NAURA(002371) 华创证券·2024-10-31 16:37Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 457.7 CNY [1]. Core Views - The company achieved record high performance in Q3 2024, with significant profit acceleration for the industry leader. Revenue for the first three quarters of 2024 reached 20.353 billion CNY, a year-on-year increase of 39.51%. The gross margin was 44.22%, up 4.39 percentage points year-on-year, and the net profit attributable to shareholders was 4.463 billion CNY, reflecting a year-on-year growth of 54.72% [1]. - The demand recovery and terminal innovation are expected to drive wafer factory expansions, benefiting platform-type equipment companies like the report's subject. The company’s etching equipment and deposition products have become preferred choices among domestic chip manufacturers [1]. - Changes in international trade dynamics are accelerating the domestic substitution of equipment, with the market share of leading manufacturers expected to rise significantly. The company is positioned to benefit from the rapid growth of the market and the substantial increase in its market share [1]. Financial Summary - For 2024, the company is projected to achieve total revenue of 30.573 billion CNY, a year-on-year growth of 38.5%, and a net profit of 5.866 billion CNY, reflecting a growth of 50.4% [2]. - The earnings per share (EPS) are expected to be 11.00 CNY in 2024, with a price-to-earnings (P/E) ratio of 36 [2]. - The company’s total assets are projected to reach 62.81 billion CNY by 2024, with a debt-to-equity ratio of 51.9% [6].