Skyverse Technology (688361) Haitong Securities·2024-09-18 23:38Investment Rating - The investment rating for the company is "Outperform the Market" [1][16]. Core Insights - The company focuses on high-end semiconductor quality control, providing comprehensive yield management solutions through its nine series of equipment and three series of software products [3][6]. - The company has a strong order backlog, with significant growth in domestic semiconductor equipment demand driven by capacity expansion and increasing localization rates [3][15]. - The company achieved revenue of 464 million yuan in the first half of 2024, representing a year-on-year growth of 26.91%, although it reported a net loss of 68.01 million yuan due to R&D and share-based payment expenses [3][5]. Summary by Sections Company Overview - The company is a leading domestic provider of high-end semiconductor quality control equipment, focusing on the R&D, production, and sales of detection and measurement equipment [6]. - It has established a broad customer base across various semiconductor sectors, including logic, memory, and advanced packaging [6][15]. Market Potential - The domestic semiconductor equipment market is expected to grow significantly, with a projected 12% increase in wafer capacity in mainland China in 2023 [3][10]. - The global semiconductor equipment market remains dominated by a few international players, highlighting the importance of domestic alternatives due to supply chain tensions [3][15]. Financial Performance - The company forecasts revenues of 1.303 billion yuan, 1.867 billion yuan, and 2.751 billion yuan for 2024E, 2025E, and 2026E respectively, with corresponding net profits of 109 million yuan, 276 million yuan, and 467 million yuan [4][12]. - The revenue from detection equipment is expected to grow significantly, with projections of 914 million yuan, 1.294 billion yuan, and 1.910 billion yuan for 2024E, 2025E, and 2026E respectively [13][12]. Product Development - The company has made substantial progress in developing its detection and measurement equipment, with several products already in mass production and others in the validation phase with key clients [8][10]. - The detection equipment segment has seen a revenue increase of 70.15% year-on-year, while the measurement equipment segment grew by 88.56% [10][12]. Valuation - The company is valued using a PS (Price-to-Sales) method, with a target market value range of 19.539 billion to 20.842 billion yuan, translating to a reasonable share price range of 61.06 to 65.13 yuan [4][16].