Skyverse Technology (SH:688361) Guoxin Securities·2024-09-21 08:39Investment Rating - The report assigns an "Outperform" rating to the company [3]. Core Insights - The company, Zhongke Feice, is a leading domestic provider of high-end semiconductor quality control equipment, with a product matrix that is gradually improving. The revenue for the first half of 2024 increased by 26.91% year-on-year, driven by a focus on product upgrades and category expansion [1][4]. - The company has a stable increase in contract liabilities, amounting to 628 million yuan as of the second quarter of 2024, indicating a solid order backlog [1][17]. - The semiconductor detection and measurement equipment market in mainland China reached a scale of 4.36 billion USD in 2023, with a compound annual growth rate of 26.61% from 2019 to 2023 [1][17]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 460 million yuan, reflecting a year-on-year growth of 26.91%. The second quarter revenue was 228 million yuan, with a year-on-year increase of 12.07% [1][12]. - The net profit attributable to the parent company for 2024-2026 is projected to be 106 million, 280 million, and 432 million yuan, respectively, with corresponding price-to-earnings ratios of 148, 56, and 36 times [1][22]. Product Development - The company's R&D investment in 1H24 was 207 million yuan, a significant increase of 114.22% year-on-year, focusing on product upgrades and new product development [1][10]. - The product matrix includes various detection and measurement devices, with significant market shares in several categories, such as 19.5% for bright field nano-pattern wafer defect detection equipment and 10.3% for non-pattern wafer defect detection equipment [1][8]. Market Position - The company has established a comprehensive customer base, covering major players in the semiconductor industry, including logic, memory, and power semiconductor manufacturers [1][7]. - The report highlights the company's leading advantage in technology and customer expansion, particularly in the context of domestic semiconductor equipment localization [1][4]. Future Outlook - The company expects to see continued growth in revenue, with projections of 1.36 billion, 1.89 billion, and 2.54 billion yuan for 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [22][24]. - The anticipated gross margin for the detection equipment is expected to stabilize at around 52.62% to 54.22% over the next three years, reflecting improvements in product mix and technology [20][21].