NAURA(SZ:002371) Huajin Securities·2024-07-11 23:30Investment Rating - The investment rating for the company is "Buy-A" [3] Core Views - The company is expected to achieve a year-on-year increase of over 40% in net profit attributable to shareholders for the first half of 2024, driven by its platform-based business model supporting the advanced packaging industry [1] - The company is positioned as a platform-type enterprise in the semiconductor equipment sector, focusing on four major application areas: etching, thin film deposition, cleaning, and thermal treatment, which are essential for semiconductor manufacturing and packaging [2] - The company provides comprehensive solutions for advanced packaging, including TSV manufacturing and various etching processes, which are crucial for enhancing chip performance and yield [3] Summary by Sections Financial Performance - For Q2 2024, the company expects revenue between 55.51 billion and 72.81 billion yuan, representing a year-on-year growth of 21.85% to 59.83% [1] - The anticipated net profit for Q2 2024 is projected to be between 14.43 billion and 18.33 billion yuan, with a year-on-year increase of 19.54% to 51.83% [1] - For the first half of 2024, revenue is expected to be between 114.10 billion and 131.40 billion yuan, with a year-on-year growth of 35.40% to 55.93% [1] - The company's net profit for the first half of 2024 is projected to be between 25.70 billion and 29.60 billion yuan, reflecting a year-on-year increase of 42.84% to 64.51% [1] Market Position and Strategy - The company is enhancing its market share and core competitiveness by continuously refining customer needs and expanding its product matrix [1] - The semiconductor equipment sector is characterized by rapid technological advancements, with the company’s R&D efforts leading the industry by 3 to 5 years [2] - The company aims to benefit from the domestic semiconductor industry's self-sufficiency strategy, leveraging its comprehensive equipment solutions across various sectors [2] Future Outlook - The company’s revenue forecasts for 2024 to 2026 have been adjusted to 302.82 billion, 402.14 billion, and 501.67 billion yuan, respectively, with growth rates of 37.2%, 32.8%, and 24.8% [5] - The net profit forecasts for the same period are adjusted to 59.70 billion, 76.92 billion, and 97.10 billion yuan, with growth rates of 53.1%, 28.8%, and 26.2% [5] - The company is expected to benefit from the increasing demand for advanced process and packaging equipment driven by the growth of AI and domestic storage expansions [5]