NAURA(SZ:002371) Zhao Yin Guo Ji·2025-04-10 08:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 512 RMB, based on a 36x FY25 forecasted P/E ratio, aligning with the industry average [1][2]. Core Insights - The company is expected to benefit from the accelerated localization trend in the semiconductor industry, with a projected revenue growth of 35.1% year-on-year to 29.8 billion RMB in 2024, driven by breakthroughs in multiple new products in the integrated circuit equipment sector [1][2]. - The net profit for 2024 is forecasted to grow by 44.2% year-on-year to 5.6 billion RMB, with an improved net profit margin of 18.8% [1]. - For Q1 2025, the company anticipates a revenue increase of 39.3% year-on-year to 8.2 billion RMB, exceeding consensus expectations [1][2]. Financial Summary - Revenue for FY24 is projected at 30.9 billion RMB, with a year-on-year growth of 39.7%, and for FY25, revenue is expected to reach 39.0 billion RMB, reflecting a 26.5% increase [3]. - The net profit for FY24 is estimated at 5.8 billion RMB, a 48.9% increase from the previous year, while FY25's net profit is projected at 7.5 billion RMB, growing by 30.0% [3]. - The company’s gross margin is expected to improve to 43.7% in FY24 and 44.3% in FY25, indicating enhanced operational efficiency [3][10]. Market Position and Trends - The company has seen a steady increase in market share due to continuous innovation and successful mass production of new products, including capacitive coupling plasma etching equipment and atomic layer deposition equipment [2]. - The report highlights that the consolidation within the Chinese semiconductor industry is expected to accelerate, benefiting leading companies like the one under review [2]. - The impact of U.S. tariffs on China is deemed minimal in the short term, as the company generates its revenue solely from the domestic market [2].