NAURA(002371) 中原证券·2024-11-04 09:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [1][14]. Core Views - The company is experiencing rapid growth in performance, with significant improvements in profitability driven by increasing customer demand and continuous expansion of its business boundaries [1][2]. - The global semiconductor equipment market is anticipated to witness strong growth, with Chinese wafer fabs expected to maintain high expenditures on 300mm equipment in the coming years [3][4]. - The company is positioned as a leading domestic platform for semiconductor equipment, benefiting from the domestic substitution trend in the semiconductor industry [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 20.353 billion yuan, representing a year-on-year increase of 39.51%, and a net profit attributable to shareholders of 4.463 billion yuan, up 54.72% year-on-year [1]. - The company's gross margin for the first three quarters of 2024 was 44.22%, an increase of 4.39% year-on-year, while the net profit margin was 21.91%, up 1.52% year-on-year [1][2]. - The company forecasts revenues of 30.239 billion yuan, 40.165 billion yuan, and 50.681 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 5.638 billion yuan, 7.643 billion yuan, and 9.907 billion yuan [3][4]. Market Position and Growth Potential - The company has successfully developed several high-end equipment with independent intellectual property rights, which are now being produced in stable quantities at multiple client sites [2]. - The company is expanding its production capacity through the completion of its semiconductor equipment industrialization base phase four, enhancing its manufacturing capabilities [2]. - The semiconductor equipment industry is expected to grow significantly, with global sales projected to reach 109 billion USD in 2024, reflecting a 3.4% year-on-year increase [3][4].