NAURA(SZ:002371) CMS·2025-10-31 05:12Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][4]. Core Insights - The company reported a revenue of 11.16 billion yuan in Q3 2025, representing a year-on-year increase of 38.3% and a quarter-on-quarter increase of 40.6%. The net profit attributable to shareholders was 1.922 billion yuan, up 14.6% year-on-year and 18% quarter-on-quarter. The company has a strong order backlog, indicating a healthy growth trajectory for future revenues [1][7]. - The company is enhancing its platform advantages by expanding its product offerings, including new ion implantation and electroplating equipment. This expansion is expected to strengthen its market position [7][8]. - As of the end of Q3 2025, the company had inventory worth 30.2 billion yuan and contract liabilities of 4.7 billion yuan, indicating a robust order book and potential for sustained revenue growth [7][8]. Financial Data and Valuation - The projected total revenue for the company is expected to reach 39.12 billion yuan in 2025, 48.76 billion yuan in 2026, and 59.41 billion yuan in 2027, with corresponding net profits of 7.21 billion yuan, 9.31 billion yuan, and 11.76 billion yuan respectively. The price-to-earnings (PE) ratios are projected to be 41.8, 32.3, and 25.6 for the years 2025, 2026, and 2027 [3][10]. - The company’s total assets are projected to grow from 53.625 billion yuan in 2023 to 109.992 billion yuan in 2027, with total liabilities increasing from 28.8 billion yuan to 49.616 billion yuan over the same period [8][9]. Key Financial Ratios - The company is expected to maintain a gross margin of approximately 42% in 2025, with a net profit margin of around 18.4%. Return on equity (ROE) is projected to be 21% in 2025, indicating strong profitability [10][11]. - The asset-liability ratio is expected to decrease from 53.7% in 2023 to 45.1% in 2027, reflecting improved financial stability [10].