NAURA(002371) 平安证券·2025-04-28 08:15Investment Rating - The report maintains a "Recommended" investment rating for the company [10][14]. Core Views - The company reported a revenue of 29.84 billion yuan in 2024, representing a year-over-year increase of 35.14%, and a net profit attributable to shareholders of 5.62 billion yuan, up 44.17% year-over-year [4][8]. - The company benefits significantly from the domestic IC (Integrated Circuit) localization trend, with a strong performance in semiconductor equipment [8][10]. - The company plans to distribute a cash dividend of 10.60 yuan per 10 shares and a capital reserve conversion of 3.5 shares for every 10 shares held [4]. Financial Performance Summary - In 2024, the company achieved a gross margin of 42.85% and a net margin of 19.08% [8]. - The company’s R&D investment reached 5.37 billion yuan in 2024, a 21.82% increase year-over-year, focusing on semiconductor equipment and related fields [8]. - The company’s revenue projections for 2025 to 2027 are 39.68 billion yuan, 51.59 billion yuan, and 67.07 billion yuan, respectively, with corresponding net profits of 7.41 billion yuan, 9.59 billion yuan, and 12.28 billion yuan [10][12]. Market Position and Growth - The company is positioned as a leading domestic semiconductor equipment provider, with a comprehensive product lineup in etching, thin film deposition, thermal processing, and wet processing equipment [8][9]. - The company’s etching equipment revenue is expected to exceed 8 billion yuan in 2024, while thin film deposition equipment revenue is projected to surpass 10 billion yuan [9]. - The company has established a robust customer service system with four regional service centers globally to meet customer needs [8]. Financial Ratios and Valuation - The company’s projected P/E ratios for 2025, 2026, and 2027 are 33, 25.3, and 19.7, respectively [12]. - The return on equity (ROE) is expected to increase from 18.1% in 2024 to 24.0% by 2027 [12]. - The company maintains a stable asset-liability ratio of around 51% in 2024, with a projected increase to 55.6% by 2027 [12].