NAURA(002371) 上海证券·2024-11-25 11:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company is a leading domestic semiconductor equipment supplier, experiencing rapid revenue growth and continuous improvement in net profit margins. From 2019 to 2023, revenue increased from 4.058 billion to 22.079 billion yuan, with a CAGR of 52.82%. Net profit rose from 309 million to 3.899 billion yuan, with a CAGR of 88.47%. The net profit margin improved from 9.11% to 18.26% during the same period [6][30]. - The company benefits from the expansion of wafer fabrication plants and domestic substitution, positioning itself as a leader in ICP and PVD equipment with a diverse product range and significant platform advantages [7]. Summary by Sections 1. Company Overview - The company was formed in 2016 through the merger of Qixing Electronics and North Microelectronics, focusing on the R&D, production, sales, and technical services of semiconductor basic products. Its main products include electronic process equipment and electronic components [25]. 1.1 Historical Development - The company has a rich history, evolving from the integration of several state-owned enterprises and has consistently focused on technological innovation and product development to meet market demands [25]. 1.2 Financial Analysis - The company has maintained high growth in revenue and net profit over the years, with significant contributions from electronic process equipment, which accounted for 88.82% of total revenue by 2023. The gross margin for electronic process equipment improved from 35.23% to 38.04% from 2019 to 2023 [30][32]. 2. Industry Dynamics - The global semiconductor manufacturing capacity is expected to grow by 6% in 2024, with China leading the expansion. Chinese chip manufacturers are projected to grow their capacity by 15% in 2024 and 14% in 2025, capturing nearly one-third of the global market [7][41]. 2.1 Market Trends - The domestic semiconductor equipment market is experiencing a shift towards increased localization, with the current domestic equipment localization rate below 20%. The report anticipates significant growth in domestic equipment demand and localization rates in the coming years [44][45]. 2.2 Competitive Position - The company is a leader in ICP and PVD equipment, having shipped over 3,200 ICP etching chambers and over 3,500 PVD devices by the end of 2023. The global etching equipment market is highly concentrated, with the company holding a small market share, indicating substantial growth potential [7][55]. 3. Forecast and Recommendations - Revenue projections for 2024-2026 are 29.880 billion, 38.940 billion, and 48.815 billion yuan, respectively, with corresponding net profits of 5.780 billion, 7.715 billion, and 9.406 billion yuan. The report suggests a strong growth trajectory for the company, supported by its leading position in the semiconductor equipment market [8][64].