NAURA(SZ:002371) Zhongyuan Securities·2024-05-03 04:02Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [2][17]. Core Insights - The company has demonstrated continuous high growth in revenue and net profit, with 2023 revenue reaching 22.079 billion yuan, a year-on-year increase of 50.32%, and net profit of 3.899 billion yuan, up 65.73% year-on-year [5][8]. - In Q1 2024, the company reported revenue of 5.859 billion yuan, a 51.36% increase year-on-year, and net profit of 1.127 billion yuan, reflecting a 90.40% year-on-year growth [5][8]. - The company has secured over 30 billion yuan in new orders in 2023, with more than 70% coming from the integrated circuit sector, ensuring continued revenue growth for 2024 [5][6]. Financial Performance - The company's gross margin for 2023 was 41.10%, a decrease of 2.73% year-on-year, while Q1 2024 gross margin improved to 43.40%, an increase of 2.22% year-on-year [5][6]. - The net profit margin for 2023 was 18.26%, up 0.96% year-on-year, and for Q1 2024, it was 19.09%, reflecting a year-on-year increase of 3.20% [5][6]. - The company is expected to achieve revenues of 30.239 billion yuan, 40.165 billion yuan, and 50.681 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 5.638 billion yuan, 7.643 billion yuan, and 9.907 billion yuan [6][8]. Market Outlook - The global semiconductor equipment market is anticipated to enter a new growth phase, with significant investments expected in mainland China's wafer fabs, projected to exceed 30 billion USD annually over the next four years [5][6]. - The company is well-positioned to benefit from the domestic semiconductor equipment localization trend, having established a comprehensive platform covering key processes such as etching, film deposition, and cleaning [6][7].