SkyWater Tech's Operating Leverage Will Scale Up From CY24, Analyst Says While Boosting Price Target
SkyWater Tech's Operating Leverage Will Scale Up From CY24, Analyst Says While Boosting Price Target
Needham analyst Rajvindra Gill maintained SkyWater Technology Inc (NASDAQ:SKYT) with a Buy and raised the price target from $20 to $25.
李約瑟 分析師拉傑溫德拉·吉爾維持 天水科技有限公司 (納斯達克:SKYT) 與買入並將目標價格從 $20 提高到 25 美元.
SkyWater reported a significant beat and gave a positive outlook for 1Q23 and beyond. CY22 marked a significant year of execution; the gross margin expanded from 1% in 1Q22 to 26% in 4Q22.
天水公司報告了重大的節拍，並對第一季度及以後帶來了積極的前景。CY22 年度為執行一年，毛利率由 22 年第一季的 1% 增加至第四季的 26%。
The step-up came from ATS productivity gains, a more favorable mix, and the business matures.
這一步來自 ATS 的生產力提高, 更有利的組合, 和業務成熟.
The analyst expects more customers to sign on and expand the ATS business while commercial customers should begin converting to Wafer Services towards YE23 and early '24.
該分析師希望有更多的客戶登錄並擴展 ATS 業務，而商業客戶應該開始轉換為 E23 和 24 年早期的晶圓服務。
The step-up in revenue had a positive gross margin impact; analyst's 1H23 estimates moved up about 150bps. However, the analyst thinks better gross margin performance will be front-half loaded.
收入增長對毛利率產生正面影響；分析師的 1H23 估計上升約 150 個基點。然而，分析師認為，較好的毛利表現將在前半部分負載。
The additional spending for '24-related revenue and tool revenue shipments to occur in 2H23 would cause a slight headwind. CY23 revenue is tied to established programs (DoD) with secured funding, and the analyst expects additional fab efficiency gains.
在 2H23 中，與 24 相關的收入和工具收入出貨的額外支出將導致輕微的不利後果。CY23 的收入與既定計劃（DoD）有關，並且獲得了安全的資金，分析師預計將獲得額外的晶圓廠效率提高。
In CY24, the analyst expects to see operating leverage begin to scale. Commercial programs should convert to Wafer Services, and GM can exit in the high 20s-low 30s. By CY25, the model will be fully scaled.
在 CY24 中，分析師預計將看到操作槓桿開始擴大。商業計劃應轉換為晶圓服務, 和通用汽車可以在高 20 低 30 秒退出.通過 CY25，模型將完全縮放。
RadHard programs begin production, and multiple costs are absorbed; the analyst has a clear path to a 40% gross margin by YE25. The price target boost reflected new CY24 estimates.
RadHard 程序開始生產，並吸收多種成本; 分析師通過 YE25 通過 40％ 的毛利率有一個明確的路徑。價格目標的提升反映了新的 CY24 估計。
SKYT is on the leading edge of semiconductor industry policy communications, the analyst noted. Notably, the company expects the first round of proposal submissions over the next few months and for CHIPS funding to roll out this year.
分析師指出，SKYT 處於半導體產業政策傳播的領先地位。值得注意的是，該公司預計未來幾個月將提交第一輪提案，並在今年推出 CHIPS 資金。
The analyst saw SKYT as a pure play on the domestic semiconductor manufacturing theme uniquely positioned to benefit from all parts of the law.
分析師認為 SKYT 是國內半導體製造主題的純粹扮演，定位獨特，可以從法律的各個部分中受益。
Price Action: SKYT shares traded higher by 27.60% at $14.59 on the last check Tuesday.
價格行動： 上次檢查星期二，天寰股價上漲 27.60%，報 14.59 美元。
譯文內容由第三人軟體翻譯。