Skyverse Technology (SH:688361) Soochow Securities·2024-08-31 16:09Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company's performance in Q2 is under pressure, with a continued push for domestic substitution of semiconductor measurement equipment. In H1 2024, the company achieved revenue of 464 million yuan, a year-on-year increase of 26.91%, with testing equipment revenue at 307 million yuan (66% of total) and measurement equipment revenue at 150 million yuan (32% of total). The net profit attributable to the parent company was -68 million yuan, indicating a shift from profit to loss [2][7][9] - The gross margin has declined mainly due to changes in accounting standards, while the R&D expense ratio has significantly increased. The gross margin for H1 2024 was 46.23%, down 5.02 percentage points year-on-year. The R&D expenses reached 207 million yuan, a year-on-year increase of 114% [9][10] - Inventory and contract liabilities have increased year-on-year, indicating sufficient orders on hand. As of the end of Q2 2024, inventory stood at 1.37 billion yuan, up 37% year-on-year, and contract liabilities were 628 million yuan, up 12% year-on-year [10][12] - The company is expanding its product line and making progress in R&D for more advanced processes. Key developments include various measurement and detection equipment for semiconductor manufacturing, with successful R&D progress reported for devices supporting 2Xnm and above process nodes [12][13] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 464 million yuan, a 26.91% increase year-on-year. The net profit attributable to the parent company was -68 million yuan, with a significant loss in Q2 attributed to increased R&D and share-based payment expenses [2][7][9] Profitability Metrics - The gross margin for H1 2024 was 46.23%, down 5.02 percentage points year-on-year. The R&D expense ratio increased significantly, reflecting the company's focus on product development and technological upgrades [9][10] Order and Inventory Status - As of Q2 2024, the company had inventory of 1.37 billion yuan, a 37% increase year-on-year, and contract liabilities of 628 million yuan, indicating a healthy order backlog [10][12] Product Development and Market Position - The company is enhancing its product offerings and has made significant progress in R&D for advanced semiconductor measurement equipment, with successful developments for various process nodes [12][13] Earnings Forecast and Valuation - The report maintains profit forecasts for 2024-2026 at 210 million, 300 million, and 430 million yuan respectively, with corresponding dynamic P/E ratios of 84, 57, and 41 times [13]