NAURA(002371) 新浪财经·2025-06-05 02:33Core Viewpoint - The company, North China Huachuang, is a leading domestic semiconductor equipment manufacturer, continuously advancing its platform construction and benefiting from the domestic substitution trend and wafer factory expansion [5]. Group 1: Semiconductor Equipment Business - The company's main products include etching, thin film deposition, thermal processing, wet processing, and ion implantation equipment, with projected revenue of 26.578 billion yuan and net profit of 5.218 billion yuan in 2024 [1]. - The etching equipment segment is expected to generate over 8 billion yuan in revenue in 2024, with a full range of products including ICP, CCP, bevel etching, high selectivity etching, and dry stripping equipment [1]. - The thin film deposition segment is projected to exceed 10 billion yuan in revenue in 2024, with ALD equipment alone expected to generate nearly 2 billion yuan [2]. - The thermal processing equipment segment is expected to exceed 2 billion yuan in revenue in 2024, while the wet processing equipment segment is projected to exceed 1 billion yuan [3]. Group 2: Market Expansion and Acquisitions - The company has successfully entered new markets through the acquisition of shares in Xinyuan Micro, becoming its controlling shareholder with a 9.48% stake [3][4]. - Xinyuan Micro is currently the only domestic manufacturer capable of providing mass production front-end coating and developing machines, with a comprehensive product range covering various cleaning processes [4]. - The company has received numerous orders for its fully automatic temporary bonding and debonding machines, which are compatible with mainstream adhesive processes and have nearly 20 units on hand [4]. Group 3: Financial Performance - In Q1 2025, the company achieved revenue of 8.206 billion yuan, a year-on-year increase of 37.90%, driven by breakthroughs in key technologies for new products [5]. - The net profit for Q1 2025 was 1.581 billion yuan, reflecting a year-on-year growth of 38.80%, attributed to expanding revenue scale and improved cost efficiency [5]. - The gross margin was 43.02%, and the net margin was 19.10%, remaining stable year-on-year [5].