NAURA(002371) 东吴证券·2025-01-14 08:06Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][4]. Core Insights - The company is expected to achieve a revenue of 276.0-317.8 billion yuan in 2024, representing a year-on-year growth of 25.0-43.9%. The forecasted net profit attributable to shareholders is between 5.17-5.95 billion yuan, with a growth rate of 32.6%-52.6% [2]. - The company's product offerings, including CCP etching equipment, PECVD, atomic deposition vertical furnaces, and stacked cleaning machines, are gaining traction, leading to increased market share and operational efficiency [2][4]. - The company's profitability in Q4 is impacted by stock incentive expenses and a decrease in the capitalization ratio of R&D expenses, with an expected net profit margin of 11.8% [3]. Financial Projections - The company forecasts total revenue of 30,056 million yuan for 2024, with a year-on-year growth of 36.13%. The net profit attributable to shareholders is projected at 5,867 million yuan, reflecting a growth of 50.46% [1][4]. - The earnings per share (EPS) is expected to reach 11.00 yuan in 2024, with a dynamic P/E ratio of 34.76 [1][4]. - The report anticipates continued growth in net profit for 2025 and 2026, with projections of 7,798 million yuan and 10,016 million yuan respectively [4].