NAURA(SZ:002371) KAIYUAN SECURITIES·2024-05-06 03:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][12] Core Views - The company has significantly improved its market share in the platform-based semiconductor equipment sector, with cost reduction and efficiency enhancement driving high growth in performance [2][5] - In 2023, the company achieved a record high revenue of 22.08 billion yuan, representing a year-on-year increase of 50.32%, and a net profit of 3.90 billion yuan, up 65.73% year-on-year [5][6] - The company continues to see strong order growth, with new orders exceeding 30 billion yuan in 2023, and over 70% of these orders related to IC equipment [6][7] Financial Performance Summary - In Q1 2024, the company reported revenue of 5.86 billion yuan, a year-on-year increase of 51.36%, and a net profit of 1.13 billion yuan, up 90.4% year-on-year [5][6] - The gross profit margin for 2023 was 41.1%, slightly down by 2.73 percentage points year-on-year, while the gross profit margin for Q1 2024 improved to 43.4%, up 2.21 percentage points year-on-year [5][6] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 5.81 billion yuan, 7.91 billion yuan, and 9.96 billion yuan respectively [5][8] Market Position and Strategy - The company has made significant technological advancements in core semiconductor equipment, enhancing its market coverage and share [6][7] - The R&D expense ratio for Q1 2024 was 12.31%, indicating a commitment to innovation and product line expansion [7] - The company’s contract liabilities reached 9.25 billion yuan in Q1 2024, reflecting a growth of 11.23% compared to the end of 2023, indicating a positive trend in order intake [7]