NAURA(SZ:002371) Chang Jiang Shang Bao·2025-05-13 23:23Core Viewpoint - Northern Huachuang (002371.SZ), a leading semiconductor company in China, is experiencing steady growth in orders and significant increases in revenue and profit for the first quarter of 2025 [1][2]. Financial Performance - In Q1 2025, Northern Huachuang achieved operating revenue of 8.206 billion yuan, a year-on-year increase of 37.90% [2]. - The net profit attributable to shareholders reached 1.581 billion yuan, with a growth rate of 38.80%, while the net profit after deducting non-recurring items was 1.57 billion yuan, increasing by 44.75% [2][3]. - The company's debt ratio improved to 50% by the end of Q1 2025, down from previous quarters [1][6]. Order and Market Position - The company reported a positive trend in new orders for Q1 2025, indicating strong demand for its products [3]. - Northern Huachuang's market share in various semiconductor equipment segments has been steadily increasing due to technological breakthroughs and improved product offerings [2][4]. Research and Development - R&D expenses have seen significant growth, reaching 1.026 billion yuan in Q1 2025, a year-on-year increase of 40.89% [5]. - From 2018 to 2024, R&D expenditures rose from 351 million yuan to 3.669 billion yuan, reflecting a commitment to innovation and technology advancement [4]. Asset Growth - Total assets of Northern Huachuang reached 68.242 billion yuan by the end of Q1 2025, marking an increase of over seven times from 8.145 billion yuan in 2017 [6].