NAURA(SZ:002371) Donghai Securities·2025-11-04 09:15Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company has achieved rapid growth in Q3 2025, with a year-on-year revenue increase of 32.97% to reach 27.301 billion yuan and a net profit of 5.130 billion yuan, reflecting a 14.83% increase [4] - The company benefits significantly from the domestic semiconductor equipment market, with a comprehensive product coverage in key processes such as etching and thin film deposition [4] - The company has increased its inventory by 30.01% year-on-year to 30.199 billion yuan, positioning itself to meet strong market demand and ensure stable product delivery [4] - R&D expenses have risen by 48.40% year-on-year to 3.285 billion yuan, indicating a commitment to innovation and enhancing market competitiveness [4] - The company is expected to benefit from the expansion of downstream wafer fabrication capacity and the trend of domestic substitution, with projected revenues of 39.283 billion yuan, 49.665 billion yuan, and 61.156 billion yuan for 2025, 2026, and 2027 respectively [4] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 11.160 billion yuan, a 38.31% increase year-on-year, and a net profit of 1.922 billion yuan, up 14.60% year-on-year [4] - The gross margin for Q3 2025 was 40.31%, a decrease of 1.95 percentage points year-on-year [4] Market Position - The company has expanded its market share due to the high demand in the semiconductor industry and its competitive product offerings [4] - The company has made significant advancements in technology, particularly in high-end semiconductor equipment, solidifying its leading position in the market [4] Future Projections - The company forecasts revenues of 39.283 billion yuan for 2025, 49.665 billion yuan for 2026, and 61.156 billion yuan for 2027, with corresponding net profits of 7.530 billion yuan, 9.672 billion yuan, and 11.860 billion yuan [5][6] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 39, 30, and 24 times respectively [4][5]