12 Jul 2024 CMB International Global Markets | Equity Research | Company Update Naura Technology (002371 CH) 1H24 profit alert points to solid 2Q results Naura announced a 1H24 profit alert. 1H revenue is expected to be within the range of RMB11.4-13.1bn, representing 35.4% to 55.9% YoY growth, respectively. Net profit is estimated to be RMB2.6-3.0bn (YoY growth of 42.8% to 64.5%). This implies that 2Q24 revenue (mid-point) could be RMB6.4bn (40.8% YoY and 9.5% QoQ growth), 5% below consensus estimate. 2Q24 ...

2024 年 7 月 12 日 朱吉翔 C0044@capital.com.tw 目标价 370 元 公司基本资讯 | --- | --- | |---------------------|--------------| | 产业别 | 电子 | | A 股价(2024/7/11) | 313.27 | | 深证成指(2024/7/11) | 8870.36 | | 股价 12 个月高/低 | 336.96/212.9 | | 总发行股数(百万) | 531.02 | | A 股数(百万) | 530.56 | | A 市值(亿元) | 1662.08 | | 主要股东 | 北京七星华电 | | | 科技集团有限 | | | 责任公司 | | | (33.56%) | | 每股净值(元) | 47.41 | | 股价/账面净值 | 6.61 | | | 三个月 一年 | | 股价涨跌(%) | -4.3 1.1 7.1 | 近期评等 | --- | --- | --- | |------------|----------|-------| | 出刊日期 | 前日收盘 | 评等 | | 2024-04-15 | ...

Financial Data and Key Metrics Changes - The company reported a significant increase in revenue for the first half of 2024, with expected revenue between 114.1 billion to 131.4 billion RMB, representing a year-over-year growth of 21.85% to 59.83% [4][12] - The net profit for Q2 2024 is projected to be between 25.7 billion to 29.6 billion RMB, showing a year-over-year increase of 42.84% to 64.51% [4][12] - The company's net profit margin improved to a median of 25.5%, up by 6.4 percentage points from the previous quarter [4][12] Business Line Data and Key Metrics Changes - The semiconductor equipment segment showed robust growth, with the company achieving a year-over-year revenue increase of 35.40% to 55.93% [4][12] - The gross profit margin is expected to improve due to better product mix and operational efficiency, contributing to a stable decline in costs [3][4] Market Data and Key Metrics Changes - The company anticipates that capital expenditures from domestic wafer manufacturers will remain high, benefiting from the ongoing domestic semiconductor equipment replacement trend [2][3] - The company secured over 30 billion RMB in new orders in 2023, with a significant portion coming from the integrated circuit sector [2][3] Company Strategy and Development Direction - The company is focusing on platform-based development and aims to enhance its competitive edge in advanced process equipment [2][3] - The strategic emphasis on domestic semiconductor equipment manufacturing is expected to yield continued growth opportunities as the industry shifts towards local sourcing [2][3] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the semiconductor equipment market, despite potential risks from global semiconductor downturns and intensified competition [1][2] - The outlook for 2024 remains positive, with expectations of sustained high capital expenditures from local manufacturers [2][3] Other Important Information - The target price for the company's stock is set at 390.96 RMB, maintaining a "Buy" rating [1][4] - The company’s market capitalization is approximately 166.36 billion RMB, with a closing price of 313.27 RMB as of July 11 [6][10] Q&A Session Summary Question: What are the expectations for capital expenditures in the semiconductor sector? - Management indicated that capital expenditures from domestic wafer manufacturers are expected to remain robust, supporting the growth of the semiconductor equipment market [2][3] Question: How does the company plan to maintain its competitive edge? - The company is focusing on platform-based strategies and enhancing its product offerings in advanced process equipment to strengthen its market position [2][3] Question: What are the risks associated with the current market environment? - Management acknowledged risks from the global semiconductor downcycle and increased competition but remains confident in the company's strategic positioning [1][2]

[Table_Page] 公告点评|半导体 证券研究报告 [Table_Title] 北方华创(002371.SZ) 24H1 业绩预告超市场预期,持续夯实平台化竞争优势 [Table_Summary] 核心观点: ⚫ 规模效应持续显现,24H1 业绩预告超市场预期。公司发布 24 年半年 度业绩预告。24H1,公司营收 114.1-131.4 亿元,YoY+35.4%-55.93%, 公司持续精研客户需求,丰富产品矩阵,不断提升核心竞争力。公司应 用于集成电路领域的刻蚀、薄膜沉积、清洗、炉管和快速退火等工艺装 备工艺覆盖度及市场占有率持续稳步攀升,收入同比稳健增长。公司 24H1 归母净利润 25.7-26.9 亿元,YoY+42.84%-64.51%,随着公司营 收规模持续扩大,规模效应逐渐显现;智能制造助力运营水平有效提 升;成本费用率稳定下降,使得归属于上市公司股东的净利润同比持续 增长。公司 24H1 扣非归母净利润 24.4-28.1 亿元,YoY+51.64%- 74.63%。24Q2,公司营收 55.51-72.81 亿元,YoY+21.85%-59.83%; 归母净利润 14.43-18.3 ...

