NAURA(002371) 申万宏源证券·2025-04-27 14:12Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's profitability is steadily improving, with significant growth in process coverage [1] - The company reported a revenue of 29.84 billion yuan in 2024, a year-on-year increase of 35.1%, and a net profit of 5.62 billion yuan, up 44.2% year-on-year [7] - In Q1 2025, the company achieved a revenue of 8.21 billion yuan, reflecting a 37.9% year-on-year growth, and a net profit of 1.58 billion yuan, up 38.8% year-on-year [7] - The gross profit margin reached 42.9% in 2024, an increase of 1.8 percentage points, with a net profit margin of 19.08%, up 0.8 percentage points [7] - The company is benefiting from the domestic substitution trend in the semiconductor industry, which is expected to enhance its order intake in 2025 [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are 39.44 billion yuan, with a year-on-year growth rate of 32.2% [6] - The forecasted net profit for 2025 is 7.71 billion yuan, representing a year-on-year increase of 37.2% [6] - The company anticipates a gross margin of 43.6% in 2025, with a return on equity (ROE) of 20.5% [6] - The projected earnings per share (EPS) for 2025 is 14.45 yuan [6] - Revenue and net profit forecasts for 2026 and 2027 are 49.19 billion yuan and 10.13 billion yuan, and 58.62 billion yuan and 12.19 billion yuan, respectively [6]