NAURA(002371) 东方证券·2025-01-01 08:58Investment Rating - The report initiates coverage on the company with a Buy rating and sets a target price of 547.95 CNY [2] Core Views - The company is a leading state-owned platform equipment manufacturer in China, with strong and sustained performance growth [1] - The semiconductor equipment industry is optimistic about long-term demand, driven by emerging applications such as AI, IoT, smart vehicles, and cloud computing [1] - The company has advanced domestic capabilities in etching and thin film deposition equipment, continuously expanding its platform capabilities [1] Company Overview - The company is a leader in high-end integrated circuit (IC) process equipment in China, focusing on semiconductor equipment, vacuum and lithium battery equipment, and precision electronic components [1] - Revenue has grown significantly from 2.22 billion CNY in 2017 to 22.08 billion CNY in 2023, driven by market recognition of its core process equipment [1] - The company has achieved full coverage in etching equipment for silicon, metal, and dielectric, and plans to launch a 12-inch dual damascene CCP dielectric etching machine, expanding into new business areas such as storage, CIS, and power semiconductors [1][54] Industry Analysis - The global semiconductor equipment market is expected to grow to 127 billion USD by 2025, with front-end equipment accounting for 90% of the total investment [1][41] - China is the largest semiconductor equipment market globally, with a 13% growth rate in wafer capacity in 2024, leading the world [1][45] - The domestic semiconductor equipment market is poised for rapid growth due to the increasing localization rate of domestic equipment manufacturers [1] Product and Technology - The company has achieved significant breakthroughs in etching and thin film deposition equipment, with cumulative shipments exceeding 3,500 chambers for PVD equipment and 1,000 chambers for CVD equipment [1][68][91] - The company has developed a comprehensive product matrix, including etching, thin film deposition, cleaning, and furnace tube equipment, with a strong focus on R&D and innovation [1][13] - In the field of precision electronic components, the company has developed new products such as analog link products and silicon capacitors, which are widely used in communication, transportation, and power sectors [14][104] Financial Performance - The company's revenue in 2023 reached 22.08 billion CNY, a 50% year-on-year increase, with net profit attributable to shareholders growing by 66% to 3.9 billion CNY [66] - The company secured new orders exceeding 30 billion CNY in 2023, with over 70% coming from the IC sector, ensuring medium- to long-term growth [15] Future Outlook - The company is expected to further enhance its technological capabilities in semiconductor equipment and precision electronic components, improving its market influence and profitability [16] - The company's financial structure is expected to optimize, with increased total assets and net assets, and a reduced debt-to-asset ratio, lowering financial risks [17]