NAURA(002371) 国海证券·2024-11-01 11:01Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company reported a significant year-on-year revenue growth of 39.5% for the first three quarters of 2024, reaching 20.35 billion yuan, with a net profit increase of 54.7% to 4.46 billion yuan [3] - In Q3 2024, the company achieved a revenue of 8.02 billion yuan, reflecting a 30.1% year-on-year growth and a 23.8% quarter-on-quarter increase, with a net profit of 1.68 billion yuan, up 55.0% year-on-year [3] - The company's gross margin for Q3 2024 was 42.3%, an increase of 5.9 percentage points year-on-year, while the net profit margin was 20.9%, up 2.8 percentage points year-on-year [3] - The company has a strong focus on R&D, with Q3 2024 R&D expenses amounting to 845 million yuan, a 57.4% increase year-on-year [3] - The company is expanding its product matrix and has successfully developed several high-end equipment with independent intellectual property rights [3] Financial Projections - Revenue projections for 2024-2026 are 30 billion yuan, 39.4 billion yuan, and 49.8 billion yuan, with year-on-year growth rates of 36%, 31%, and 26% respectively [3] - Net profit projections for the same period are 5.8 billion yuan, 7.8 billion yuan, and 9.9 billion yuan, with growth rates of 50%, 34%, and 27% respectively [3] - The current price-to-earnings (P/E) ratios are projected to be 36x, 27x, and 21x for 2024, 2025, and 2026 respectively [3]