last year. Price Target Changed • Nov 22
Price target increased by 9.3% to CN¥214 Up from CN¥196, the current price target is an average from 6 analysts. New target price is 13% above last closing price of CN¥190. Stock is up 20% over the past year. The company is forecast to post earnings per share of CN¥2.24 for next year compared to CN¥2.39 last year. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥177, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 37x in the Semiconductor industry in China. Total returns to shareholders of 4.5% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CN¥188 per share. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.53 (vs CN¥0.54 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.53 (down from CN¥0.54 in 3Q 2023). Revenue: CN¥1.01b (up 45% from 3Q 2023). Net income: CN¥142.2m (down 2.9% from 3Q 2023). Profit margin: 14% (down from 21% in 3Q 2023). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Major Estimate Revision • Oct 29
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥2.78 to CN¥2.09 per share. Revenue forecast steady at CN¥3.96b. Net income forecast to grow 27% next year vs 60% growth forecast for Semiconductor industry in China. Consensus price target of CN¥196 unchanged from last update. Share price rose 2.8% to CN¥153 over the past week. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥143, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 32x in the Semiconductor industry in China. Total loss to shareholders of 17% over the past year. Annuncio • Sep 30
Piotech Inc. to Report Q3, 2024 Results on Oct 29, 2024 Piotech Inc. announced that they will report Q3, 2024 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥121, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 29x in the Semiconductor industry in China. Total loss to shareholders of 25% over the past year. New Risk • Sep 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (89% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Price Target Changed • Sep 04
Price target decreased by 7.5% to CN¥192 Down from CN¥208, the current price target is an average from 5 analysts. New target price is 56% above last closing price of CN¥123. Stock is down 27% over the past year. The company is forecast to post earnings per share of CN¥2.78 for next year compared to CN¥2.39 last year. Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥3.18 to CN¥2.82 per share. Revenue forecast steady at CN¥3.98b. Net income forecast to grow 47% next year vs 56% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥208 to CN¥201. Share price was steady at CN¥121 over the past week. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.39 (vs CN¥0.26 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.39 (up from CN¥0.26 in 2Q 2023). Revenue: CN¥795.1m (up 32% from 2Q 2023). Net income: CN¥118.6m (up 67% from 2Q 2023). Profit margin: 15% (up from 12% in 2Q 2023). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Annuncio • Jun 28
Piotech Inc. to Report First Half, 2024 Results on Aug 28, 2024 Piotech Inc. announced that they will report first half, 2024 results on Aug 28, 2024 Price Target Changed • Jun 14
Price target increased by 8.8% to CN¥200 Up from CN¥184, the current price target is an average from 5 analysts. New target price is 44% above last closing price of CN¥139. Stock is down 29% over the past year. The company is forecast to post earnings per share of CN¥3.43 for next year compared to CN¥2.39 last year. New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 49% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (119% accrual ratio). Minor Risk Shareholders have been diluted in the past year (49% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to CN¥145, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 30x in the Semiconductor industry in China. Total loss to shareholders of 50% over the past year. Major Estimate Revision • May 06
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CN¥5.08 to CN¥4.55 per share. Revenue forecast steady at CN¥4.05b. Net income forecast to grow 50% next year vs 59% growth forecast for Semiconductor industry in China. Consensus price target broadly unchanged at CN¥288. Share price fell 5.8% to CN¥182 over the past week. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: CN¥0.06 (vs CN¥0.28 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.06 (down from CN¥0.28 in 1Q 2023). Revenue: CN¥471.8m (up 17% from 1Q 2023). Net income: CN¥10.5m (down 81% from 1Q 2023). Profit margin: 2.2% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Annuncio • May 01
Piotech Inc., Annual General Meeting, May 20, 2024 Piotech Inc., Annual General Meeting, May 20, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Shenyang, Liaoning China Annuncio • Mar 30
Piotech Inc. to Report Q1, 2024 Results on Apr 30, 2024 Piotech Inc. announced that they will report Q1, 2024 results on Apr 30, 2024 Major Estimate Revision • Mar 21
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CN¥4.40 to CN¥4.87. Revenue forecast unchanged at CN¥4.08b. Net income forecast to grow 24% next year vs 65% growth forecast for Semiconductor industry in China. Consensus price target of CN¥290 unchanged from last update. Share price rose 4.4% to CN¥210 over the past week. Reported Earnings • Feb 27
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CN¥3.55 (up from CN¥2.15 in FY 2022). Revenue: CN¥2.70b (up 59% from FY 2022). Net income: CN¥664.7m (up 80% from FY 2022). Profit margin: 25% (up from 22% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Major Estimate Revision • Jan 25
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CN¥2.85b to CN¥2.78b. EPS estimate rose from CN¥2.77 to CN¥3.21. Net income forecast to grow 92% next year vs 64% growth forecast for Semiconductor industry in China. Consensus price target of CN¥294 unchanged from last update. Share price was steady at CN¥182 over the past week. Annuncio • Dec 29
Piotech Inc. to Report Fiscal Year 2023 Results on Apr 30, 2024 Piotech Inc. announced that they will report fiscal year 2023 results on Apr 30, 2024 Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥0.56 (vs CN¥1.01 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.56 (down from CN¥1.01 in 2Q 2022). Revenue: CN¥601.3m (up 45% from 2Q 2022). Net income: CN¥70.8m (down 41% from 2Q 2022). Profit margin: 12% (down from 29% in 2Q 2022). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Board Change • Aug 04
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Supervisor Yang Cao is the most experienced director on the board, commencing their role in 2018. Independent Director Guoqing Zhao was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Annuncio • Jun 28
Piotech Inc. to Report First Half, 2023 Results on Aug 29, 2023 Piotech Inc. announced that they will report first half, 2023 results on Aug 29, 2023 Reported Earnings • Apr 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: CN¥3.18 (up from CN¥0.72 in FY 2021). Revenue: CN¥1.71b (up 125% from FY 2021). Net income: CN¥368.5m (up 438% from FY 2021). Profit margin: 22% (up from 9.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Semiconductor industry in China. Major Estimate Revision • Feb 22
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from CN¥2.52 to CN¥2.80. Revenue forecast unchanged at CN¥1.62b. Net income forecast to grow 67% next year vs 45% growth forecast for Semiconductor industry in China. Consensus price target of CN¥302 unchanged from last update. Share price was steady at CN¥279 over the past week. Major Estimate Revision • Feb 04
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has improved. 2022 revenue forecast increased from CN¥1.52b to CN¥1.60b. EPS estimate increased from CN¥2.19 to CN¥2.52 per share. Net income forecast to grow 64% next year vs 43% growth forecast for Semiconductor industry in China. Consensus price target of CN¥283 unchanged from last update. Share price fell 5.0% to CN¥246 over the past week. Major Estimate Revision • Nov 07
Consensus revenue estimates increase by 25% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from CN¥1.22b to CN¥1.53b. EPS estimate increased from CN¥1.41 to CN¥1.79 per share. Net income forecast to grow 21% next year vs 56% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥171 to CN¥222. Share price fell 4.3% to CN¥261 over the past week. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: CN¥1.01 (vs CN¥0.11 in 3Q 2021) Third quarter 2022 results: EPS: CN¥1.01 (up from CN¥0.11 in 3Q 2021). Revenue: CN¥468.3m (up 22% from 3Q 2021). Net income: CN¥129.4m (up CN¥118.8m from 3Q 2021). Profit margin: 28% (up from 2.7% in 3Q 2021). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Buying Opportunity • Jul 04
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CN¥194, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 37% per annum. Earnings is also forecast to grow by 52% per annum over the same time period.