北方华创：Robust earnings with margin expansion;Maintain BUY

CMB International Global Markets | Equity Research | Company Update Naura Technology (002371 CH) Robust earnings with margin expansion; Maintain BUY Naura announced 1H24 results. 1H revenue grew 46.4% YoY to RMB12.3bn, while NP grew 54.5% YoY to RMB2.8bn, both aligning with the mid-point of company's earnings pre-announcement. 1H24 revenue/NP were 40%/46% of our FY24E forecast, consistent with the company's historical seasonality, which saw 38%/46% in 1H23. GPM improved to 45.5% in 1H24 (vs. 42%/41% in 1H23 ...