Skyverse Technology (688361) 华创证券·2024-11-04 09:42Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 91.0 CNY, compared to the current price of 67.72 CNY [1]. Core Insights - The company achieved a record high revenue of 3.49 billion CNY in Q3 2024, reflecting a year-on-year increase of 56.79% and a quarter-on-quarter increase of 52.70%. The gross margin improved to 49.64%, up 2.06 percentage points year-on-year and 11.77 percentage points quarter-on-quarter [1]. - The company is experiencing high growth in revenue and orders, supported by an optimized product structure and increased domestic demand for semiconductor detection equipment. The backlog of contracts increased to 6.98 billion CNY, providing a solid foundation for future growth [1]. - The semiconductor equipment market is expected to continue its high growth trajectory due to industry recovery and innovations in end-user applications such as AI and electric vehicles. Domestic manufacturers are likely to gain market share due to advantages in customization and supply stability [1]. - The company has maintained high levels of R&D investment, successfully developing nine series of equipment and three series of software products, with significant application in leading domestic clients [1]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 812 million CNY, a year-on-year increase of 38.21%. The gross margin was 47.69%, down 2.17 percentage points year-on-year. The net profit attributable to the parent company was -52 million CNY [2]. - The projected revenues for 2024-2026 have been revised upwards to 1.32 billion CNY, 1.96 billion CNY, and 2.61 billion CNY, respectively. The net profit forecast for 2024 has been adjusted to 39 million CNY, with projections of 283 million CNY and 492 million CNY for 2025 and 2026, respectively [2][5].