30 Oct 2024 CMB International Global Markets | Equity Research | Company Update Naura Technology (002371 CH) Solid Q3 earnings signal intact growth trajectory Naura announced 3Q24 results. Q3 revenue was RMB8.0bn, up 30.1% YoY and 23.8% QoQ, driven by significant growth in semiconductor equipment sales (up 47.0% in 9M24). NP was RMB1.7bn, up 55.0% YoY and 1.7% QoQ. GPM was 42.3%, up 5.9ppts from 3Q23 but declined 5.1ppts sequentially, mainly due to 1) higher photovoltaic (PV) equipment sales that had a lowe ...

Financial Performance - The company's revenue for Q3 2024 reached ¥8,017,863,754.89, an increase of 30.12% compared to the same period last year[1] - Net profit attributable to shareholders for Q3 2024 was ¥1,681,917,060.31, reflecting a growth of 55.02% year-on-year[1] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥1,626,040,068.28, up 57.72% from the previous year[1] - Basic earnings per share for Q3 2024 were ¥3.1667, up 54.52% year-on-year[1] - Total operating revenue for the current period reached ¥20,352,770,959.17, an increase from ¥14,588,362,292.87 in the previous period, representing a growth of approximately 39%[13] - Net profit for the current period was ¥4,459,592,474.67, compared to ¥2,974,558,863.06 in the previous period, reflecting an increase of approximately 50%[14] - The total comprehensive income for the current period was ¥4,457,456,998.05, compared to ¥2,977,935,741.40 in the previous period, reflecting an increase of approximately 50%[14] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥63,430,457,680.45, representing an 18.29% increase from the end of the previous year[1] - The total current assets increased to RMB 46,014,325,140.63 from RMB 38,225,997,276.84, reflecting a growth of approximately 20.5%[10] - Total liabilities rose to RMB 33,548,234,908.92 from RMB 28,799,771,760.61, indicating an increase of about 16.5%[11] - The company's total assets and equity reached ¥63,430,457,680.45 and ¥29,882,222,771.53 respectively, compared to ¥53,624,552,279.13 and ¥24,824,780,518.52 in the previous period, showing growth of about 18% and 20%[12] Equity and Return Metrics - The total equity attributable to shareholders at the end of Q3 2024 was ¥29,032,744,153.47, a 19.15% increase from the previous year[1] - The weighted average return on equity for Q3 2024 was 6.32%, an increase of 1.20% compared to the same period last year[1] - The company's equity increased to RMB 29,882,222,771.53 from RMB 24,824,780,518.52, representing a growth of about 20.4%[11] - The total equity attributable to shareholders of the parent company increased to ¥29,032,744,153.47 from ¥24,366,942,915.23, showing a growth of approximately 19%[12] Cash Flow and Expenditures - The net cash flow from operating activities for the first nine months of 2024 was ¥454,777,869.60, a decrease of 59.97% compared to the same period last year[4] - The cash inflow from operating activities for the current period was CNY 20,607,249,237.14, an increase of 23.0% compared to CNY 16,679,055,622.23 in the previous period[15] - The net cash flow from operating activities decreased to CNY 454,777,869.60, down 60.0% from CNY 1,135,978,731.38 in the previous period[15] - The cash outflow for purchasing goods and services was CNY 13,798,725,648.93, up 23.9% from CNY 11,139,138,262.32 in the previous period[15] - The cash outflow for employee compensation increased to CNY 3,755,094,134.66, a rise of 33.0% from CNY 2,825,307,555.02 in the previous period[15] - The cash inflow from other operating activities was CNY 2,494,651,619.46, an increase of 58.2% compared to CNY 1,576,362,069.08 in the previous period[15] Research and Development - Research and development expenses increased to ¥2,191,845,847.25 from ¥1,388,749,385.03, marking a rise of approximately 58%[13] Non-Recurring Items - Non-recurring gains and losses for Q3 2024 totaled ¥55,876,992.03, with government subsidies accounting for ¥66,391,566.76[2]

证券代码：002371 证券简称：北方华创 公告编号：2024-072 北方华创科技集团股份有限公司 第八届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 北方华创科技集团股份有限公司（以下简称"公司"）第八届监事会第十二 次会议通知于 2024 年 10 月 18 日以电子邮件方式发出。会议于 2024 年 10 月 29 日在公司会议室以现场和通讯相结合方式召开，应到监事 3 名，实到 3 名，会议 由监事会主席王谨女士主持。会议的召集、召开符合《公司法》和《公司章程》 的规定。 经审核，监事会认为：本次全资子公司使用闲置募集资金 130,000 万元暂时 补充流动资金事项的审议、表决程序符合《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》《上市公司监管指引第 2 号——上市公司 募集资金管理和使用的监管要求》等法律法规、规范性文件和《公司章程》、公 司《募集资金管理办法》的有关规定，有利于提高募集资金使用效率，维护公司 和投资者的利益。 监事会一致同意公司本次使用部分闲置募集资金暂时补充流动资金，使 ...

