Skyverse Technology (SH:688361) Xin Lang Cai Jing·2025-06-02 10:28Core Insights - Shenzhen Zhongke Feimeasure, established in 2014 and listed on the Sci-Tech Innovation Board in 2023, specializes in the research, production, and sales of semiconductor detection and measurement equipment, benefiting from the domestic semiconductor equipment industry's localization and its own competitive advantages [1][2]. Group 1: Company Overview - The company has a strong foundation in optical detection technology, big data detection algorithms, and automation control software, focusing on two main categories: detection and measurement of integrated circuit devices [1]. - Its product offerings include various series of defect detection and measurement equipment, widely used in major domestic integrated circuit manufacturing lines [1][3]. Group 2: Market Dynamics - The semiconductor detection equipment market in China is rapidly growing, with a compound annual growth rate (CAGR) of 26.6% from 2020 to 2023, indicating significant potential for domestic substitution [2]. - In 2023, semiconductor detection equipment accounted for 67.9% of the total measurement equipment market, while measurement equipment represented 30.8% [2]. Group 3: Financial Performance - The company's total revenue increased from 240 million yuan in 2020 to 1.38 billion yuan in 2024, achieving a CAGR of 55.3% over four years [1]. - However, due to increased R&D expenses, the company's net profit attributable to shareholders is projected to be -120 million yuan in 2024, a decrease of 160 million yuan year-on-year [1]. Group 4: R&D and Technological Advancements - The company has significantly increased its R&D investment, with expenses rising from 50 million yuan in 2020 to 500 million yuan in 2024, reflecting a CAGR of 81.4% [3]. - It has developed several core technologies, including deep ultraviolet imaging technology and high-precision multi-mode interference measurement technology, providing comprehensive yield management solutions for the semiconductor industry [3]. Group 5: Future Projections - Revenue projections for the company are 2.13 billion yuan, 3.10 billion yuan, and 4.27 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 210 million yuan, 360 million yuan, and 580 million yuan [4].