NAURA(002371) 国盛证券·2025-02-13 00:23Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is recognized as a leading domestic semiconductor equipment manufacturer, showcasing robust growth in revenue and profit margins. The revenue for Q1-Q3 2024 reached 20.4 billion yuan, marking a year-on-year increase of 39.5%, while the net profit attributable to shareholders was 4.5 billion yuan, up 54.7% year-on-year [4][23]. - The semiconductor equipment market is projected to expand significantly, with the global thin film deposition equipment market expected to reach 23.96 billion USD by 2025, and the domestic market anticipated to exceed 8.2 billion USD [2]. - The company has established a comprehensive product matrix in the thin film deposition sector and is expanding its capabilities in the etching equipment market, which is crucial for semiconductor manufacturing [3][4]. Summary by Sections Company Overview - Founded in September 2001, the company specializes in semiconductor equipment and precision electronic components, maintaining a leading position in high-end electronic process equipment in China. The company achieved a revenue of over 10 billion yuan for the first time in 2022 [13][15]. Market Position and Product Development - The company has developed over 40 PVD equipment models and has shipped more than 3,500 chambers, covering the metallization processes for logic and memory chips. Additionally, it has launched over 30 CVD products, supporting more than 50 clients [2]. - In the etching sector, the company has shipped over 3,200 ICP etching machines and is expanding into the CCP etching market, with significant installations of its 12-inch deep silicon etching machine [3]. Financial Performance and Projections - The company is expected to achieve revenues of 29.7 billion, 39.5 billion, and 48.6 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 5.6 billion, 7.7 billion, and 9.9 billion yuan [4][6]. - The company has demonstrated a compound annual growth rate (CAGR) of 52.7% in revenue and 88.5% in net profit from 2019 to 2023, indicating strong operational efficiency and market demand [23][25]. Strategic Initiatives - The company has restructured its core components business to enhance its semiconductor parts platform, which is expected to drive further growth in the semiconductor sector [4]. - The management team possesses extensive industry experience, and the company has implemented stock incentive plans to align management interests with long-term growth objectives [21][19].