Skyverse Technology (SH:688361) Guotai Junan Securities·2024-02-25 16:00Investment Rating - The investment rating for the company is "Buy" with a target price of 114.30 CNY, maintaining the previous rating of "Buy" [1][3]. Core Insights - The company's performance met expectations, with significant improvement in profitability. In 2023, the company achieved a revenue of 8.91 billion CNY, a year-on-year increase of 74.95%, and a net profit attributable to shareholders of 1.42 billion CNY, representing a year-on-year growth of 1209% [1][3]. - The company is expected to experience rapid growth in product volume, driven by domestic substitution and continuous improvement in product layout [1][3]. - The semiconductor equipment sales are projected to reach 124 billion USD by 2025, indicating a potential industry cycle reversal [1][3]. Financial Summary - Revenue for 2023 is forecasted at 8.91 billion CNY, up from 8.82 billion CNY previously estimated. The EPS for 2023 is adjusted to 0.45 CNY from 0.46 CNY, while the EPS for 2025 is projected at 0.68/1.02 CNY [1][3]. - The company reported a significant increase in operating profit, with EBIT rising to 156 million CNY in 2023, a 1209% increase compared to the previous year [1][3]. - The net profit margin is expected to improve, with a projected net profit margin of 17.5% for 2023 [1][3]. Market Position - The company is positioned as a leader in high-end semiconductor quality control equipment, focusing on independent research and innovation [1][3]. - The market for optical measurement equipment is expanding, with the company having developed eight key products that address a market space of 62.6% [1][3]. Valuation Metrics - The company’s P/E ratio is projected to decrease from 348.95 in 2021 to 130.85 in 2023, indicating an improvement in valuation as earnings grow [1][3]. - The net asset return rate is expected to rise from 2.1% in 2022 to 5.9% in 2023, reflecting enhanced profitability [1][3].