NAURA(002371) 华安证券·2024-11-07 05:50Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 20.4 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 40%, with a net profit attributable to shareholders of 4.5 billion yuan, up 55% year-on-year [2][3] - In Q3 2024, the company reported a revenue of 8 billion yuan, a quarter-on-quarter increase of 24% and a year-on-year increase of 30%, with a net profit of 1.7 billion yuan, a quarter-on-quarter increase of 2% and a year-on-year increase of 55% [2] - The domestic semiconductor equipment market is expected to benefit from increased capital expenditure driven by the localization of wafer manufacturing, with China's 12-inch wafer capacity projected to reach 25% of the global total by 2026 [2][3] - The company has made significant product breakthroughs through high R&D investment, including the launch of several new products such as the 12-inch Accura LX etching machine and the Cygnus series PECVD equipment [2] - The company is expected to achieve net profits of 5.7 billion yuan, 7.9 billion yuan, and 11.3 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 11 yuan, 15 yuan, and 21 yuan [2][3] Financial Summary - For 2024, the company is projected to have a revenue of 29.8 billion yuan, with a year-on-year growth of 34.9% [3] - The net profit attributable to shareholders is expected to be 5.7 billion yuan in 2024, reflecting a year-on-year growth of 47.3% [3] - The gross margin is forecasted to be 42.2% in 2024, increasing to 44.0% by 2026 [3][6] - The return on equity (ROE) is projected to rise from 18.7% in 2024 to 22.7% in 2026 [3][6] - The company’s total assets are expected to grow from 71.1 billion yuan in 2024 to 113.9 billion yuan in 2026 [5]