NAURA (002371.SZ): A Broader Product Portfolio Supports Long-Term Growth
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Goldman Sachs maintains Buy on NAURA (002371.SZ) with a 12-month target price of Rmb1,201, based on 56x 2030E earnings discounted back to 2027E (beta 1.20, risk-free rate 3.5%, market risk premium 6.5%, 11% cost of equity). Long-term growth rests on three drivers: solid demand for semiconductor equipment from domestic memory and advanced-logic customers, continued equipment localization, and expansion into more process steps and product categories. Because heavier R&D and product-development spending pressures near-term earnings, 2027E/28E net profit estimates are cut 12%/4% (mainly on higher operating expenses) even as 2027E/28E revenue estimates rise 1%/6%, gross margin moves up 0.1/0.2 percentage point and the operating-expense ratio rises 3.0/2.4 points; 2026E estimates are unchanged. Product milestones support the wider portfolio: a new-generation high-end ICP etch tool has completed qualification and entered customer introduction, tubular ALD systems are shipping in volume to domestic memory customers, hybrid bonding equipment has won volume orders, and high-end TSV plating systems are in volume supply. The model shows revenue climbing from Rmb50,861mn in 2026E to Rmb166,356mn by 2031E, net profit from Rmb7,430mn to Rmb36,295mn and EPS from Rmb10.26 to Rmb50.01, with net profit up 58% in 2027E and 40% in 2028E. Key downside risks are further US export restrictions on Chinese semiconductor companies and slower mature-node capacity expansion.
Key exhibits
Exhibit 1
Exhibit 2
