NAURA(SZ:002371) KAIYUAN SECURITIES·2024-07-12 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][12] Core Views - The company is expected to achieve significant year-on-year and quarter-on-quarter growth in Q2 2024, with revenue projected between 11.41 billion to 13.14 billion yuan, representing a year-on-year increase of 35.4% to 55.93% [5] - The net profit attributable to the parent company is forecasted to be between 2.57 billion to 2.96 billion yuan, reflecting a year-on-year growth of 42.84% to 64.51% [5] - The company is recognized as a leading domestic semiconductor equipment platform, benefiting from economies of scale and continuous improvement in operational efficiency [6][7] Financial Performance Summary - For H1 2024, the company expects revenue of 11.41 billion to 13.14 billion yuan, with a net profit of 2.57 billion to 2.96 billion yuan [5] - Q2 2024 revenue is anticipated to be between 5.55 billion to 7.28 billion yuan, with a net profit of 1.44 billion to 1.83 billion yuan [5] - The company has revised its profit forecasts for 2024-2026, expecting net profits of 5.89 billion, 7.92 billion, and 10.05 billion yuan respectively [5] - The projected EPS for 2024-2026 is 11.10, 14.92, and 18.92 yuan, with corresponding P/E ratios of 29.6, 22.0, and 17.4 [5][8] Market Position and Growth Drivers - The company has seen a steady increase in market share in the IC equipment sector, driven by a comprehensive product matrix and enhanced core competitiveness [6] - The semiconductor equipment sales in mainland China are expected to exceed 35 billion USD in 2024, with the company poised to benefit from the expansion of advanced processes [7] - The company is expected to continue launching new products, which will contribute to sustained performance growth [7]