Skyverse Technology (SH:688361) Soochow Securities·2025-08-19 13:02Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company has shown continuous high revenue growth, with a projected revenue increase from 890.90 million in 2023 to 2,137.85 million in 2025, reflecting a year-on-year growth of 74.95% in 2023 and 54.87% in 2025 [1] - The company's net profit is expected to recover significantly, with a forecasted net profit of 217.34 million in 2025, compared to a loss of 11.53 million in 2024 [1] - The report highlights the successful progress in the research and development of advanced process measurement equipment, with significant customer validation and delivery milestones achieved [7] Financial Summary - Total revenue is projected to reach 1,380 million in 2024, 2,138 million in 2025, and continue to grow to 4,475 million by 2027, with corresponding year-on-year growth rates of 54.94%, 54.87%, and 39.77% respectively [8] - The company's gross margin is expected to improve, with a forecasted gross margin of 49.37% in 2025 [8] - Research and development expenses are anticipated to remain high, reaching 705 million in 2025, which is a 37.8% increase from the previous year [7] Product Development and Market Position - The company has successfully validated and delivered over 300 units of non-graphic wafer inspection equipment, covering advanced process nodes of 2Xnm and above [7] - The report notes that the company has delivered over 400 units of graphic defect detection equipment, with applications in logic, storage, and advanced packaging fields [7] - The company is expanding its product lines, including 3D morphology measurement equipment and film thickness measurement equipment, which have shown steady order growth and increasing market share [7]