NAURA(SZ:002371)2024-06-27 02:01Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The establishment of the National Big Fund Phase III is expected to significantly boost domestic advanced process capacity expansion, creating substantial opportunities for domestic equipment replacement [3][4] - The company is well-positioned to benefit from the increasing demand for advanced process equipment due to its comprehensive product offerings in the semiconductor equipment sector [4] - The company's stock incentive plans aim to strengthen its technological and talent barriers, enhancing its competitive edge in the market [4] Financial Summary - The company's total revenue for 2023 was 22,079 million, with a year-on-year growth rate of 50.3%. For 2024, the expected revenue is 30,785 million, reflecting a growth rate of 39.4% [3][11] - The net profit attributable to the parent company for 2023 was 3,899 million, with a year-on-year growth of 65.7%. The forecast for 2024 is 5,695 million, indicating a growth rate of 46.1% [3][11] - The earnings per share (EPS) for 2023 was 7.36, projected to rise to 10.73 in 2024 [3][11] - The company's gross margin for 2023 was 41.1%, expected to be 41.3% in 2024 [3][11] - The return on equity (ROE) for 2023 was 16.0%, with a forecast of 19.4% for 2024 [3][11] Market Position - The company has a market capitalization of 166,921 million, with a closing price of 314.64 as of June 25, 2024 [1][20] - The price-to-earnings (PE) ratio is projected to decrease from 43 in 2023 to 29 in 2024, indicating a more attractive valuation compared to international peers [3][5]