20250409-招银国际-北方华创-002371.SZ-Solid_FY24_earnings_amid_accelerated_semisupply_chain_domestication_5页_956kb

Naura Technology (002371 CH) Summary

Core Content and Key Financial Highlights

Naura Technology reported strong financial results for FY24 and has a positive outlook for 1Q25, with continued growth expected in the coming years. The company's performance is driven by technological innovation and expansion in its core product lines, which have supported market share gains and revenue growth.

• FY24 Revenue: RMB29.8bn, up 35.1% YoY (3.3% below estimate, in-line with consensus).
• FY24 Net Profit: RMB5.6bn, up 44.2% YoY (3.2% below estimate, 1.6% below consensus).
• FY24 NPM (Net Profit Margin): 18.8%, an improvement from 17.7% in FY23.
• 1Q25 Revenue Mid-Point: RMB8.2bn, up 39.3% YoY (beating consensus by 5.5%).
• 1Q25 Net Profit Mid-Point: RMB1.6bn, up 40.3% YoY (beating BBG consensus by 12.5%).
• 1Q25 NPM Mid-Point: 19.4%, up from 19.2% in 1Q24.

Key Drivers of Growth

• Technology Breakthroughs: The successful commercialization and volume shipment of new products such as CCP etchers, PECVD, and ALD vertical furnaces have broadened product coverage and enhanced competitiveness.
• Market Share Gains: Continued expansion in the domestic SME (Small and Medium Enterprises) segment has supported revenue growth.
• Supply Chain Localization: Accelerated domestication of the semiconductor supply chain is a key theme for 2025, which is expected to benefit leading domestic players like Naura.

Financial Projections

Valuation and Investment Recommendation

• Target Price (TP): RMB512.00 (revised up from RMB426.00).
• TP Basis: Based on 36x FY25E P/E, in line with industry peers' average P/E.
• Current Price: RMB431.01.
• Investment Recommendation: BUY, with upside potential of 18.8%.

Shareholding and Financial Structure

• Major Shareholders:

  • Beijing Sevenstar Huadian Technology Group: 33.6%
  • Beijing Electronics Holding: 9.4%

• Market Cap: RMB228,550.1 million.

• Average 3-Month Turnover: RMB2,674.3 million.

• 52-Week High/Low: RMB486.69 / RMB283.86.

Cash Flow and Liquidity

• Net Cash from Operations: Improved in 2023A and expected to grow in 2025E.
• Current Ratio: Remains stable at around 1.9–2.0 over the forecast period.

Key Risks

• Lower-than-expected domestic foundry capital expenditure.
• Slower-than-expected R&D progress.
• Higher raw material costs.

Analyst Disclosures

• The analyst certifies that the views expressed reflect personal opinions and are not influenced by compensation.
• No trading activity within 30 days prior to report issuance.
• No financial interest in the listed companies covered.

CMBIG Ratings

Disclaimer

• The report is for informational purposes only and not tailored to individual investors.
• Past performance does not guarantee future results.
• CMBIGM is not liable for any losses or damages resulting from reliance on the information.
• The report may not be reproduced or distributed without written consent.
• The information is based on publicly available data and is not guaranteed for accuracy or completeness.

Regulatory Information

• United Kingdom: Intended for persons within Article 19(5) of the Financial Services and Markets Act 2000 or High Net Worth Companies.
• United States: Not a registered broker-dealer; intended for major US institutional investors.
• Singapore: Distributed by CMBISG, an Exempt Financial Adviser, and subject to Singapore regulations.