NAURA(SZ:002371) Ping An Securities·2025-08-31 09:05Investment Rating - The report maintains a "Recommended" investment rating for the company [1][14]. Core Views - The company achieved revenue of 16.142 billion yuan in the first half of 2025, representing a year-on-year increase of 29.51%, with a net profit attributable to shareholders of 3.208 billion yuan, up 14.97% year-on-year [4][9]. - The company continues to benefit from the domestic semiconductor equipment localization trend, with significant milestones in equipment delivery and new product launches enhancing its competitive position [9][10]. - The report forecasts net profits for 2025-2027 to be 7.411 billion yuan, 9.588 billion yuan, and 12.279 billion yuan respectively, with corresponding P/E ratios of 36, 28, and 22 [9][11]. Financial Performance Summary - Revenue projections for 2023A to 2027E are 22,079 million yuan, 29,838 million yuan, 39,685 million yuan, 51,590 million yuan, and 67,067 million yuan, with year-on-year growth rates of 50.3%, 35.1%, 33.0%, 30.0%, and 30.0% respectively [7][12]. - Net profit projections for the same period are 3,899 million yuan, 5,621 million yuan, 7,411 million yuan, 9,588 million yuan, and 12,279 million yuan, with year-on-year growth rates of 65.7%, 44.2%, 31.8%, 29.4%, and 28.1% respectively [7][12]. - The company reported a gross margin of 42.17% and a net margin of 19.83% for the first half of 2025, with stable expense ratios across sales, management, and financial costs [9]. Product and Market Positioning - The company has achieved significant milestones in equipment delivery, with over 1,000 units delivered for vertical furnaces and physical vapor deposition (PVD) equipment, alongside new product launches in ion implantation and electroplating [9][10]. - The company has established a comprehensive product lineup in etching, thin film deposition, and thermal processing equipment, with revenues from etching equipment exceeding 5 billion yuan and thin film deposition equipment exceeding 6.5 billion yuan in the first half of 2025 [9][10].