NAURA(SZ:002371) Minsheng Securities·2024-04-30 12:30Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company has demonstrated strong revenue and profit growth, with 2023 revenue reaching 22.079 billion yuan, a year-on-year increase of 50.32%, and a net profit of 3.899 billion yuan, up 65.73% year-on-year [1][2]. - The company is positioned as a leading platform in the domestic semiconductor equipment sector, with significant advancements in various equipment categories, including etching and deposition equipment [2]. - Revenue projections for 2024-2026 are estimated at 30.291 billion, 39.302 billion, and 47.888 billion yuan, respectively, with corresponding net profits of 5.405 billion, 7.259 billion, and 9.063 billion yuan [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 22.079 billion yuan, with a gross profit margin of 41.09%. The electronic process equipment segment contributed 19.611 billion yuan, growing by 62.29% and accounting for 88.82% of total revenue [1]. - For Q1 2024, the company reported revenue of 5.859 billion yuan, a 51.36% increase year-on-year, with a gross profit margin of 43.40% [1]. Equipment Development - The etching equipment segment generated nearly 6 billion yuan in revenue in 2023, with significant breakthroughs in 12-inch technology and widespread adoption in domestic fabs [2]. - The thin film deposition equipment segment also performed well, with over 60 billion yuan in revenue and numerous product launches [2]. Future Projections - The company is expected to maintain robust growth, with revenue forecasts of 30.291 billion yuan in 2024, 39.302 billion yuan in 2025, and 47.888 billion yuan in 2026, reflecting growth rates of 37.2%, 29.7%, and 21.8%, respectively [3].