NAURA(SZ:002371) Guotou Securities·2024-07-14 00:35Investment Rating - The investment rating for the company is "Buy-A" with a target price of 405.14 CNY [5]. Core Insights - The company is expected to achieve a revenue of 114.1 to 131.4 billion CNY for the first half of 2024, representing a year-on-year growth of 35.40% to 55.93%. The net profit attributable to shareholders is projected to be between 25.7 to 29.6 billion CNY, reflecting a growth of 42.84% to 64.51% compared to the same period last year [1]. - For Q2 2024, the company anticipates revenue of 55.51 to 72.81 billion CNY, with a year-on-year increase of 21.85% to 59.83%. The expected net profit for the same period is between 14.43 to 18.33 billion CNY, indicating a growth of 19.54% to 51.83% [2]. - The global semiconductor equipment market is projected to reach a record high, with sales expected to grow by 3.4% to 109 billion USD in 2024, surpassing the previous record set in 2022. The company is well-positioned to benefit from this growth and the ongoing domestic substitution trend in China [3]. - The company has made significant advancements in various semiconductor equipment sectors, including etching, thin film deposition, vertical furnace equipment, epitaxy, and cleaning equipment, establishing itself as a leader in the domestic market [4]. Financial Projections - Revenue projections for the company are 299.84 billion CNY in 2024, 398.79 billion CNY in 2025, and 516.63 billion CNY in 2026. The net profit estimates are 58.98 billion CNY for 2024, 78.35 billion CNY for 2025, and 93.18 billion CNY for 2026 [11]. - The company is expected to achieve a profit margin of 25.52% in Q2 2024, which is an increase of 6.44 percentage points compared to the previous quarter [2].