NAURA(SZ:002371) Dongguan Securities·2025-10-31 10:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company reported record-high quarterly performance in Q3 2025, achieving revenue of 27.301 billion yuan, a year-on-year increase of 32.97%, and a net profit attributable to shareholders of 5.130 billion yuan, up 14.83% year-on-year [4][7] - The company's Q3 2025 revenue reached 11.160 billion yuan, representing a year-on-year growth of 38.31% and a quarter-on-quarter increase of 40.63% [7] - The company continues to strengthen its technological leadership through high R&D investment, with R&D expenses reaching 3.285 billion yuan in Q3 2025, a 49.89% increase year-on-year, accounting for 12.03% of revenue [7] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 27.301 billion yuan and a net profit of 5.130 billion yuan, with Q3 figures showing significant growth [4][7] - The gross profit margin for the first three quarters was 41.41%, a decrease of 2.81 percentage points year-on-year, while the net profit margin was 18.24%, down 3.67 percentage points year-on-year [7] R&D and Market Position - The company has maintained a strong focus on R&D, with a notable increase in R&D expenses and a growing market share in the semiconductor equipment sector [7] - The company has established a comprehensive product lineup in various semiconductor equipment categories, positioning itself as a leader in the domestic market [7] Earnings Forecast - The projected earnings per share for 2025 and 2026 are 10 yuan and 13 yuan, respectively, with corresponding price-to-earnings ratios of 40 times and 31 times [8][9]