Skyverse Technology (SH:688361) Guotai Junan Securities·2024-08-31 15:09Investment Rating - The investment rating for the company is "Buy" [3] - The target price is set at 81.31 CNY, down from the previous forecast of 84.20 CNY [3] Core Insights - The company's Q2 performance was below expectations due to delivery and product structure issues, with H1 revenue at 464 million CNY, a year-on-year increase of 26.91% [9] - The company is increasing its R&D investment significantly, with R&D expenses rising by 114.22% to 207 million CNY in H1 2024, as it aims to expand its product line and capture market opportunities [9] - The company is making steady progress in its product layout, with key products in mass production and ongoing development in advanced packaging fields [9] Financial Summary - Revenue for 2024 is projected to be 1.301 billion CNY, a 46.0% increase from 2023, with net profit expected to be 150 million CNY, reflecting a 7.1% increase [9] - The company's net profit margin for H1 2024 was -14.66%, a decrease of 27.23 percentage points year-on-year, primarily due to increased operational costs [9] - The company’s total market capitalization is 17.376 billion CNY, with a current share price of 54.30 CNY [4] Product Development - The company is advancing in the development of key products, including defect detection for non-patterned wafers and thickness measurement for metals and dielectrics [9] - The company is also working on electron beam critical dimension measurement equipment to complete its product line in the electron beam sector, which represents 8.1% of the value of measurement equipment [9] Market Position - The company has a market share that is steadily increasing in its mass-produced models, with ongoing advancements in more sophisticated processes [9] - The company’s stock has shown a 10% increase over the past month and a 2% increase over the past three months, outperforming the index [7]