NAURA(002371) 国海证券·2024-10-23 03:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][73]. Core Insights - The company is a leading domestic player in semiconductor equipment, with a platform-based layout that has achieved multiple growth points across its business segments [4]. - The expansion potential of wafer fabs is significant, and under the backdrop of self-sufficiency, the domestic equipment localization rate is expected to increase [4]. - The company has made significant advancements in various equipment types, including ICP etching, PVD, CVD, ALD, thermal processing, and cleaning equipment, establishing itself as a key player in the high-end semiconductor equipment sector [4]. - Revenue projections for 2024-2026 are estimated at 30 billion, 39.4 billion, and 49.8 billion yuan, with corresponding net profits of 5.8 billion, 7.8 billion, and 9.9 billion yuan, reflecting robust growth rates [4][73]. Summary by Sections 1. Semiconductor Equipment Leader with Platform-Based Layout - The company has established a strong presence in semiconductor equipment, vacuum and lithium battery equipment, and precision electronic components [4][11]. - The shareholder structure is stable, with significant stakes held by Beijing Electronics Holdings and the National Integrated Circuit Industry Investment Fund, indicating strong support for the company's technological capabilities [13][16]. - New orders are steadily increasing, with revenue growing from 4.06 billion yuan in 2019 to 22.08 billion yuan in 2023, reflecting a compound annual growth rate of 52.73% [19]. 2. Wafer Fab Expansion Potential - China is a major market for semiconductors, holding the largest global market share [28]. - The localization rate of domestic semiconductor equipment is expected to rise, benefiting from the expansion of local wafer fabs [32]. - The domestic chip self-sufficiency rate is projected to be around 23.3%, with significant room for improvement, particularly among local manufacturers [32]. 3. Advantages of Platform Companies - The company has a leading position in ICP etching technology, with successful breakthroughs in CCP etching [4][43]. - It has established itself as a pioneer in PVD technology, with a comprehensive layout in CVD and ALD equipment [4][54]. - The company leads in thermal processing equipment and has a growing presence in cleaning equipment, with significant market share [4][67]. 4. Investment Recommendations - The company is expected to maintain strong growth in its electronic process equipment segment, with projected revenue growth rates of 40%, 34%, and 28% for 2024-2026 [70]. - The precision electronic components segment is expected to grow at around 3% annually, reflecting stable demand [70]. - The overall financial outlook is positive, with projected net profits showing substantial growth over the next few years [73].