业绩简评 公司 2024 年 7 月 12 日发布 2024 年半年度业绩预告,上半年实现 营收 114.1-131.4 亿元,同比增长 35.4%-55.9 %;实现归母净利 润 25.7-29.6 亿元,同比增长 42.8%-64.5%。公司实现归属于母公 司所有者的扣除非经常性损益的净利润 22.4-28.1 亿元,同比增 长 51.6%-74.6%。 经营分析 平台型半导体设备公司优势显著,看好公司长期发展。根据公司 公告,目前公司持续精研客户需求,丰富产品矩阵,不断提升核心 竞争力。目前,公司应用于集成电路领域的刻蚀、薄膜沉积、清洗、 炉管和快速退火等工艺装备工艺覆盖度及市场占有率持续稳步攀 升,收入同比稳健增长。此外,随公司营收规模持续扩大,规模效 应逐渐显现;智能制造助力运营水平有效提升;成本费用率稳定下 降,使得归属于上市公司股东的净利润同比持续增长,看好公司持 续快速成长。 看好后续半导体先进制程及存储厂商扩产。公司作为国内龙头半 导体前道设备厂商,产品涉及刻蚀、薄膜沉积、立式炉、外延、清 洗等核心工艺制程设备,看好后续国内存储厂商及先进制程扩产 下,公司获得重复订单能力。2023 年中芯国 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 390.96 RMB [8]. Core Insights - The company is expected to achieve significant revenue growth in the first half of 2024, with projected revenues between 114.1 billion to 131.4 billion RMB, representing a year-over-year increase of 35.40% to 55.93%. The net profit attributable to shareholders is forecasted to be between 25.7 billion to 29.6 billion RMB, reflecting a year-over-year growth of 42.84% to 64.51% [2][5]. - The company's semiconductor equipment business is gaining market share, and its gross margin is improving due to a combination of revenue growth and decreasing expense ratios. The net profit margin for Q2 is reported at 25.5%, up by 6.4 percentage points quarter-over-quarter [2][3]. - The report highlights the company's strong order intake, with new orders exceeding 300 billion RMB in 2023, primarily from the integrated circuit sector, which accounts for over 70% of the total [4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenues of 55.5 billion to 72.8 billion RMB, a year-over-year increase of 21.85% to 59.83%. The net profit attributable to shareholders ranged from 14.43 billion to 18.33 billion RMB, with a year-over-year growth of 19.54% to 51.83% [3]. - The company’s revenue projections for 2024, 2025, and 2026 have been adjusted to 305 billion, 411 billion, and 516 billion RMB respectively, with corresponding net profits of 57.7 billion, 79.9 billion, and 100.9 billion RMB [5]. Market Position and Strategy - The company is benefiting from a platform-based strategy that enhances customer loyalty and allows for the introduction of new equipment categories, which is expected to drive performance in the coming years [2][4]. - The report emphasizes the ongoing trend of domestic semiconductor equipment localization, which is anticipated to accelerate, providing further growth opportunities for the company [4]. Valuation Metrics - The report assigns a price-to-earnings (PE) ratio of 36 times for 2024, compared to the industry average of 34.7 times, indicating a favorable valuation outlook for the company [5][13].

