Skyverse Technology (688361) Soochow Securities·2024-10-31 20:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - Q3 revenue shows significant growth, with a quarter-on-quarter recovery in profits. The company achieved a revenue of 812 million yuan in the first three quarters of 2024, representing a year-on-year increase of 38.21%. The net profit attributable to the parent company was -52 million yuan, with a non-recurring net profit of -125 million yuan, indicating a shift from profit to loss year-on-year. In Q3 alone, revenue reached 349 million yuan, up 56.79% year-on-year and 52.70% quarter-on-quarter. The net profit attributable to the parent company was 16 million yuan, down 51.39% year-on-year, while the non-recurring net profit was -10 million yuan, indicating a loss year-on-year [2][3]. Financial Performance - Q3 gross margin improved both year-on-year and quarter-on-quarter, with a gross margin of 49.64% in Q3, up 2.06 percentage points year-on-year and 11.78 percentage points quarter-on-quarter. The net profit margin for Q3 was 4.63%, down 10.30 percentage points year-on-year but up 49.42 percentage points quarter-on-quarter. The decline in net profit margin year-on-year is primarily due to high R&D expenditures for new product iterations and upgrades [3]. - Inventory and contract liabilities continue to grow year-on-year, indicating a robust order backlog. As of the end of Q3 2024, inventory stood at 1.555 billion yuan, up 46% year-on-year, and contract liabilities were 698 million yuan, up 33% year-on-year [3]. Product Development - The company is expanding its product lines and making progress in advanced process R&D. Key developments include: 1. Non-graphical wafer inspection equipment covering 2Xnm and above process nodes, with 1Xnm equipment under development. 2. Graphical defect detection equipment widely used in logic, storage, and advanced packaging fields, with significant market share among leading domestic clients. 3. 3D morphology measurement equipment supporting 2Xnm and above processes, with steady order growth. 4. Thin film thickness measurement equipment covering major integrated circuit clients, with continuous order growth and increasing market share. 5. Critical dimension measurement equipment with successful batch sales for 90nm and above process nodes, and 2Xnm equipment validated by leading domestic clients [4]. Earnings Forecast and Valuation - The report projects the company's net profit attributable to the parent company for 2024-2026 to be 440 million yuan, 2.64 billion yuan, and 4.19 billion yuan respectively. The current market capitalization corresponds to dynamic P/E ratios of 498, 83, and 52 times for the respective years. Given the company's high growth potential in the semiconductor measurement equipment sector, the "Accumulate" rating is maintained [5].