NAURA(SZ:002371) Ping An Securities·2024-08-28 03:08Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expected stock performance that will exceed the market by 10% to 20% over the next six months [2][12]. Core Insights - The company has demonstrated sustained high growth in performance, with a revenue of 12.335 billion yuan in the first half of 2024, representing a year-on-year increase of 46.38%. The net profit attributable to shareholders reached 2.781 billion yuan, up 54.54% year-on-year [7]. - The company continues to expand its product matrix, maintaining a leading position in high-end electronic process equipment and precision electronic components in China. It has established a comprehensive customer service system with 19 service centers and 10 spare parts warehouses nationwide [7][9]. - The company's gross margin and net margin for the first half of 2024 were 45.50% and 22.54%, respectively, showing slight improvements compared to the previous year [7]. Financial Summary - The company reported a revenue of 22.079 billion yuan in 2023, with projections of 30.690 billion yuan for 2024, 41.432 billion yuan for 2025, and 53.862 billion yuan for 2026, reflecting a compound annual growth rate (CAGR) of 39.0% from 2023 to 2024 [6]. - The net profit for 2023 was 3.899 billion yuan, with forecasts of 5.609 billion yuan for 2024, 7.385 billion yuan for 2025, and 9.439 billion yuan for 2026, indicating a CAGR of 43.8% from 2023 to 2024 [6]. - The company's earnings per share (EPS) are projected to increase from 7.34 yuan in 2023 to 10.56 yuan in 2024, and further to 13.91 yuan in 2025, reaching 17.78 yuan in 2026 [6][9]. Product Development and Market Position - The company has successfully developed several high-end semiconductor equipment with independent intellectual property rights, including high-density plasma chemical vapor deposition (HDPCVD) and dual-frequency coupled CCP etching machines, which have been validated in multiple client production lines [9]. - The company has expanded its product offerings to cover various processes, including copper interconnect film deposition and cleaning equipment, which have become preferred choices for major domestic chip manufacturers [9].