NAURA(002371) 东吴证券·2024-10-31 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance slightly exceeded the forecast median, with semiconductor equipment remaining the main growth driver. For the first three quarters of 2024, the company achieved revenue of 20.353 billion yuan, a year-on-year increase of 39.51%, with electronic process equipment (semiconductor equipment + vacuum & lithium battery equipment) revenue approximately 19 billion yuan, up 47% year-on-year, accounting for 93% of total revenue [2] - The company's profitability continues to improve year-on-year, with platform advantages gradually becoming apparent. The gross margin for the first three quarters of 2024 was 44.22%, up 4.39 percentage points year-on-year. The net profit margin was 21.91%, up 1.52 percentage points year-on-year [3] - The company is positioned as a domestic semiconductor equipment platform company, which will benefit from the domestic substitution trend in the long term. The company has made significant advancements in various equipment types, including etching equipment, thin film deposition equipment, vertical furnaces, and cleaning machines, which have become preferred choices for domestic mainstream chip manufacturers [4] Financial Forecasts and Valuation - Considering the company's order situation, the forecasted net profits for 2024-2026 are 5.9 billion yuan (originally 5.6 billion), 7.8 billion yuan (originally 7.3 billion), and 10 billion yuan (originally 9.2 billion), respectively. The current market value corresponds to dynamic P/E ratios of 35, 27, and 21 times [5]