Skyverse Technology (SH:688361) Huachuang Securities·2024-02-26 16:00Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 91.7 CNY, compared to the current price of 62.85 CNY [2][3]. Core Insights - The company achieved significant revenue growth of 74.95% year-on-year, reaching 891 million CNY in 2023, while net profit surged by 1090.26% to 142 million CNY [2][3]. - The strong performance is attributed to the rapid development of the domestic semiconductor measurement equipment market and the ongoing trend of domestic substitution, allowing the company to expand its product range and customer base [3]. - The company's net profit margin reached 15.99%, an increase of 13.69 percentage points year-on-year, indicating improved profitability alongside high R&D investment [3]. - Future growth is expected as downstream wafer manufacturers enter a new expansion cycle and the company launches new products [3]. Financial Summary - Total revenue for 2023 is projected at 891 million CNY, with a year-on-year growth rate of 75.0% for 2024 and 48.2% for 2025 [4]. - The net profit for 2023 is estimated at 142 million CNY, with an impressive growth rate of 1,113.0% year-on-year, and is expected to reach 213 million CNY in 2024 [4]. - Earnings per share (EPS) is forecasted to be 0.45 CNY in 2023, increasing to 0.67 CNY in 2024 and 0.99 CNY in 2025 [4]. - The company's market valuation metrics indicate a price-to-earnings (P/E) ratio of 141 for 2024 and a price-to-book (P/B) ratio of 8.3 [4].