Skyverse Technology (SH:688361) Guohai Securities·2024-09-05 15:00Investment Rating - The report assigns a "Buy" rating for Zhongke Feice (688361) as it initiates coverage [1][5][7] Core Views - The company's performance in H1 2024 is under pressure due to significant increases in R&D investment and share-based payment expenses, resulting in a net loss of 0.68 billion yuan [2][3] - Despite the short-term challenges, the company is focusing on high-end semiconductor quality control and expanding its product offerings, which positions it as a leader in the domestic market [3][4] Financial Performance Summary - In H1 2024, Zhongke Feice achieved operating revenue of 464 million yuan, a year-on-year increase of 26.91%, but reported a net loss of 68 million yuan [2][3] - The company's revenue breakdown for H1 2024 includes 307 million yuan from testing equipment, 150 million yuan from measurement equipment, and 7 million yuan from services and other businesses [3] - The gross margin for H1 2024 was 46.23%, down 5.02 percentage points year-on-year, while the net margin was -14.66%, a decline of 27.23 percentage points [3] Future Earnings Forecast - The report forecasts revenues of 1.336 billion yuan, 1.869 billion yuan, and 2.432 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 184 million yuan, 315 million yuan, and 476 million yuan [4][6] - The expected growth rates for revenue are 50% in 2024, 40% in 2025, and 30% in 2026, while net profit growth rates are projected at 31%, 72%, and 51% for the same years [6][7] Market Position and Product Development - Zhongke Feice is recognized as a leading enterprise in the high-end semiconductor quality control equipment sector, with a comprehensive range of products that cater to various integrated circuit customer needs [3][4] - The company has developed nine series of equipment and three series of software products, with six series already in mass production at major domestic clients [3]