Skyverse Technology (688361) 方正证券·2024-06-02 01:31Investment Rating - The report gives a "Strong Buy" rating for the company, marking the first coverage [1][2] Core Views - The company is a leading domestic semiconductor process control equipment manufacturer, breaking the monopoly of international players in the quality control equipment market [1] - The company has achieved significant breakthroughs in new products, with its equipment performance comparable to international competitors [1] - The company's revenue and net profit have shown strong growth, with 2023 revenue reaching 8 9 billion yuan, a 75% YoY increase, and net profit reaching 1 4 billion yuan, a 1072% YoY increase [1] - The company has a robust R&D pipeline, with multiple new products making progress and expanding its product line [1] Financial Performance - In 2023, the company achieved revenue of 8 91 billion yuan, a 74 95% YoY increase, and net profit of 1 4 billion yuan, a 1072 38% YoY increase [31] - For Q1 2024, the company achieved revenue of 2 36 billion yuan, a 45 6% YoY increase, and net profit of 0 34 billion yuan, a 9 16% YoY increase [31] - The company's revenue from inspection equipment in 2023 was 6 54 billion yuan, a 69 87% YoY increase, while revenue from metrology equipment was 2 22 billion yuan, an 88 14% YoY increase [32] - The company's gross margin for inspection equipment in 2023 was 57 17%, and for metrology equipment, it was 38 79% [33] Industry Overview - The global process control equipment market was valued at approximately 12 7 billion USD in 2023, with metrology demand around 1 8 billion USD and inspection demand around 7 billion USD [1] - The process control market accounts for about 12 3% of the total semiconductor equipment market, with continuous demand for upgrades as process nodes shrink and 3D stacking advances [1] - The global semiconductor inspection and metrology equipment market was valued at 12 8 3 billion USD in 2023, with a CAGR of 13 2% from 2016 to 2023 [69] Product and Technology - The company has developed nine core technologies, including optical inspection, big data algorithms, and automation control software, achieving breakthroughs in sensitivity, repeatability, and throughput [1] - As of 2023, the company has delivered nearly 300 inspection equipment units and 200 metrology equipment units, covering over 100 and 50 customer production lines, respectively [1] - The company's products include inspection equipment (e g , defect detection) and metrology equipment (e g , 3D profile measurement, film thickness measurement) [26][27] - The company has 482 patents, including 111 invention patents, 348 utility model patents, and 5 design patents, along with 18 software copyrights [36] Market Position and Competition - The global process control market is dominated by international players like KLA, which holds over 50% market share in China's metrology and inspection market [1] - The company has successfully entered the supply chains of major domestic semiconductor manufacturers, including SMIC, Yangtze Memory, and Silan Microelectronics [23] - The company's inspection and metrology equipment performance is comparable to international competitors, with ongoing R&D efforts to expand its product line [1] Future Outlook - The company is expected to achieve revenue of 13 3 billion yuan in 2024, 19 1 billion yuan in 2025, and 26 1 billion yuan in 2026, with net profit of 2 2 billion yuan, 3 4 billion yuan, and 5 2 billion yuan, respectively [1] - The company's PEG ratio for 2024, 2025, and 2026 is projected to be 1 37X, 0 87X, and 0 63X, respectively, indicating strong growth potential [1]