NAURA(SZ:002371) Changjiang Securities·2024-05-14 02:02Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][7]. Core Insights - In 2023, the company achieved a revenue of 22.079 billion yuan, representing a year-on-year growth of 50.32%. The net profit attributable to shareholders was 3.899 billion yuan, up 65.73% year-on-year, while the net profit excluding non-recurring items reached 3.581 billion yuan, increasing by 70.05% year-on-year. The gross margin was 41.10%, a decrease of 2.73 percentage points year-on-year, and the net profit margin attributable to shareholders was 17.66%, an increase of 1.64 percentage points year-on-year [5][6][7]. - In Q1 2024, the company reported a revenue of 5.859 billion yuan, a year-on-year increase of 51.36%. The net profit attributable to shareholders was 1.127 billion yuan, up 90.40% year-on-year, and the net profit excluding non-recurring items was 1.072 billion yuan, increasing by 100.91% year-on-year. The gross margin improved to 43.40%, an increase of 2.21 percentage points year-on-year, and the net profit margin attributable to shareholders was 19.23%, up 3.94 percentage points year-on-year [5][6][7]. Business Performance - The company's electronic process equipment and electronic components generated revenues of 19.611 billion yuan and 2.433 billion yuan, respectively, with year-on-year growth rates of 62.29% and a decline of 5.51%. The gross margins for these segments were 38.04% and 65.65%, with changes of 0.34 percentage points and a decrease of 6.88 percentage points, respectively. The electronic process equipment business saw simultaneous growth in revenue and profitability, driven by new product expansions in integrated circuit equipment and economies of scale. However, the electronic components business experienced fluctuations in revenue and profitability due to a slowdown in market demand [6][7]. - The company invested 2.475 billion yuan in R&D in 2023, a year-on-year increase of 34.14%, accounting for 11.21% of total revenue. This sustained investment has enhanced the competitiveness of the company's product offerings, with new orders exceeding 30 billion yuan in 2023, ensuring future performance growth [6][7]. Product Development - The company has made significant breakthroughs in core products. As of the end of 2023, the cumulative shipments of ICP and CCP etching equipment exceeded 3,200 and 100 units, respectively. The CCP medium etching equipment has covered multiple key processes in logic, memory, and power semiconductor fields. Additionally, TSV equipment is widely used in domestic mainstream fab plants and advanced packaging factories, leading the market share in domestic TSV production lines. The revenue from etching equipment in 2023 was nearly 6 billion yuan [6][7]. - In the thin film equipment segment, the company has launched over 40 PVD devices, 30 CVD devices, and 20 EPI devices, most of which have achieved mass production. By the end of 2023, cumulative shipments exceeded 3,500, 1,000, and 1,000 units, respectively, with thin film deposition equipment revenue exceeding 6 billion yuan [6][7]. Market Outlook - The company's semiconductor business has significant potential for domestic substitution, and its photovoltaic and new energy businesses are developing steadily. As a leading state-owned enterprise in domestic semiconductor equipment, the company possesses notable advantages in both technology and products, with its equipment being adopted in large volumes by first-tier manufacturers. With continued R&D investment, the company is consistently achieving new product applications. Given the established trend of domestic semiconductor equipment substitution, the company's revenue scale and profitability are expected to improve in the long term. The projected net profits attributable to shareholders for 2024-2026 are 5.63 billion yuan, 7.78 billion yuan, and 10.40 billion yuan, corresponding to current price-earnings ratios of 30x, 22x, and 16x, respectively [7].