NAURA(002371) 华西证券·2024-07-13 08:02Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Views - The company is expected to achieve a revenue of 11.41 to 13.14 billion yuan in H1 2024, representing a year-on-year growth of 35.40% to 55.93%, with a midpoint estimate of 12.28 billion yuan, which is a 45.67% increase [3]. - The net profit for H1 2024 is projected to be between 2.57 to 2.96 billion yuan, showing a year-on-year increase of 42.84% to 64.51%, exceeding market expectations [4]. - The company benefits from a solid platform logic in semiconductor equipment, with significant R&D investment and a comprehensive product range, positioning it well to capitalize on the expansion of advanced processes in the semiconductor industry [5]. Summary by Sections Revenue Forecast - The company anticipates H1 2024 revenue of 11.41 to 13.14 billion yuan, with a midpoint of 12.28 billion yuan, reflecting a year-on-year growth of 45.67% [3]. Profit Forecast - Expected net profit for H1 2024 is between 2.57 to 2.96 billion yuan, with a midpoint of 2.77 billion yuan, indicating a year-on-year increase of 42.84% to 64.51% [4]. - The net profit margin is projected to be 25.53%, up by 1.17 percentage points year-on-year [4]. R&D and Market Position - The company has a strong R&D team of 3,656 personnel and an R&D expenditure of 4.4 billion yuan, accounting for 20% of revenue, leading the semiconductor equipment sector [5]. - The product range includes etching equipment, film deposition equipment, and cleaning equipment, with significant revenue contributions from these segments [5]. Future Growth Projections - Revenue forecasts for 2024, 2025, and 2026 are 29.93 billion, 39.67 billion, and 49.20 billion yuan, respectively, with year-on-year growth rates of 36%, 33%, and 24% [6][7]. - Net profit projections for the same years are 5.58 billion, 7.76 billion, and 10.30 billion yuan, with growth rates of 43%, 39%, and 33% [7].