NAURA(002371) 国盛证券·2025-02-13 06:07Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading domestic semiconductor equipment manufacturer with a strong growth trajectory, achieving a revenue of 20.4 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 39.5%, and a net profit of 4.5 billion yuan, up 54.7% year-on-year [4][23] - The semiconductor equipment market is expected to grow significantly, with the global thin film deposition equipment market projected to reach 23.96 billion USD by 2025, and the domestic market expected to exceed 8.2 billion USD [2] - The company has a comprehensive product matrix in thin film deposition and etching equipment, with over 40 PVD devices launched and more than 3,500 units shipped by the end of 2023 [2][3] Summary by Sections Company Overview - Established in September 2001, the company specializes in semiconductor equipment and precision electronic components, maintaining a leading position in high-end electronic process equipment and precision electronic components in China [4][15] - The company has undergone strategic restructuring and acquisitions to enhance its product offerings and market position, including the acquisition of Akrion Systems LLC in 2018 [13][15] Market Potential - The semiconductor equipment market is vast, with domestic manufacturers currently holding less than 20% market share in key segments dominated by international players [2] - The demand for etching equipment is driven by advancements in chip manufacturing processes, with increasing complexity in production requiring more etching steps [3] Product Development - The company has developed a robust product lineup in the ICP etching technology and is expanding into the CCP etching field, with over 3,200 ICP etching devices shipped by the end of 2023 [3] - The company is also enhancing its core components business through restructuring and establishing a new entity focused on semiconductor core components [4] Financial Performance - The company has demonstrated strong financial growth, with a compound annual growth rate (CAGR) of 52.7% in revenue and 88.5% in net profit from 2019 to 2023 [23] - Forecasts indicate continued growth, with expected revenues of 29.7 billion yuan in 2024, 39.5 billion yuan in 2025, and 48.6 billion yuan in 2026, alongside net profits of 5.6 billion yuan, 7.7 billion yuan, and 9.9 billion yuan respectively [4][6] Management and Governance - The management team possesses extensive industry experience, with significant backgrounds in semiconductor technology and operations, which supports the company's strategic direction [19][21] - The company has implemented stock option incentives to align management interests with long-term growth objectives, with performance targets linked to revenue growth and R&D investment [21][22]