NAURA(002371)2025-04-01 04:17Summary of Key Points from the Conference Call Industry Overview - The conference focused on the semiconductor equipment industry in China, specifically companies AccoTEST, AMEC, and NAURA, during SEMICON China 2025 [1] Core Insights 1. Competition from SiCarrier: - Equipment makers do not perceive SiCarrier, backed by Huawei, as an immediate threat due to concerns over technology leakage among Chinese chip makers [1][2] - SiCarrier claims to have a complete product line, but cooperation with Chinese chip makers is uncertain unless it can produce qualified DUV lithography machines [2] 2. Revenue Growth Expectations: - Equipment manufacturers anticipate a revenue/order growth of 25%-30% year-over-year in 2025, driven by ongoing import replacement trends, which are not influenced by typical semiconductor cycles [1] 3. In-House Component Development: - Companies are increasingly designing or manufacturing key components internally to ensure supply security. For instance, AccoTEST is designing chips for ATE, while NAURA is producing flowmeters [1] Company-Specific Updates AccoTEST - Order Growth: Expected ATE order growth of over 30% year-over-year in Q1 2025, with visibility extending into Q2 2025 [3] - New Product Confidence: Management is optimistic about securing firm orders for the STS8600 product, which is priced approximately 20% lower than global competitors [3] - In-House Chip Design: The decision to design chips internally is driven by the lack of tailored offerings from major suppliers, not geopolitical issues [3] NAURA - Revenue and Order Growth: Projected revenue and new order growth of 25%-30% in 2025 [4] - M&A Considerations: Following the acquisition of a stake in Kingsemi, NAURA is considering further expansion through mergers and acquisitions [4] - Component Production: Plans to design and produce key components like E-Chucks and flowmeters for local peers, in addition to removing US components from its supply chain [4] AMEC - Growth Projections: Anticipates a 30% growth in both revenue and orders for 2025 [5] - New Product Revenue: The LPCVD product is expected to see a revenue increase of approximately 200% year-over-year in 2025 [5] - Certification Process: The 90:1 HAR etching machine is currently undergoing certification with Chinese NAND customers, which is crucial for producing advanced 3D NAND [5] Additional Insights - The semiconductor equipment market in China is characterized by a strong focus on domestic production and supply chain security, with companies actively seeking to reduce reliance on foreign technology and components [1][4][5] - The overall sentiment among the equipment makers is optimistic, with significant growth expected despite potential competitive pressures from new entrants like SiCarrier [1][2][3][4][5]