Skyverse Technology (688361) 国海证券·2025-04-27 11:04Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 290 million yuan in Q1 2025, representing a year-on-year increase of 24.9%, while the net profit attributable to the parent company was -15 million yuan, a decline of 144% year-on-year [5][7] - The gross margin for Q1 2025 was 58.1%, showing significant improvements both year-on-year and quarter-on-quarter [7] - High R&D investment is driving product upgrades, with a successful verification of new products [7] - The company focuses on high-end semiconductor quality control, with continuous upgrades and a growing order scale [7] - Revenue forecasts for 2025-2027 are 2.1 billion yuan, 3 billion yuan, and 4.4 billion yuan, with corresponding net profits of 243 million yuan, 465 million yuan, and 671 million yuan, indicating substantial growth [7][10] Summary by Sections Recent Performance - The company reported a revenue of 290 million yuan in Q1 2025, with a year-on-year growth of 24.9% and a quarter-on-quarter decline of 48.2% [5][7] - The net profit attributable to the parent company was -15 million yuan, with a significant year-on-year decline of 144% [5][7] - The gross margin improved to 58.1%, with increases of 3.7 percentage points year-on-year and 7.5 percentage points quarter-on-quarter [7] Investment Highlights - The company has high R&D expenditures, which are essential for product upgrades and have led to increased share-based payment expenses [7] - The sales, management, R&D, and financial expense ratios for Q1 2025 were 9.9%, 15.1%, 40.9%, and 1.6%, respectively, reflecting significant year-on-year increases [7] - The company maintains a diverse product portfolio with nine series of equipment and three series of software, with a growing order scale and successful new product verifications [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 2.1 billion yuan, 3 billion yuan, and 4.4 billion yuan, with year-on-year growth rates of 49%, 48%, and 43% respectively [7][10] - The net profit forecasts for the same period are 243 million yuan, 465 million yuan, and 671 million yuan, with growth rates of 2209%, 91%, and 44% respectively [7][10] - The current market valuation shows a PE ratio of 108 times for 2025, decreasing to 39 times by 2027 [7][10]