NAURA(SZ:002371) Great Wall Securities·2024-06-13 03:01Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [3][11]. Core Insights - The company has shown impressive financial performance, with 2023 revenue reaching 22.08 billion yuan, a year-on-year increase of 50.32%, and a net profit of 3.90 billion yuan, up 65.73% year-on-year [1][2]. - The semiconductor equipment market in China is expected to grow significantly, driven by domestic production and expansion of manufacturing capacity, which will benefit the company [5][2]. - The company has a strong order backlog and is well-positioned to capitalize on the increasing demand for domestic semiconductor equipment [5][4]. Financial Performance Summary - Revenue Growth: The company reported a revenue of 22,079 million yuan in 2023, with a growth rate of 50.3% year-on-year. Forecasts for 2024, 2025, and 2026 are 29,900 million yuan, 39,206 million yuan, and 49,137 million yuan, respectively, indicating a gradual decline in growth rates to 25.3% by 2026 [1][7]. - Net Profit: The net profit for 2023 was 3,899 million yuan, reflecting a 65.7% increase year-on-year. Projections for the next three years are 5,598 million yuan, 7,765 million yuan, and 10,270 million yuan, with growth rates decreasing to 32.3% by 2026 [1][7]. - Profitability Ratios: The company's return on equity (ROE) is expected to rise from 16.2% in 2023 to 22.2% by 2026, indicating improving profitability [1][7]. Product and Market Positioning - The company has expanded its product matrix, achieving significant sales in various semiconductor equipment categories, including etching and deposition equipment, with over 3,200 units of ICP etching equipment and 3,500 units of PVD equipment shipped by the end of 2023 [2][5]. - The domestic semiconductor equipment market is projected to grow, with a 29.5% year-on-year increase in 2023, positioning the company to benefit from increased capital expenditures by domestic manufacturers [5][2]. Future Outlook - The company is expected to continue its strong performance, with forecasts for net profit reaching 5.60 billion yuan in 2024, 7.77 billion yuan in 2025, and 10.27 billion yuan in 2026, supported by a robust order pipeline and market demand [5][1].