证券代码：002371 证券简称：北方华创 公告编号：2024-075 北方华创科技集团股份有限公司 1．拟聘任的会计师事务所：大信会计师事务所（特殊普通合伙） 2．原聘任的会计师事务所：天职国际会计师事务所（特殊普通合伙） 3．拟变更会计师事务所的原因及前任会计师的异议情况： 鉴于近期公开信息，并综合考虑公司现有业务状况及对未来审计服务的需求， 经公司审慎评估和研究，公司拟取消续聘天职国际会计师事务所（特殊普通合伙） （以下简称"天职国际"）为 2024 年度审计机构。公司已就变更会计师事务所的 事项与天职国际、大信会计师事务所（特殊普通合伙）（以下简称"大信"）进行 了充分沟通，前后任会计师事务所均已知悉本事项并对本次更换无异议。 北方华创科技集团股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日 召开的第八届董事会第十七次会议、第八届监事会第十二次会议审议通过了《关 于变更会计师事务所的议案》，公司拟聘任大信为公司 2024 年度审计服务机构。 现将相关事项公告如下： 关于拟变更会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者 ...

证券代码：002371 证券简称：北方华创 公告编号：2024-071 北方华创科技集团股份有限公司 第八届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 同意全资子公司北京北方华创微电子装备有限公司在保证募集资金投资项 目正常进行的前提下，使用闲置募集资金 130,000 万元暂时补充流动资金，使用 期限为自董事会审议通过之日起不超过 12 个月。 具体内容详见与本公告同日在公司指定信息披露媒体《中国证券报》《证券 时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）上刊载的《关于全资 子公司使用部分闲置募集资金暂时补充流动资金的公告》。 本议案已经董事会审计委员会审议通过。公司监事会发表了同意意见，保荐 机构发表了核查意见，详见信息披露媒体巨潮资讯网（www.cninfo.com.cn）。 北方华创科技集团股份有限公司（以下简称"公司"）第八届董事会第十七 次会议通知于 2024 年 10 月 18 日以电子邮件方式发出。会议于 2024 年 10 月 29 日在公司会议室以现场和通讯相结合方式召开，应到董事 ...

中信建投证券股份有限公司 关于北方华创科技集团股份有限公司 全资子公司使用部分闲置募集资金暂时补充流动资金的核 查意见 中信建投证券股份有限公司（以下简称"中信建投"）作为北方华创科技集 团股份有限公司（以下简称"北方华创"或"公司"）2021 年非公开发行股票的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》以及《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》等有关规定，对北方华创全资子公司北京北方华创微电子装备有限公司（以 下简称"北方华创微电子"）拟使用闲置募集资金 130,000 万元暂时补充流动资 金情况进行了审慎核查，并出具核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于核准北方华创科技集团股份有限公 司非公开发行股票的批复》（证监许可[2021]2710 号）核准，公司非公开发行人 民币普通股（A 股）27,960,526 股，每股发行价为人民币 304 元，共计募集资金 总额人民币 8,499,999,904.00 元，扣除各项发行费用人民 ...

北方华创科技集团股份有限公司 第二章 执业质量要求 会计师事务所选聘管理办法 （2024 年 10 月 29 日，经公司第八届董事会第十七次会议审议通过） 第四条 公司选聘的会计师事务所应具备下列条件： （一）具有独立承担民事责任的主体资格，具备国家行业主管部门和中国证监 会规定的开展证券期货相关业务所需的执业资格； 第一章 总则 第一条 为规范北方华创科技集团股份有限公司 (以下简称"公司") 选聘（含 续聘、改聘，下同）会计师事务所的行为，提高财务信息质量，切实维护股东合法 权益，根据《中华人民共和国公司法》、《中华人民共和国会计法》、《国有企业、上 市公司选聘会计师事务所管理办法》等相关法律法规、规范性文件及《北方华创科 技集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合公司实际 情况，特制定本办法。 第二条 本办法所称选聘会计师事务所，是指公司根据有关法律法规要求，聘 任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。选聘会 计师事务所从事其他法定审计业务的，视重要性程度可以参照本办法执行。 第三条 公司选聘会计师事务所，应经公司董事会审计委员会 (以下简称"审 计委 ...

