NAURA(SZ:002371)2025-05-12 12:08Group 1: Financial Performance - The company's 2024 semiconductor equipment revenue was CNY 26.578 billion, with a net profit of CNY 5.218 billion, driven by over CNY 10 billion from thin film deposition equipment and over CNY 8 billion from etching equipment [5][10]. - In Q1 2025, the company reported revenue of CNY 7.859 billion and a net profit of CNY 1.579 billion, with a positive trend in new orders [10][12]. - The company's operating cash flow has declined due to increased raw material inventory to meet customer demand, but new orders remain strong [2][3]. Group 2: Market Position and Competition - The company holds nearly 3,000 patents, the highest among domestic semiconductor equipment firms, indicating strong R&D investment and technological innovation [3][4]. - In 2024, the total revenue from ALD equipment was nearly CNY 2 billion, suggesting a market share of approximately 30% in the domestic ALD equipment market [10][12]. - The company expects continued growth in the semiconductor equipment sector, with significant market opportunities compared to international competitors [5][6]. Group 3: Strategic Initiatives - The company has no current plans for stock buybacks but is focused on enhancing shareholder returns through strategic acquisitions, such as the acquisition of Chip Source Micro [3][8]. - The company is actively pursuing new product development and market expansion to increase its market share and operational efficiency [12][13]. - The company plans to distribute cash dividends of CNY 10.60 per 10 shares and a capital reserve increase of 3.5 shares for every 10 shares held to enhance stock liquidity [8][11]. Group 4: Industry Outlook - The domestic semiconductor equipment industry is expected to maintain a growth trend in the coming years, driven by advancements in technology and increased capital expenditure from wafer fabs [6][12]. - The company anticipates that the demand for advanced process equipment will continue to rise, despite potential fluctuations in the market [10][12]. - The impact of U.S.-China trade policies on the company's performance is expected to be minimal, given the high technical barriers in semiconductor equipment [8][10].