NAURA(SZ:002371) Soochow Securities·2024-07-11 23:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.57 to 2.96 billion yuan in the first half of 2024, representing a year-on-year growth of 42.84% to 64.51%. For Q2 alone, the net profit is projected to be 1.443 to 1.833 billion yuan, with a year-on-year increase of 19.55% to 51.86% [3] - The company is positioned as a domestic leader in semiconductor equipment, benefiting from the trend of domestic substitution. It has achieved comprehensive coverage in etching and thin film deposition equipment, which are critical for semiconductor manufacturing [3] - The company’s etching and thin film deposition equipment account for a significant portion of the semiconductor front-end equipment market, with a combined value share of 44%. The company is compared to Lam Research, a major player in the semiconductor equipment sector [3] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 5.6 billion, 7.3 billion, and 9.2 billion yuan respectively. The current market capitalization corresponds to dynamic P/E ratios of 30, 23, and 18 times for these years [4] - The total revenue for the company is projected to reach 29.075 billion yuan in 2024, with a year-on-year growth of 31.68% [2] - The latest diluted EPS is expected to be 10.54 yuan per share in 2024, with a P/E ratio of 29.71 based on the current price [2]