1 November 2025 | 5:17PM HKT Equity Research NAURA (002371.SZ): Etchers / Deposition riding on China WFE expansion and growing advanced nodes; 3Q25 in line; Buy NAURA reported 3Q25 revenues growth at 39% YoY to Rmb11bn, or 5% / 11% better than our / Bloomberg consensus estimates, reflecting China WFE (wafer fab equipment) rising trend (report link) and Naura's expansion to advanced nodes and new sub-segments. 3Q25 GM was down to 40.3% due to pricing competition in mature nodes, while we expect to see gradua ...