NAURA(002371) 长江证券·2024-11-04 04:10Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company has demonstrated significant advantages as a leading player in the industry, with a strong order backlog ensuring robust growth momentum [4][6]. - The company reported a revenue of 8.018 billion yuan for Q3 2024, a year-on-year increase of 30.12%, and a net profit attributable to shareholders of 1.682 billion yuan, up 55.02% year-on-year [4]. - The company has a solid pipeline of innovative products and is accelerating its platform-based development strategy [4][6]. Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 20.353 billion yuan, representing a year-on-year increase of 39.51%, and a net profit of 4.463 billion yuan, up 54.72% year-on-year [4]. - The gross profit margin for Q3 2024 was 42.26%, an increase of 5.89 percentage points year-on-year, while the gross profit margin for the first three quarters was 44.22%, up 4.39 percentage points year-on-year [4]. - The company has significant contract liabilities and inventory, amounting to 7.8 billion yuan and 23.2 billion yuan respectively, which supports future revenue growth [4]. Product Development and Market Position - The company has successfully developed several high-end products with independent intellectual property rights, including HDPCVD and ALD equipment, which have been stably mass-produced at multiple client sites [4][6]. - The company is well-positioned in the semiconductor equipment market, benefiting from the trend of domestic substitution, with expectations for long-term revenue and profit growth [6]. Stock Option Incentive Plan - In August 2024, the company announced a stock option incentive plan, granting approximately 9.19 million stock options, which represents 1.73% of the total share capital [5]. - The incentive plan targets 2,015 individuals, primarily core technical personnel and management, with performance metrics including revenue growth and R&D investment [5].