NAURA(SZ:002371) Shanghai Aijian Securities·2025-12-12 05:39Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The acquisition of Chengdu Guotai Vacuum Equipment Co., Ltd. (holding 90% stake) is expected to accelerate domestic substitution in key segments of optical coating equipment [6]. - The optical coating equipment market is projected to grow, with a global market size of approximately $27 billion in 2024 and a compound annual growth rate (CAGR) exceeding 6.7% from 2024 to 2032 [6]. - The acquisition is anticipated to enhance the company's product portfolio in the optical vacuum equipment sector, supporting long-term performance growth amid ongoing domestic wafer factory expansions and the push for domestic substitution of core front-end equipment [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 22,079 million yuan - 2024: 29,838 million yuan (50.3% YoY growth) - 2025: 39,375 million yuan (32.0% YoY growth) - 2026: 48,753 million yuan (23.8% YoY growth) - 2027: 59,961 million yuan (23.0% YoY growth) [5][8]. - Net profit forecasts are: - 2023: 3,899 million yuan - 2024: 5,621 million yuan (65.7% YoY growth) - 2025: 7,270 million yuan (29.3% YoY growth) - 2026: 9,526 million yuan (31.0% YoY growth) - 2027: 11,866 million yuan (24.6% YoY growth) [5][8]. - The company's projected earnings per share (EPS) are: - 2023: 5.38 yuan - 2024: 7.76 yuan - 2025: 10.04 yuan - 2026: 13.16 yuan - 2027: 16.39 yuan [5][8]. Market Position and Competitive Landscape - The high-end vacuum coating equipment market is currently dominated by foreign manufacturers, indicating significant opportunities for domestic companies to enhance their capabilities [6]. - The acquisition is expected to strengthen the company's competitive advantage in advanced manufacturing equipment by completing its product range from basic vacuum equipment to high-end optical coating equipment [6].