Skyverse Technology (SH:688361) Changjiang Securities·2025-09-16 15:34Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 702 million yuan for H1 2025, representing a year-on-year increase of 51.39%. The net profit attributable to the parent company was -18 million yuan, an increase of 73.01% year-on-year. The gross margin was 54.31%, up by 8.1 percentage points [2][4]. - In Q2 2025, the company achieved a revenue of 408 million yuan, a year-on-year increase of 78.73%, with a net profit of -3 million yuan, reflecting a 96.68% year-on-year increase. The gross margin for this quarter was 51.59%, an increase of 13.7 percentage points [2][4]. - The company's revenue from testing equipment and measurement equipment reached 426 million yuan and 256 million yuan respectively in H1 2025, with year-on-year increases of 38.9% and 70.5%. The gross margins for these segments were 62.2% and 41.3%, increasing by 11.6 percentage points and 4.7 percentage points respectively [9]. - R&D investment for H1 2025 was 285 million yuan, a year-on-year increase of 37.79%, with a total of 577 R&D personnel, of which 56% held master's degrees or higher [9]. - The company has a robust order backlog and is seeing growth in advanced process products, particularly in the HBM and emerging advanced packaging sectors [9]. Summary by Sections Financial Performance - H1 2025 revenue: 702 million yuan, up 51.39% YoY - H1 2025 net profit: -18 million yuan, up 73.01% YoY - H1 2025 gross margin: 54.31%, up 8.1 percentage points [2][4]. Product and Market Development - Major products include various wafer defect detection and measurement devices, with significant new deliveries in the first half of 2025 [9]. - The company is benefiting from domestic substitution and increased demand for advanced process measurement equipment due to U.S. export controls [9]. Future Outlook - Expected net profits for 2025-2027 are projected at 155 million yuan, 390 million yuan, and 662 million yuan respectively, with corresponding PE ratios of 187x, 74x, and 44x [9].