Skyverse Technology (SH:688361) Great Wall Securities·2024-05-23 07:02Investment Rating - The report maintains a rating of "Accumulate" for the company [2] 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 attributable to shareholders was 140 million yuan, up 1072.38% year-on-year [2][3] - The company is well-positioned to capture long-term opportunities in the HBM inspection and measurement equipment market, driven by innovations in integrated circuit manufacturing and increasing demand for advanced packaging technologies [7][3] - The company has a robust order backlog, which supports expectations for steady growth in 2024 and beyond [7] Financial Summary - Revenue: - 2022: 509 million yuan - 2023: 891 million yuan (yoy +74.9%) - 2024E: 1,333 million yuan (yoy +49.7%) [2][8] - Net Profit: - 2022: 12 million yuan - 2023: 140 million yuan (yoy +1072.4%) - 2024E: 210 million yuan (yoy +50.0%) [2][8] - Gross Margin: - 2023: 52.62% (yoy +3.95 percentage points) [3] - Operating Expenses: - Sales/Management/R&D/Financial expense ratios for 2023 were 11.38%/9.94%/25.62%/-0.91% [3] Market Position and Product Offering - The company offers a comprehensive range of nine series of equipment and three series of software products, providing a full suite of yield management solutions for various semiconductor manufacturing needs [3][7] - The company has successfully launched six series of equipment that are now in mass production and has established a growing market share among leading domestic clients [3][7] - The strategic combination of hardware and software solutions enhances customer product yield and performance, positioning the company favorably in the semiconductor industry [3][7] Profitability Forecast - The report projects net profits for 2024-2026 to be 210 million yuan, 310 million yuan, and 430 million yuan respectively, with corresponding EPS of 0.66 yuan, 0.97 yuan, and 1.34 yuan [7][8]