Skyverse Technology (688361) 华金证券·2024-02-05 16:00Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for future performance [1]. Core Insights - The company is expected to achieve significant revenue growth in 2023, with projected revenues between 850 million to 900 million yuan, representing a year-on-year increase of 66.92% to 76.74%. The net profit attributable to shareholders is forecasted to be between 115 million to 165 million yuan, reflecting a substantial year-on-year growth of 860.66% to 1278.34% [1][3]. - The company has a well-rounded product matrix and is making progress in developing equipment for the 1Xnm process node, which is expected to drive future growth [1][3]. - The semiconductor testing and measurement equipment market is experiencing rapid growth, with increasing domestic demand for localized equipment [3][4]. Summary by Sections Financial Performance - The company anticipates a revenue of 8.78 billion yuan in 2023, with growth rates of 72.3%, 44.3%, and 34.3% projected for 2023, 2024, and 2025 respectively. The net profit is expected to reach 1.40 billion yuan in 2023, with an astonishing growth rate of 1090.4% [4][5]. - The gross margin is projected to improve from 50.05% in 2023 to 52.61% by 2025, indicating enhanced profitability [5][6]. Product Development - The company focuses on two main categories of integrated circuit equipment: testing and measurement. It has developed a range of products that are already in use in domestic 28nm and above process lines [1][3]. - The company is advancing its research and development for 1Xnm process node equipment, which is crucial for maintaining competitiveness in the semiconductor industry [1][3]. Market Context - The global market for testing and measurement equipment was approximately 12.32 billion USD in 2022, with a year-on-year growth of 45.80%. The Chinese market accounted for about 3.11 billion USD, representing 25.24% of the global market [3][4]. - There is significant potential for domestic companies to increase their market share in semiconductor testing and measurement equipment, as the current localization rate is low [3][4]. Valuation Metrics - The report provides a comparison of the company's valuation metrics with peers, indicating a P/E ratio of 123.36 for 2023, which is higher than the average of comparable companies [8][9]. - The projected earnings per share (EPS) for 2023 is 0.44 yuan, with expectations of growth to 0.92 yuan by 2025 [8][9].