NAURA(SZ:002371) Huaxin Securities·2024-07-15 11:30Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is expected to achieve revenue between 11.41 billion and 13.14 billion yuan for the first half of 2024, representing a year-on-year growth of 35.40% to 55.93%. The forecasted net profit attributable to shareholders is between 2.57 billion and 2.96 billion yuan, indicating a growth of 42.84% to 64.51% [4][5] - The company has focused on its core business, leading to an increase in market share and effective cost control, which has contributed to the growth in revenue and net profit [5] - The company has made significant advancements in etching technology, achieving full coverage of 12-inch silicon, metal, and dielectric etching machines, which has strengthened its competitive advantage [6] - The thin film deposition equipment segment has also seen successful applications across multiple fields, with the company being a pioneer in PVD technology in China [7] Summary by Sections Financial Performance - For the first half of 2024, the company anticipates revenue growth of 35.40% to 55.93% and net profit growth of 42.84% to 64.51% [4][5] - The company’s revenue is projected to reach 29.95 billion yuan in 2024, with a growth rate of 35.7% [10] Product Development - The company has launched over 40 PVD devices and achieved stable mass production in various semiconductor manufacturing processes, contributing to significant revenue from thin film deposition equipment [7] - The etching equipment segment generated nearly 6 billion yuan in revenue in 2023, highlighting its growing importance within the company's overall business [6] Earnings Forecast - The company is expected to generate revenues of 29.95 billion, 39.21 billion, and 49.14 billion yuan in 2024, 2025, and 2026 respectively, with corresponding EPS of 10.70, 14.51, and 18.52 yuan [8][10] - The current stock price corresponds to a PE ratio of 30.7 for 2024, 22.6 for 2025, and 17.7 for 2026, indicating a favorable valuation given the company's leading position in the semiconductor equipment sector [8]