Skyverse Technology (688361) Soochow Securities·2024-11-01 00:30Investment Rating - The report maintains a rating of "Accumulate" 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%. In Q3 alone, revenue reached 349 million yuan, up 56.79% year-on-year and 52.70% quarter-on-quarter. However, the net profit attributable to the parent company was -52 million yuan, indicating a shift from profit to loss year-on-year [2] - The gross margin improved both year-on-year and quarter-on-quarter, with Q3 gross margin at 49.64%, up 2.06 percentage points year-on-year and 11.78 percentage points quarter-on-quarter. R&D expenses remained high, reaching 128 million yuan in Q3, a year-on-year increase of 167% [3] - Inventory and contract liabilities continued 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, while contract liabilities were 698 million yuan, up 33% year-on-year [3] - The company is expanding its product lines and making progress in advanced process R&D, with various equipment types covering 2Xnm and above process nodes. The company has a strong market share in the domestic advanced packaging sector and is seeing steady growth in orders for its measurement equipment [4] Financial Forecasts and Valuation - The company is expected to significantly increase its R&D investment in 2024, with projected net profits attributable to the parent company of 440 million yuan in 2024, 2.64 billion yuan in 2025, and 4.19 billion yuan in 2026. The current market capitalization corresponds to dynamic P/E ratios of 498, 83, and 52 times for the respective years [5]