NAURA(002371) 兴业证券·2024-11-10 04:06Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][4]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 20.353 billion yuan, a year-on-year growth of 39.51%, and net profit attributable to shareholders at 4.463 billion yuan, up 54.72% year-on-year [1][3]. - The growth in revenue and profit is primarily driven by the rapid increase in electronic process equipment sales and a decrease in cost expense ratio [1][3]. - The company has a robust order backlog, with contract liabilities amounting to 7.783 billion yuan, indicating strong demand for its products [2][3]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 8.018 billion yuan, a year-on-year increase of 30.12% and a quarter-on-quarter increase of 23.81%. The net profit for the same period was 1.682 billion yuan, reflecting a year-on-year growth of 55.02% [1][3]. - The gross margin for Q3 2024 was 42.26%, up 5.89 percentage points year-on-year, while the net profit margin was 20.95%, an increase of 2.83 percentage points year-on-year [1][3]. - R&D expenses for the first three quarters of 2024 were 2.192 billion yuan, a 57.83% increase year-on-year, representing a R&D expense ratio of 10.77% [1][3]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 30.076 billion yuan, 39.099 billion yuan, and 49.082 billion yuan, respectively, with year-on-year growth rates of 36.2%, 30.0%, and 25.5% [3][6]. - Net profit forecasts for the same years are 5.869 billion yuan, 7.702 billion yuan, and 10.141 billion yuan, with corresponding growth rates of 50.5%, 31.2%, and 31.7% [3][6]. - The report anticipates that the company will benefit significantly from the increasing domestic production rate of semiconductor equipment [3][4].