Skyverse Technology (688361) 东方财富·2024-11-27 08:23Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment [2]. Core Insights - The company, Zhongke Feicai (688361), is a leading domestic manufacturer of measurement and testing equipment, benefiting significantly from the ongoing domestic substitution trend in the semiconductor industry [1][5]. - The company has a strong research and development foundation, with significant contributions from the Institute of Microelectronics of the Chinese Academy of Sciences, which enhances its technological capabilities [1][26]. - The market for measurement and testing equipment is expected to grow rapidly, driven by the increasing demand for improved yield rates in semiconductor manufacturing [1][5]. Summary by Sections 1. Company Overview - Zhongke Feicai was established in late 2014 with participation from the Institute of Microelectronics of the Chinese Academy of Sciences, focusing on high-end semiconductor quality control [1][16]. - The company offers a wide range of products, including nine series of testing and measurement equipment, with significant market penetration among major domestic semiconductor manufacturers [1][18][21]. 2. Market Dynamics - The domestic wafer fabrication industry is expanding, with a substantial increase in advanced process capacity expected by 2025, supported by rising domestic equipment orders [1][44]. - The measurement and testing equipment market is projected to reach approximately $13 billion in 2023, with a compound annual growth rate driven by the increasing complexity of semiconductor processes [1][5]. 3. Financial Projections - Revenue forecasts for Zhongke Feicai are estimated at 1.28 billion yuan, 1.97 billion yuan, and 2.96 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 35.47 million yuan, 270.46 million yuan, and 476.84 million yuan [5][6]. - The company is expected to maintain a high growth trajectory, with significant revenue increases anticipated due to the ongoing domestic substitution trend and the expansion of its product offerings [5][39]. 4. Competitive Position - Zhongke Feicai holds a competitive edge in the domestic market, with a 30% market coverage for its mass-produced equipment and a 67% coverage for its verification products [1][5]. - The company is well-positioned to capitalize on the urgent need for domestic alternatives in the measurement and testing equipment sector, particularly in high-difficulty segments [1][5].