拓荆科技3Q26：营收不及预期，利润超预期，订单翻倍

On Oct 28th, 2026, Piotech released its 3Q26 earnings that missed on revenue but beat on profitability, a mixed outcome that we expect to trigger a negative share-price reaction given the weak sentiment. However, mgmt explained that this is just quarterly volatility rather than a deterioration in demand. New order growth for 1Q-3Q26 double YoY, maintain Outperform. We updated model slightly but maintain PT at RMB 1,200. 3Q26 rev at RMB2.31bn rising just 1.8% YoY and 28.2% QoQ, missed our model and consensus by 16%/15% respectively, which we believe reflects normal fluctuations in revenue recognition rather than weaker demand, while 3Q25's exceptionally strong performance created a high base effect. Gross margin reached 42.5% versus consensus of 40.4%, a beat of 210 bps;