Investment Rating - The investment rating for the company is "Buy-A" [3] Core Views - The company is expected to achieve a year-on-year increase of over 40% in net profit attributable to shareholders for the first half of 2024, driven by its platform-based business model supporting the advanced packaging industry [1] - The company is positioned as a platform-type enterprise in the semiconductor equipment sector, focusing on four major application areas: etching, thin film deposition, cleaning, and thermal treatment, which are essential for semiconductor manufacturing and packaging [2] - The company provides comprehensive solutions for advanced packaging, including TSV manufacturing and various etching processes, which are crucial for enhancing chip performance and yield [3] Summary by Sections Financial Performance - For Q2 2024, the company expects revenue between 55.51 billion and 72.81 billion yuan, representing a year-on-year growth of 21.85% to 59.83% [1] - The anticipated net profit for Q2 2024 is projected to be between 14.43 billion and 18.33 billion yuan, with a year-on-year increase of 19.54% to 51.83% [1] - For the first half of 2024, revenue is expected to be between 114.10 billion and 131.40 billion yuan, with a year-on-year growth of 35.40% to 55.93% [1] - The company's net profit for the first half of 2024 is projected to be between 25.70 billion and 29.60 billion yuan, reflecting a year-on-year increase of 42.84% to 64.51% [1] Market Position and Strategy - The company is enhancing its market share and core competitiveness by continuously refining customer needs and expanding its product matrix [1] - The semiconductor equipment sector is characterized by rapid technological advancements, with the company’s R&D efforts leading the industry by 3 to 5 years [2] - The company aims to benefit from the domestic semiconductor industry's self-sufficiency strategy, leveraging its comprehensive equipment solutions across various sectors [2] Future Outlook - The company’s revenue forecasts for 2024 to 2026 have been adjusted to 302.82 billion, 402.14 billion, and 501.67 billion yuan, respectively, with growth rates of 37.2%, 32.8%, and 24.8% [5] - The net profit forecasts for the same period are adjusted to 59.70 billion, 76.92 billion, and 97.10 billion yuan, with growth rates of 53.1%, 28.8%, and 26.2% [5] - The company is expected to benefit from the increasing demand for advanced process and packaging equipment driven by the growth of AI and domestic storage expansions [5]

Financial Performance Forecast - The company expects a turnaround in performance for the first half of 2024, with operating income projected to be between 1,141 million and 1,314 million CNY, representing a year-on-year growth of 35.40% to 55.93%[3] - Net profit attributable to shareholders is forecasted to be between 257 million and 296 million CNY, indicating a year-on-year increase of 42.84% to 64.51%[4] - The basic earnings per share are estimated to be between 4.8434 CNY and 5.5784 CNY, compared to 3.4000 CNY in the same period last year[5] Revenue Growth Factors - The growth in revenue is attributed to the company's focus on customer needs and the expansion of its product matrix, particularly in the integrated circuit sector[6] - The company has seen a steady increase in market share and revenue from its etching, thin film deposition, cleaning, furnace tubes, and rapid annealing equipment[6] - The scale effect from expanding revenue has led to improved operational efficiency and a stable decrease in cost-to-income ratio, contributing to the growth in net profit[6] Caution and Risk Management - The financial data presented is preliminary and subject to final confirmation in the 2024 semi-annual report[7] - The company emphasizes the importance of cautious decision-making for investors, highlighting potential investment risks[8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.57 to 2.96 billion yuan in the first half of 2024, representing a year-on-year growth of 42.84% to 64.51%. For Q2 alone, the net profit is projected to be 1.443 to 1.833 billion yuan, with a year-on-year increase of 19.55% to 51.86% [3] - The company is positioned as a domestic leader in semiconductor equipment, benefiting from the trend of domestic substitution. It has achieved comprehensive coverage in etching and thin film deposition equipment, which are critical for semiconductor manufacturing [3] - The company’s etching and thin film deposition equipment account for a significant portion of the semiconductor front-end equipment market, with a combined value share of 44%. The company is compared to Lam Research, a major player in the semiconductor equipment sector [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 5.6 billion, 7.3 billion, and 9.2 billion yuan respectively. The current market capitalization corresponds to dynamic P/E ratios of 30, 23, and 18 times for these years [4] - The total revenue for the company is projected to reach 29.075 billion yuan in 2024, with a year-on-year growth of 31.68% [2] - The latest diluted EPS is expected to be 10.54 yuan per share in 2024, with a P/E ratio of 29.71 based on the current price [2]

Financial Performance - The company expects a revenue of 11,410 million yuan for the first half of 2024, representing a year-on-year growth of 35.40% to 55.93% compared to 8,426.59 million yuan in the same period last year[2]. - The net profit attributable to shareholders is projected to be 2,570 million yuan, a significant increase of 42.84% to 64.51% from a loss of 2,960 million yuan in the previous year[2]. - The net profit after deducting non-recurring gains and losses is expected to be 2,440 million yuan, reflecting a growth of 51.64% to 74.63% compared to a profit of 1,609.09 million yuan last year[2]. - The basic earnings per share are anticipated to be between 4.8434 yuan and 5.5784 yuan, up from 3.4000 yuan per share in the same period last year[2]. - The financial data presented is preliminary and subject to final confirmation in the 2024 semi-annual report[4]. Business Strategy and Market Position - The company has been enhancing its core competitiveness by refining customer needs and expanding its product matrix, particularly in the integrated circuit sector[3]. - The revenue growth is attributed to the gradual realization of economies of scale and improved operational efficiency through smart manufacturing[3]. - The company’s market share in etching, thin film deposition, cleaning, furnace tubes, and rapid annealing equipment continues to steadily increase[3]. Investor Guidance - The company emphasizes the importance of cautious decision-making and awareness of investment risks for investors[5].