Skyverse Technology (688361) Soochow Securities·2025-04-07 05:23Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 1.38 billion yuan, a year-on-year increase of 54.94%. The revenue from testing equipment was 985 million yuan, up 50.5% year-on-year, accounting for 71.3% of total revenue [7] - The company is experiencing a transition in profitability, with a net profit attributable to shareholders of -11.53 million yuan in 2024, primarily due to increased R&D investments and the payment of the 2024 stock incentive plan [7] - The company maintains a high level of R&D investment, with R&D expenses reaching 498 million yuan in 2024, a year-on-year increase of 118.2% [7] - The company has a strong order backlog, with inventory growing by 57.1% year-on-year to 1.747 billion yuan and contract liabilities increasing by 42.9% year-on-year to 629 million yuan [7] - The company is advancing its product lines in semiconductor measurement equipment, with successful validation of advanced process measurement equipment and a growing customer base [7] Financial Summary - Total revenue forecast for 2024 is 1.38 billion yuan, with a projected growth rate of 54.94% [8] - The net profit attributable to shareholders is expected to be -11.53 million yuan in 2024, with a significant recovery projected in subsequent years [8] - The company’s dynamic P/E ratios for 2025, 2026, and 2027 are projected to be 122.76, 73.39, and 52.12 respectively, reflecting the company's growth potential in the semiconductor measurement equipment sector [7][8]