NAURA(SZ:002371) China Post Securities·2024-07-04 11:00Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profit increases for the coming years [5]. Core Insights - The company is positioned to benefit from the ongoing expansion of 2.5D and 3D packaging technologies, which are critical for overcoming bottlenecks in integrated circuit development. The TSV (Through-Silicon Via) technology plays a vital role in this advancement, driving the development of over twenty types of equipment [3][4]. - The company has a comprehensive layout in advanced packaging, including etching, thin films, furnace tubes, and cleaning processes, which positions it well to capitalize on the growth of domestic 2.5D and 3D packaging technologies [3]. - Revenue projections for 2024, 2025, and 2026 are estimated at 302 billion, 403 billion, and 539 billion yuan respectively, with corresponding net profits of 54 billion, 76 billion, and 106 billion yuan [5]. Financial Summary - The company is expected to achieve a revenue growth rate of 50.32% in 2023, followed by 36.78% in 2024, and around 33.6% in the subsequent years [7]. - The projected earnings per share (EPS) are 7.34 yuan for 2023, increasing to 10.24 yuan in 2024, 14.33 yuan in 2025, and reaching 20.00 yuan by 2026 [7]. - The price-to-earnings (P/E) ratio is projected to decrease from 43.49 in 2023 to 15.97 by 2026, indicating a potentially attractive valuation as earnings grow [7].