NAURA(SZ:002371) Shanghai Aijian Securities·2025-12-02 08:17Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][31]. Core Insights - The company is positioned as a leading platform-type semiconductor equipment manufacturer in China, benefiting significantly from the domestic semiconductor self-sufficiency trend [6][31]. - The company is expected to see substantial revenue growth, with projected revenues of CNY 39.38 billion, CNY 48.75 billion, and CNY 59.96 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 32.0%, 23.8%, and 23.0% [4][31]. - The global semiconductor equipment market is anticipated to grow from USD 125.5 billion in 2024 to USD 150.5 billion in 2027, with a CAGR of 11.3% [6][20]. Financial Data and Profit Forecast - The company’s total revenue is projected to increase from CNY 22.08 billion in 2023 to CNY 29.84 billion in 2024, with a year-on-year growth rate of 50.3% [4]. - The net profit attributable to the parent company is expected to rise from CNY 3.90 billion in 2023 to CNY 5.62 billion in 2024, representing a year-on-year growth of 65.7% [4]. - The company’s gross margin is forecasted to remain stable, with values of 41.1%, 42.9%, and 42.8% for 2023, 2024, and 2025 respectively [4][16]. Industry and Company Situation - The company ranks first in the Chinese market and sixth globally in terms of market share, with a comprehensive product portfolio covering key semiconductor manufacturing processes [6][31]. - The report highlights the company's strategic acquisitions, including the purchase of Akrion in 2018 and Beijing Danpu in 2023, which have strengthened its capabilities in cleaning and coating equipment [7][31]. - The semiconductor equipment market in China is projected to grow from USD 49.1 billion in 2024 to USD 66.2 billion in 2027, driven by domestic wafer fab expansions and localization efforts [20][25]. Key Assumptions - The report assumes that the domestic semiconductor market will see increased investment in self-sufficiency initiatives, supported by local funds and government policies [6][31]. - It is expected that the value structure of semiconductor equipment in the domestic market will shift, with etching and deposition equipment gaining a larger share due to advanced process requirements [20][24]. Catalysts for Stock Performance - Key catalysts for the company's stock performance include successful validation of advanced process equipment, increased capital expenditures from major domestic wafer fabs, and strategic industry consolidation efforts [6][31].