Skyverse Technology (SH:688361) Changjiang Securities·2025-11-16 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 500 million yuan in Q3 2025, representing a year-on-year increase of 43.30%. However, the net profit attributable to the parent company was 4 million yuan, a decrease of 77.33% year-on-year. The non-recurring net profit was -30 million yuan, down 188.66% year-on-year, with a gross margin of 48.69%, a decrease of 0.95 percentage points year-on-year [2][4]. - For the first three quarters of 2025, the company achieved a total revenue of 1.202 billion yuan, an increase of 47.92% year-on-year. The net profit attributable to the parent company was -15 million yuan, an increase of 71.67% year-on-year, while the non-recurring net profit was -140 million yuan, a decrease of 11.61% year-on-year. The gross margin was 51.97%, an increase of 4.28 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 500 million yuan, with a year-on-year growth of 43.30%. The net profit attributable to the parent company was 4 million yuan, down 77.33% year-on-year. The non-recurring net profit was -30 million yuan, a decrease of 188.66% year-on-year, and the gross margin was 48.69%, down 0.95 percentage points year-on-year [2][4]. - For the first three quarters of 2025, the company reported a revenue of 1.202 billion yuan, a year-on-year increase of 47.92%. The net profit attributable to the parent company was -15 million yuan, an increase of 71.67% year-on-year, while the non-recurring net profit was -140 million yuan, down 11.61% year-on-year. The gross margin was 51.97%, up 4.28 percentage points year-on-year [2][4]. Product Development and Market Position - The company is experiencing rapid growth in the shipment and order quantity of its mature and new products, particularly in the field of semiconductor equipment. The company has successfully validated its products with major domestic clients, leading to positive feedback and anticipated revenue growth [11]. - The successful completion of a private placement in October 2025 raised approximately 2.5 billion yuan, which will be used for high-end semiconductor quality control equipment R&D and production projects, as well as upgrading the headquarters and R&D center [11]. - The company's growth is driven by the ongoing domestic substitution and increasing demand for advanced process measurement equipment, particularly in light of strict U.S. export controls on semiconductor technology [11]. Future Outlook - The company expects to see continued improvement in profitability, with projected net profits attributable to the parent company of 129 million yuan, 418 million yuan, and 646 million yuan for 2025, 2026, and 2027, respectively. Corresponding price-to-earnings ratios are expected to be 341x, 105x, and 68x [11].