Skyverse Technology (SH:688361) GF SECURITIES·2024-05-08 07:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 94.88 CNY per share [4]. Core Views - The company has experienced significant growth in customer orders, with a substantial year-on-year increase in sales for Q1 2024. In 2023, the company reported revenue of 891 million CNY, a year-on-year increase of 74.95%. The net profit attributable to the parent company reached 140 million CNY, reflecting a remarkable year-on-year growth of 1072.38% [1][2]. - The company is benefiting from the domestic semiconductor testing and measurement equipment market's rapid development, driven by the urgent demand for equipment localization from downstream customers. The company's strong technical innovation capabilities, excellent product quality, and outstanding after-sales service have enhanced brand recognition and expanded its customer base [1][2]. - The company has made progress in its software and hardware integration strategy, which is expected to increase customer stickiness and allow it to fully benefit from the domestic substitution of measurement and testing equipment [2]. Financial Summary - In Q1 2024, the company achieved revenue of 236 million CNY, a year-on-year increase of 45.6%, although it experienced a quarter-on-quarter decline of 22.29%. The net profit attributable to the parent company for the same period was 34.24 million CNY, a year-on-year increase of 9.16% [1][2]. - The company's gross margin for 2023 was 52.62%, up 3.95 percentage points year-on-year, while the net margin was 15.75%, an increase of 13.45 percentage points year-on-year. For Q1 2024, the gross margin was 54.34%, a slight decrease of 0.92 percentage points year-on-year [1][2]. - The company is projected to achieve net profits of 196 million CNY, 287 million CNY, and 414 million CNY for the years 2024, 2025, and 2026, respectively, indicating a strong growth trajectory [2][3].