NAURA(SZ:002371) ZHESHANG SECURITIES·2024-10-18 10:03Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to achieve significant revenue growth in the first three quarters of 2024, with projected revenue between 188.3 billion and 216.8 billion yuan, representing a year-on-year increase of 29.1% to 48.6%. The net profit attributable to shareholders is expected to be between 41.3 billion and 47.5 billion yuan, reflecting a year-on-year growth of 43.2% to 64.7% [2] - The company's profitability continues to improve, with a projected net profit margin of 21.0% for Q3 2024, an increase of 2.9 percentage points year-on-year [3] - The company has launched a stock option incentive plan aimed at binding core technical talents, with performance targets including revenue growth, R&D investment ratio, patent applications, EOE, and profit margin [4] - The company is a leading player in the semiconductor equipment sector, with a deepening platform strategy that is expected to drive growth through increased market share and order backlog [5] Summary by Sections Financial Performance - For Q3 2024, the company anticipates revenue of 74.2 billion to 85.4 billion yuan, a year-on-year increase of 20.4% to 38.6%, and a quarter-on-quarter increase of 14.6% to 31.9% [3] - The projected net profit for Q3 2024 is between 15.6 billion and 17.9 billion yuan, with a year-on-year growth of 43.8% to 65% [3] - The company expects to achieve revenues of 290 billion, 382 billion, and 469 billion yuan for the years 2024 to 2026, with compound annual growth rates of 27% [5] Strategic Initiatives - The stock option incentive plan involves granting 9.19045 million stock options to 2,015 core technical and management personnel, with performance targets set to align with the company's growth objectives [4] - The company is focusing on expanding its advanced process orders and enhancing its operational efficiency, which is expected to further improve profitability [5] Market Position - The company is positioned as a leader in the semiconductor equipment market, with a comprehensive product range that includes etching, thin film, cleaning, and thermal processing equipment [5] - The company is expected to maintain a strong order backlog, which will support continued revenue and profit growth [5]