证券代码：002371 证券简称：北方华创 公告编号：2024-074 北方华创科技集团股份有限公司 关于全资子公司使用部分闲置募集资金 暂时补充流动资金的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 截至 2024 年 9 月 30 日，公司非公开发行募集资金已使用 664,640.51 万元， 账户余额 94,296.44 万元，具体情况如下： 单位：万元 | 序号 | 项目名称 | 募集资金净额 | 已使用募集资金 | 募集资金余额 （含利息） | | --- | --- | --- | --- | --- | | 1 | 半导体装备产业化基地扩 产项目（四期） | 348,339.00 | 215,017.13 | 41,488.34 | | 2 | 高端半导体装备研发项目 | 241,420.00 | 213,691.30 | 30,225.12 | | 3 | 高精密电子元器件产业化 基地扩产项目（三期） | 73,403.23 | 53,482.82 | 22,352.46 | | 4 | 补充流动资金 | 181,758.96 | 1 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][73]. Core Insights - The company is a leading domestic player in semiconductor equipment, with a platform-based layout that has achieved multiple growth points across its business segments [4]. - The expansion potential of wafer fabs is significant, and under the backdrop of self-sufficiency, the domestic equipment localization rate is expected to increase [4]. - The company has made significant advancements in various equipment types, including ICP etching, PVD, CVD, ALD, thermal processing, and cleaning equipment, establishing itself as a key player in the high-end semiconductor equipment sector [4]. - Revenue projections for 2024-2026 are estimated at 30 billion, 39.4 billion, and 49.8 billion yuan, with corresponding net profits of 5.8 billion, 7.8 billion, and 9.9 billion yuan, reflecting robust growth rates [4][73]. Summary by Sections 1. Semiconductor Equipment Leader with Platform-Based Layout - The company has established a strong presence in semiconductor equipment, vacuum and lithium battery equipment, and precision electronic components [4][11]. - The shareholder structure is stable, with significant stakes held by Beijing Electronics Holdings and the National Integrated Circuit Industry Investment Fund, indicating strong support for the company's technological capabilities [13][16]. - New orders are steadily increasing, with revenue growing from 4.06 billion yuan in 2019 to 22.08 billion yuan in 2023, reflecting a compound annual growth rate of 52.73% [19]. 2. Wafer Fab Expansion Potential - China is a major market for semiconductors, holding the largest global market share [28]. - The localization rate of domestic semiconductor equipment is expected to rise, benefiting from the expansion of local wafer fabs [32]. - The domestic chip self-sufficiency rate is projected to be around 23.3%, with significant room for improvement, particularly among local manufacturers [32]. 3. Advantages of Platform Companies - The company has a leading position in ICP etching technology, with successful breakthroughs in CCP etching [4][43]. - It has established itself as a pioneer in PVD technology, with a comprehensive layout in CVD and ALD equipment [4][54]. - The company leads in thermal processing equipment and has a growing presence in cleaning equipment, with significant market share [4][67]. 4. Investment Recommendations - The company is expected to maintain strong growth in its electronic process equipment segment, with projected revenue growth rates of 40%, 34%, and 28% for 2024-2026 [70]. - The precision electronic components segment is expected to grow at around 3% annually, reflecting stable demand [70]. - The overall financial outlook is positive, with projected net profits showing substantial growth over the next few years [73].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company is projected to achieve significant revenue growth in Q3 2024, with expected revenue between 74.2 billion to 85.4 billion yuan, representing a year-on-year increase of 20.42% to 38.60% [2]. - The anticipated net profit for Q3 2024 is expected to be between 15.6 billion to 17.9 billion yuan, reflecting a year-on-year increase of 43.78% to 64.98% [2]. - The company has signed over 30 billion yuan in new orders in 2023, which is expected to support robust growth in 2024 [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company expects revenue of 188.3 billion to 216.8 billion yuan, a year-on-year increase of 29.08% to 48.61% [2]. - The projected net profit for the same period is between 41.3 billion to 47.5 billion yuan, marking a year-on-year increase of 46.19% to 64.69% [2]. - The company’s revenue for 2024 is forecasted to reach 300.70 billion yuan, with net profits of 57.34 billion yuan, corresponding to a PE ratio of 37.27x [4][7]. Market Position and Strategy - The company has a comprehensive product development system and high coverage of semiconductor production processes, positioning it to benefit from the semiconductor industry's upward cycle and domestic substitution trends [4]. - The company’s product matrix has been enriched, and its market share is steadily increasing, contributing to the robust growth in revenue and net profit [2][3]. Future Projections - Revenue growth rates are expected to be 36.19% in 2024, 30.35% in 2025, and 26.89% in 2026 [5]. - The net profit growth rates are projected at 47.05% for 2024, 33.75% for 2025, and 32.99% for 2026 [5].