NAURA(SZ:002371) Ge Long Hui A P P·2025-09-02 09:34Core Viewpoint - The report from Zheshang Securities highlights that Northern Huachuang's Q2 revenue reached 7.9 billion RMB, showing a year-on-year increase of 22% but a quarter-on-quarter decline of 3% due to seasonal fluctuations from a high base in Q1 [1] Financial Performance - Q2 revenue was 7.9 billion RMB, a 22% increase year-on-year and a 3% decrease quarter-on-quarter [1] - Gross margin narrowed to 41.3%, down 6.0 percentage points year-on-year and 1.7 percentage points quarter-on-quarter, influenced by lower profit margins in the electronic components business [1] - Net profit was 1.6 billion RMB, reflecting a 2% year-on-year decline but a 3% quarter-on-quarter increase [1] - Net profit margin improved to 20.5%, with projections for Q1 2024 and 2025 at 18.8% and 19.3% respectively, indicating strong operational and cost control capabilities [1] Growth Outlook - The company is expected to play a significant strategic role in the domestic substitution process of semiconductor equipment in China [1] - Revenue is projected to grow by 32% and 26% year-on-year in 2025 and 2026 respectively [1] - The "buy" rating is reiterated with a target price raised to 460 RMB [1]