NAURA(SZ:002371) ZHONGTAI SECURITIES·2024-10-30 11:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record high performance in Q3, with semiconductor equipment production ramping up [1] - The company is positioned as a leading domestic semiconductor equipment provider, benefiting significantly from the trend of localization [4] - The company's revenue for the first three quarters of 2024 reached 20.353 billion yuan, a year-on-year increase of 39.51%, while net profit attributable to shareholders was 4.463 billion yuan, up 54.72% year-on-year [3] Financial Performance Summary - Revenue Forecasts: - 2022A: 14.688 billion yuan - 2023A: 22.079 billion yuan - 2024E: 30.095 billion yuan - 2025E: 39.640 billion yuan - 2026E: 49.436 billion yuan [1] - Net Profit Forecasts: - 2022A: 2.353 billion yuan - 2023A: 3.899 billion yuan - 2024E: 5.895 billion yuan - 2025E: 7.788 billion yuan - 2026E: 8.837 billion yuan [1] - Earnings Per Share (EPS): - 2022A: 4.41 yuan - 2023A: 7.31 yuan - 2024E: 11.06 yuan - 2025E: 14.61 yuan - 2026E: 16.58 yuan [1] - Gross Margin and Net Margin: - Q3 2024 gross margin was 42.26%, up 5.89 percentage points year-on-year, while net margin was 20.95%, up 3.42 percentage points year-on-year [3] Business Segment Performance - The semiconductor equipment segment saw a significant revenue increase, contributing to overall performance growth [3] - The company's electronic process equipment revenue for H1 2024 was 11.396 billion yuan, a year-on-year increase of 55.07%, accounting for 92.39% of total revenue [3] - The company successfully developed several high-end equipment with independent intellectual property rights, enhancing its product matrix and expanding its process coverage [3] Market Position and Strategy - The company captured over 8% of the domestic wafer fab equipment capital expenditure, indicating a strong position in the market [4] - The company continues to deepen customer needs and expand innovation boundaries, which is expected to drive future growth [3][4]