NAURA(SZ:002371) Huajin Securities·2024-10-15 13:30Investment Rating - The investment rating for the company is "Buy - A" [1][2]. Core Views - The company is expected to achieve significant year-on-year revenue growth in the first three quarters of 2024, with projected revenue between 18.83 billion and 21.68 billion yuan, representing a growth rate of 29.08% to 48.61% [1]. - The net profit attributable to shareholders is anticipated to be between 4.13 billion and 4.75 billion yuan, reflecting a year-on-year increase of 43.19% to 64.69% [1]. - The company continues to enhance its product matrix and expand its process coverage, leading to a steady increase in market share and operational efficiency [1]. - The company has maintained a leading position in high-end electronic process equipment and precision electronic components, with a focus on customer needs and continuous innovation [1][2]. Financial Performance Summary - For the fiscal year 2024, the company is projected to generate revenues of 30.28 billion yuan, with a year-on-year growth of 37.2% [3]. - The net profit for 2024 is expected to reach 5.97 billion yuan, indicating a growth of 53.1% compared to the previous year [3]. - The gross margin is forecasted to be 43.7% in 2024, with a net margin of 19.7% [3]. - The company's earnings per share (EPS) is projected to be 11.21 yuan for 2024, with a price-to-earnings (P/E) ratio of 33.6 [3]. Market Trends and Opportunities - The global spending on 300mm wafer fab equipment is expected to reach a record high of 400 billion USD from 2025 to 2027, driven by the demand for advanced packaging and AI chips [2]. - The company is well-positioned to benefit from the increasing demand for semiconductor equipment, particularly in the context of domestic production and technological advancements [2]. - The anticipated growth in the semiconductor industry, particularly in logic chips and memory devices, is expected to drive significant equipment spending over the next few years [2].