Skyverse Technology (SH:688361) Great Wall Securities·2024-05-23 05:01Investment Rating - The report maintains a rating of "Accumulate" for the company [1]. Core Views - The company has demonstrated sustained high growth in overall performance, with significant increases in revenue and net profit. The revenue for 2023 reached 891 million yuan, a year-on-year increase of 74.95%, while the net profit surged to 140 million yuan, reflecting a year-on-year growth of 1072.38% [1][2]. - The company is well-positioned to capitalize on the HBM (High Bandwidth Memory) testing and measurement equipment market, which is expected to open long-term growth opportunities due to innovations in integrated circuit manufacturing processes [6][2]. - The company has a robust order backlog, indicating a strong foundation for continued revenue growth in 2024 and beyond [6]. Financial Performance Summary - Revenue Growth: The company reported a revenue of 891 million yuan in 2023, with a growth rate of 74.9% year-on-year. Projections for 2024 estimate revenue to reach 1.333 billion yuan, representing a growth rate of 49.7% [1][9]. - Net Profit: The net profit for 2023 was 140 million yuan, with a projected increase to 210 million yuan in 2024, reflecting a growth rate of 50% [1][9]. - Profitability Ratios: The gross margin for 2023 was 52.62%, an increase of 3.95 percentage points year-on-year, while the net profit margin reached 15.75%, up by 13.44 percentage points [2][9]. - Earnings Per Share (EPS): The EPS for 2023 was 0.44 yuan, with projections of 0.66 yuan for 2024, indicating a strong upward trend [1][9]. Market Position and Strategy - The company offers a comprehensive range of nine series of equipment and three series of software products, providing customers with effective yield management solutions. This strategic combination enhances the company's market competitiveness and customer resource advantages [2][6]. - The company has successfully developed and delivered products that meet the needs of major domestic clients, with a focus on high-margin products and a growing market share in the semiconductor testing and measurement sector [2][6]. Future Outlook - The company is expected to maintain steady growth in 2024, supported by a rich order book and an expanding product portfolio that meets the evolving demands of the semiconductor industry [6][2]. - The report projects net profits for 2024, 2025, and 2026 to be 210 million yuan, 310 million yuan, and 430 million yuan, respectively, indicating a strong growth trajectory [6][1].