NAURA(002371) 太平洋·2024-11-11 23:55Investment Rating - The report maintains a "Buy" rating for the company, North China Huachuang (002371) [1][4]. Core Views - The company has shown significant growth in Q3 2024, with revenue reaching 80.18 billion yuan, a year-on-year increase of 30.12% and a quarter-on-quarter increase of 23.81%. The net profit attributable to shareholders was 16.82 billion yuan, reflecting a year-on-year growth of 55.02% and a quarter-on-quarter growth of 1.68% [2][3]. - The strong performance is attributed to the high growth in the electronic process equipment segment, which has led to an increase in market share and improved operational efficiency [3]. - The company has a healthy backlog of orders, with contract liabilities at 7.783 billion yuan and inventory increasing from 16.992 billion yuan at the end of 2023 to 23.229 billion yuan by Q3 2024, indicating robust demand and operational capacity [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 20.353 billion yuan, a year-on-year increase of 39.51%, and a net profit of 4.463 billion yuan, up 54.72% year-on-year [2][3]. - The projected revenue for 2024-2026 is 30.070 billion yuan, 39.196 billion yuan, and 49.736 billion yuan, respectively, with corresponding net profits of 5.734 billion yuan, 7.694 billion yuan, and 10.224 billion yuan [4]. Growth Drivers - The company's growth is driven by its focus on customer needs, product matrix expansion, and process coverage, leading to a steady increase in revenue and market share [3]. - New orders signed in 2023 exceeded 30 billion yuan, providing a solid foundation for growth in 2024 [3]. Valuation Metrics - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 41.63x, 31.03x, and 23.35x, respectively, indicating a favorable valuation outlook as earnings grow [4].