NAURA(SZ:002371) Tai Ping Yang·2024-10-22 10:22Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company is projected to achieve significant revenue growth in Q3 2024, with expected revenue between 74.2 billion to 85.4 billion yuan, representing a year-on-year increase of 20.42% to 38.60% [2]. - The anticipated net profit for Q3 2024 is expected to be between 15.6 billion to 17.9 billion yuan, reflecting a year-on-year increase of 43.78% to 64.98% [2]. - The company has signed over 30 billion yuan in new orders in 2023, which is expected to support robust growth in 2024 [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company expects revenue of 188.3 billion to 216.8 billion yuan, a year-on-year increase of 29.08% to 48.61% [2]. - The projected net profit for the same period is between 41.3 billion to 47.5 billion yuan, marking a year-on-year increase of 46.19% to 64.69% [2]. - The company’s revenue for 2024 is forecasted to reach 300.70 billion yuan, with net profits of 57.34 billion yuan, corresponding to a PE ratio of 37.27x [4][7]. Market Position and Strategy - The company has a comprehensive product development system and high coverage of semiconductor production processes, positioning it to benefit from the semiconductor industry's upward cycle and domestic substitution trends [4]. - The company’s product matrix has been enriched, and its market share is steadily increasing, contributing to the robust growth in revenue and net profit [2][3]. Future Projections - Revenue growth rates are expected to be 36.19% in 2024, 30.35% in 2025, and 26.89% in 2026 [5]. - The net profit growth rates are projected at 47.05% for 2024, 33.75% for 2025, and 32.99% for 2026 [5].