Skyverse Technology (SH:688361) Guotai Junan Securities·2024-03-16 16:00Investment Rating - The investment rating for the company is "Buy" with a target price of 114.30 CNY, unchanged from the previous rating [1][3]. Core Views - The implementation of equity incentives is expected to enhance organizational vitality and drive future growth. The company has set ambitious revenue growth targets, with a compound annual growth rate (CAGR) of 36.87% from 2023 to 2027 [1][3]. - The company is a leading domestic provider of high-end semiconductor quality control equipment, focusing on independent research and innovation in optical detection technology, big data detection algorithms, and automated control software [3][6]. Summary by Sections Investment Highlights - The company plans to grant 800,000 restricted shares to 113 employees, accounting for 2.5% of the total share capital. This equity incentive is expected to align the interests of core personnel and accelerate the development of key products [1][3]. - The company has established a comprehensive product layout, with eight main products in the optical detection equipment sector, addressing a market space of 62.6% [1][3]. - The revenue targets for 2024-2027 are set at 1.146 billion, 1.716 billion, 2.409 billion, and 3.127 billion CNY, respectively, with year-on-year growth rates of 28.61%, 49.78%, 40.36%, and 29.81% [1][3]. Financial Summary - The company's revenue for 2022 was 509 million CNY, with a projected revenue of 891 million CNY for 2023, reflecting a growth rate of 75% [6]. - The net profit attributable to shareholders for 2023 is expected to be 142 million CNY, a significant increase from 12 million CNY in 2022 [6]. - The company's operating profit margin is projected to improve from 2.3% in 2022 to 17.5% in 2023, indicating a recovery in profitability [6]. Market Position - The company is positioned as a domestic leader in semiconductor quality control equipment, benefiting from the trend of domestic substitution in the semiconductor industry [1][3]. - The company’s main products include defect detection equipment for integrated circuits, which are critical for quality control in semiconductor manufacturing [3][6].