NAURA(002371) 群益证券·2025-04-09 08:10Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [6][9]. Core Insights - The company has experienced significant revenue growth, with a projected revenue increase of 23% to 53% year-over-year for Q1 2025, and a net profit growth of 29% to 59% [6][9]. - The ongoing U.S.-China technology and trade disputes are expected to accelerate the domestic substitution process in the semiconductor equipment and manufacturing sectors, benefiting the company as a key player in the domestic semiconductor equipment market [6][9]. - The company's earnings per share (EPS) is projected to grow significantly, with estimates of RMB 13.24 for 2025 and RMB 17.87 for 2026, reflecting a strong growth trajectory [9][12]. Summary by Sections Company Information - The company operates in the electronics industry, with a current stock price of RMB 431.01 as of April 8, 2025, and a market capitalization of RMB 229.9 billion [2]. - The stock has seen a 12-month high of RMB 490.03 and a low of RMB 278.13, indicating volatility in its price [2]. Financial Performance - The company reported a net profit of RMB 2.353 billion in 2022, with projections of RMB 7.069 billion for 2025, reflecting a compound annual growth rate (CAGR) of 26.92% [8][12]. - Revenue is expected to reach RMB 37.557 billion in 2025, up from RMB 29.829 billion in 2024, indicating a year-over-year growth of 26.92% [12]. Market Position - The company holds a significant market share in electronic process equipment, accounting for 75% of its product mix, while electronic components make up the remaining 25% [2]. - Institutional investors hold 16.5% of the circulating A-shares, indicating a strong interest from larger investment entities [2].