NAURA(SZ:002371) SINOLINK SECURITIES·2025-04-09 00:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 29.838 billion RMB for 2024, reflecting a year-on-year growth of 35.14%, and a net profit of 5.693 billion RMB, up 46.01% year-on-year [3][5]. - For Q1 2025, the company anticipates revenue between 7.340 billion and 8.980 billion RMB, representing a growth of 23.35% to 50.91% year-on-year, with net profit expected to be between 1.420 billion and 1.740 billion RMB, a year-on-year increase of 24.69% to 52.79% [3]. - The company is positioned to benefit from the domestic semiconductor equipment market, with expectations of increased market share due to the ongoing trend of domestic substitution [4]. Performance Analysis - The company is expected to see continuous growth in revenue and profit, with projections for 2024-2026 showing revenues of 29.838 billion, 38.836 billion, and 46.902 billion RMB, respectively, and net profits of 5.693 billion, 7.668 billion, and 9.809 billion RMB [5][10]. - The company has successfully developed new products, enhancing its product matrix and solidifying its position as an industry leader [4]. Market Position and Strategy - The company is recognized as a leading domestic semiconductor equipment manufacturer, with a strong competitive edge in various core process equipment [4]. - The ongoing expansion plans of domestic storage manufacturers and advanced process technology are expected to provide the company with repeat order capabilities, contributing to significant revenue growth [4].