Skyverse Technology (SH:688361) Guotou Securities·2024-04-25 10:30Investment Rating - The investment rating for the company is "Buy-A" with a target price of 65.16 CNY [5][7]. Core Insights - The company reported a significant increase in revenue for 2023, achieving 891 million CNY, a year-on-year increase of 74.95%, and a net profit attributable to the parent company of 140 million CNY, up 1072.38% [2][3]. - The growth in revenue is attributed to the urgent domestic demand for semiconductor testing and measurement equipment, leading to a rapid increase in market share [3][4]. - The company continues to show strong profitability, with a gross margin of 52.62% and a net margin of 15.75% for 2023, both of which have improved compared to the previous year [3]. Financial Performance Summary - For Q4 2023, the company achieved a revenue of 303 million CNY, a year-on-year increase of 20.55% and a quarter-on-quarter increase of 36.32% [2]. - The first quarter of 2024 saw a revenue of 235 million CNY, a year-on-year increase of 45.6%, although it decreased by 22.29% compared to the previous quarter [2]. - The company’s revenue projections for 2024 to 2026 are 1.16 billion CNY, 1.62 billion CNY, and 2.11 billion CNY, respectively, with net profits expected to reach 188 million CNY, 377 million CNY, and 560 million CNY [7][9]. Market Position and Product Development - The company is a leader in domestic semiconductor measurement equipment, with strong competitiveness in various product lines, including defect detection and thickness measurement equipment [4]. - The company has successfully developed and tested prototypes for both bright field and dark field measurement equipment, which are now being validated by major domestic clients [4].