NAURA(002371) 海通证券·2024-09-05 00:07Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's profitability continues to grow significantly, with 24H1 revenue reaching 12.335 billion yuan, a year-on-year increase of 46.38%, and net profit attributable to the parent company reaching 2.781 billion yuan, a year-on-year increase of 54.54% [2] - The company's electronic process equipment business achieved revenue of 11.396 billion yuan in 24H1, a year-on-year increase of 55.07%, with a gross profit margin of 44.63%, an increase of 6.26 percentage points year-on-year [3] - The company has successfully developed multiple high-end equipment with independent intellectual property rights, such as HDPCVD, dual damascene CCP etching machines, and ALD equipment, which have achieved stable mass production at multiple clients [3] - The company has introduced a stock option incentive plan to strengthen the interest binding of core technical talents, granting 9,190,450 stock options to 2,015 core technical talents and management backbones [3] Financial Performance and Forecast - The company's revenue is expected to reach 30.536 billion yuan in 2024E, 40.389 billion yuan in 2025E, and 48.936 billion yuan in 2026E, with year-on-year growth rates of 38.30%, 32.27%, and 21.16% respectively [4] - Net profit attributable to the parent company is expected to reach 5.962 billion yuan in 2024E, 8.193 billion yuan in 2025E, and 10.269 billion yuan in 2026E, with year-on-year growth rates of 52.90%, 37.42%, and 25.34% respectively [4] - The company's gross profit margin is expected to be 45.0% in 2024E, 44.0% in 2025E, and 42.0% in 2026E [4] Business Segment Analysis - The electronic equipment business is expected to benefit from the increase in photovoltaic new energy installations and the expansion of wafer fabs/packaging and testing plants in the integrated circuit field, with revenue expected to reach 28.437 billion yuan in 2024E, 38.389 billion yuan in 2025E, and 46.835 billion yuan in 2026E [5] - The electronic components business is expected to achieve revenue of 2.068 billion yuan in 2024E, 1.964 billion yuan in 2025E, and 2.062 billion yuan in 2026E [5] - Other businesses are expected to achieve revenue growth rates of -10.00%, 10.00%, and 10.00% in 2024E, 2025E, and 2026E respectively [5] Valuation - The company's reasonable market value range is estimated to be 178.949 billion yuan to 208.774 billion yuan, with a reasonable value per share range of 335.91 yuan to 391.89 yuan, based on a PE (2024E) valuation method of 30x~35x [3][5]