NAURA(002371) 华金证券·2025-01-14 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant year-on-year growth in 2024, driven by self-control and capacity expansion [1] - The company's revenue for 2024 is projected to be between 27.6 billion and 31.78 billion yuan, representing a year-on-year growth of 25.00% to 43.93% [4] - The net profit attributable to shareholders for 2024 is expected to be between 5.17 billion and 5.95 billion yuan, with a year-on-year increase of 32.60% to 52.60% [4] - The company has made breakthroughs in multiple new products, enhancing its product matrix and market share [4] Financial Data and Valuation - Revenue for 2022 was 14.688 billion yuan, with a year-on-year growth of 51.7% [6] - Revenue projections for 2024, 2025, and 2026 are 30.282 billion, 40.214 billion, and 50.167 billion yuan, respectively, with growth rates of 37.2%, 32.8%, and 24.8% [6] - The net profit for 2024 is projected at 5.698 billion yuan, with a year-on-year growth of 46.1% [6] - The company's gross margin is expected to be 42.5% in 2024, increasing to 45.1% by 2026 [6] - The price-to-earnings ratio (P/E) is projected to be 36.6, 26.0, and 21.1 for 2024, 2025, and 2026, respectively [6]