NAURA(SZ:002371) China Post Securities·2024-02-07 16:00Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index over the next six months [7][10]. Core Views - The company is implementing a "Quality Return Dual Improvement" action plan aimed at enhancing operational management, core competitiveness, profitability, and comprehensive risk management to achieve sustainable development and reward investors [5][6]. - The company focuses on core business development, innovation-driven strategies, solid corporate governance, improved investor communication, and ensuring reasonable returns for shareholders [5][6]. - The company has seen a significant increase in new orders, exceeding 30 billion yuan in 2023, with over 70% coming from the integrated circuit sector, benefiting from a customer-oriented product innovation strategy [6][7]. Financial Performance - The company is projected to achieve revenues of 22 billion yuan, 30 billion yuan, and 40 billion yuan for the years 2023, 2024, and 2025 respectively, with corresponding net profits of 4 billion yuan, 5.7 billion yuan, and 7.8 billion yuan [7][9]. - The average cash dividend payout ratio over the past three years is 10.04%, with a cash dividend amount of 236 million yuan in 2023 [5][6]. - The company has a strong patent portfolio with over 7,900 applications and 4,600 granted patents, leading the domestic integrated circuit equipment sector [5][6]. Market Outlook - The global semiconductor wafer production capacity is expected to grow by 6.4% in 2024, with significant investments in advanced manufacturing projects in mainland China [6]. - The company is well-positioned to benefit from the ongoing expansion wave in the semiconductor industry, leveraging its core equipment capabilities in etching, thin films, cleaning, and furnace tubes [6][7].