北方华创-2025 年第三季度_营收超预期，但毛利率不及预期

China Semiconductors NAURA Technology Group Co Ltd Rating Outperform Price Target 002371.CH 450.00 CNY Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com NAURA 3Q25: Strong beat on top line, but missed on GPM NAURA released 3Q25 earnings on Oct 30th, 2025. 3Q25 rev was a record high at RMB 11,160mn, beating our estimate by 6% & consensus by 11%, partly due to the consolidation of Beijing Seve ...