NAURA(002371) -·2025-01-15 07:03Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted from Rmb506.50 to Rmb485.50 [4][5]. Core Insights - The company forecasts a revenue growth of 25% to 43.9% for 2024, with an estimated revenue of approximately Rmb297 billion, reflecting a year-on-year increase of 34.5% [1][2]. - The net profit attributable to shareholders is expected to grow by 32.6% to 52.6%, with an estimated net profit of Rmb55.6 billion, a year-on-year increase of 42.6% [1][2]. - The growth in 2024 is attributed to new product developments, market share expansion, and economies of scale leading to lower unit costs [2]. Revenue and Profit Forecast Adjustments - Revenue and profit forecasts for 2024 have been adjusted downwards by 1.3% and 3.9%, respectively, with revised estimates of Rmb29.75 billion in revenue and Rmb5.65 billion in net profit for 2024 [3][9]. - The compound annual growth rate (CAGR) for revenue and profit is projected to be 32% from 2024 to 2026 [3]. Valuation Metrics - The target price is based on a price-to-book (P/B) ratio of 7.1x for 2025, down from 7.3x, and corresponds to a price-to-earnings (P/E) ratio of 35x for 2025 [4][10]. - The company's market capitalization is approximately Rmb204 billion (US$27.8 billion) [5]. Financial Performance Indicators - The company has achieved a compound annual growth rate (CAGR) of 49% in revenue from 2020 to 2024 [2]. - The estimated earnings per share (EPS) for 2024 is Rmb10.62, with projections of Rmb14.00 for 2025 and Rmb18.58 for 2026 [7][9].