NAURA(SZ:002371) Soochow Securities·2024-10-14 14:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve significant revenue growth in Q3 2024, with projected revenues between 18.83 billion to 21.68 billion yuan and net profits between 4.13 billion to 4.75 billion yuan, representing a year-on-year growth of 43.19% to 64.69% [3] - The company's performance is driven by its expanding coverage of etching, film deposition, cleaning, furnace tubes, and annealing equipment, leading to increased market share and operational efficiency [3][4] - The company is positioned to benefit from the domestic substitution trend in the semiconductor equipment sector, with a comprehensive range of products catering to various customer needs [4] Financial Forecasts and Valuation - The company’s total revenue is projected to grow from 22.08 billion yuan in 2023 to 29.08 billion yuan in 2024, with a year-on-year growth rate of 31.68% [2] - The net profit attributable to the parent company is forecasted to increase from 3.90 billion yuan in 2023 to 5.60 billion yuan in 2024, reflecting a growth rate of 43.61% [2] - The report estimates the company's dynamic P/E ratios for 2024, 2025, and 2026 to be 35, 27, and 21 respectively, indicating strong growth potential [4]