NAURA(SZ:002371) KAIYUAN SECURITIES·2024-10-15 06:00Investment Rating - The investment rating for the company is maintained as "Buy" [2][6]. Core Views - The company is expected to achieve significant year-on-year growth in Q3 2024, with revenue projected between 18.83 billion to 21.68 billion yuan, representing a year-on-year increase of 29.1% to 48.6% [6]. - The company's market share in high-end IC equipment continues to strengthen, reflecting its platform advantages and operational efficiency [7]. - A stock incentive plan was introduced, indicating the company's confidence in its long-term operational development [8]. Financial Performance Summary - For the first three quarters of 2024, the company anticipates revenue of 18.83 to 21.68 billion yuan, with a year-on-year growth of 29.1% to 48.6% [6]. - The expected net profit attributable to shareholders is between 4.13 billion to 4.75 billion yuan, showing a year-on-year increase of 43.2% to 64.7% [6]. - The company has adjusted its profit forecasts slightly for 2024-2026, with projected net profits of 5.73 billion, 7.79 billion, and 10.03 billion yuan respectively [6]. Market Position and Strategy - The company has been focusing on customer needs, expanding its product matrix, and broadening its process coverage, which has led to a steady increase in market share [7]. - The operational efficiency has improved as the company scales up its revenue, resulting in a stable decline in cost-to-revenue ratios [7]. Stock Incentive Plan - The company announced a stock incentive plan on August 30, 2024, proposing to grant 9.19 million stock options, which is about 1.73% of the total share capital [8]. - The performance targets for the incentive plan include revenue growth rates not lower than the average of the top five global semiconductor equipment companies and a patent application target of at least 500 [8].