NAURA(SZ:002371) Guotai Junan Securities·2024-10-16 09:09Investment Rating - The report maintains a rating of "Buy" for the company, with a target price raised to 495.60 CNY from the previous 420.80 CNY [4][6]. Core Insights - The company has reported a strong performance in Q3 2024, with revenue expected to reach between 74.2 billion to 85.4 billion CNY and net profit between 15.6 billion to 17.9 billion CNY, exceeding expectations [5][6]. - The company is a leading player in the semiconductor equipment sector, benefiting from the expansion of wafer foundries and increasing domestic penetration rates [6]. - The company has a saturated order book, leading to high revenue growth, with EPS estimates for 2024-2026 adjusted to 11.80, 15.48, and 22.21 CNY respectively [6][13]. Summary by Sections Financial Performance - For the first three quarters of 2024, revenue is projected to be between 188.30 billion to 216.80 billion CNY, representing a year-on-year growth of 29.08% to 48.61%. Net profit is expected to be between 41.3 billion to 47.5 billion CNY, with a year-on-year increase of 43.19% to 64.69% [6][13]. - Q3 2024 revenue is anticipated to be 79.8 billion CNY, a year-on-year increase of 29.5% and a quarter-on-quarter increase of 23.2%. Net profit for Q3 is expected to be 16.75 billion CNY, a significant year-on-year increase of 54.4% [6][13]. Market Position and Product Development - The company is positioned as a platform-type equipment provider, benefiting from the domestic substitution trend. It has made significant advancements in core technologies in the thin film deposition field, including PVD, CVD, and ALD [6]. - The company has successfully developed several high-end equipment with proprietary intellectual property, achieving stable mass production with multiple clients [6]. Future Outlook - The report highlights the positive outlook for the company, driven by the active expansion of wafer foundries and breakthroughs in new products [6].