NAURA(SZ:002371) CSC SECURITIES (HK) LTD·2024-10-17 06:08Investment Rating - The report maintains a "BUY" rating for the company, indicating a positive outlook for potential price appreciation [3][4]. Core Insights - The company is expected to achieve a record high revenue of over 7.4 billion RMB in Q3 2024, with a year-over-year growth of 20%-39% and a quarter-over-quarter growth of 15%-32% [4]. - Net profit for Q3 2024 is projected to grow by 44%-65%, continuing the trend of high growth [4]. - The company is positioned as a leader in the domestic semiconductor equipment sector, benefiting from the expansion of wafer fabrication capacity in mainland China [4]. - Long-term profit forecasts estimate net profits of 5.8 billion RMB, 7.5 billion RMB, and 9.0 billion RMB for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 49%, 29%, and 21% [4][5]. Summary by Sections Company Overview - The company operates in the electronics industry, with a market capitalization of approximately 196.41 billion RMB and a current share price of 369.01 RMB [1]. - The major shareholder is Beijing Qixing Huadian Technology Group Co., Ltd., holding 33.55% of shares [1]. Financial Performance - For the first three quarters of 2024, the company anticipates revenue between 18.8 billion RMB and 21.7 billion RMB, representing a year-over-year increase of 29%-49% [4]. - The projected net profit for the same period is between 4.1 billion RMB and 4.8 billion RMB, with a year-over-year increase of 43%-65% [4]. - The earnings per share (EPS) for 2024 is estimated at 10.96 RMB, with a price-to-earnings (P/E) ratio of 34 times [5]. Market Position - The company has a strong market presence, with a product mix that includes 75% electronic process equipment and 25% electronic components [1]. - Institutional investors hold 16.5% of the circulating A-shares, indicating a solid interest from the investment community [1].