NAURA(SZ:002371) 招商电子·2025-04-08 14:07Core Viewpoint - The company, Northern Huachuang, is expected to see significant revenue and profit growth in Q1 2025, driven by an expanding technology coverage and increasing domestic demand for self-sufficient semiconductor equipment [1][3]. Financial Performance - For Q1 2025, the company anticipates revenue between 7.34 billion to 8.98 billion yuan, representing a year-on-year increase of 23.4% to 50.9% and a quarter-on-quarter decrease of 22.6% to 5.3% [1]. - The expected net profit attributable to shareholders is projected to be between 1.42 billion to 1.74 billion yuan, showing a year-on-year growth of 24.7% to 52.8% and a quarter-on-quarter increase of 22.6% to 50.2% [1]. - The company forecasts a total revenue of 29.84 billion yuan for 2024, which is a 35.1% increase year-on-year, with a net profit of 5.62 billion yuan, reflecting a 44.2% year-on-year growth [1]. Technology and Market Position - The company is enhancing its platform layout and expanding its technology coverage in semiconductor manufacturing and advanced packaging [2]. - Recent product launches include the first ion implantation equipment, Sirius MC 313, and a 12-inch electroplating device, Ausip T830, indicating a strategic entry into new markets [2]. Industry Context - The tightening of U.S. export controls has led to a growing demand for domestic semiconductor equipment in China [3]. - China’s reliance on U.S. semiconductor equipment is significant, with imports from the U.S. accounting for 14% of PVD, 28.3% of thermal treatment/oxidation diffusion, 78.8% of ion implantation, and 37.3% of optical inspection equipment in 2024 [3]. - The potential increase in tariffs on semiconductor equipment imports from the U.S. may drive up costs and encourage more domestic equipment procurement [3].