在加速半导体供应链本土化的背景下，实现2024财年稳定的收益。

Naura Technology (002371 CH) Solid FY24 earnings amid accelerated semisupplychain domestication Target PriceRMB512.00(Previous TPRMB426.00)Up/Downside18.8%Current PriceRMB431.01 Nauraannounced key financials regarding its FY24/1Q25 earnings.FY24revenue went up by 35.1% YoY to RMB29.8bn (3.3% below our estimate/in-linewithconsensus).Thestrongrevenuegrowthwasdrivenbytechnologybreakthroughsin core product linesthat enabled broader product coverage andsupported continued market share gains.In FY24,net profit went up by 44.2%YoY to RMB5.6bn (3.2%/1.6below our/consensus).During the period,NPMimproved to18.8% (vs. 17.7% in FY23)onbetter operating efficiency. For 1Q25,the company expects themid-point revenuetoincreaseby 39.3% YoYtoRMB8.2bn(beatingconsensusby 5.5%), and mid-pointnet profittogrow40.3%YoYto RMB1.6bn(beatingBBGconsensus by 12.5%).1Q25 mid-point NPMwould be 19.4% (vs. 19.2% in 1Q24).ReiterateBUY with TPrevised uptoRMB512, based on36xFY25E P/E(vs.prev.30x), in-line with industrypeers’ average P/E of 36x. ChinaSemiconductors Lily YANG, Ph.D(852) 3916 3716lilyyang@cmbi.com.hk Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk Jiahao Jiang(852) 39163739JiangJiahao@cmbi.com.hk Backed by ongoing innovation andtechnologybreakthroughs in coreproduct lines, the companysustained steadymarket sharegains.Mgmt.attributedthestrongrevenuegrowthtothesuccessfulcommercialization and volume shipment of several new products, includingCCPetchers,PECVD,ALD vertical furnaces,etc.,whichsignificantlyenhanced the company’s product coverage and competitiveness in thedomestic SME segment.We project the company’s revenue to grow by30.8%YoYin 2025E on continuous market sharegainsand new productlaunches. Stock Data Reiterate BUYwith TPrevisedupto RMB512.We maintain our forecastsfor 2025/26E.The newTP is based on 36xFY25E P/E(peers avg.) vs.previous 30x.We expectsemi-industryconsolidation in China to acceleratein 2025, which isone of the key themes in our2025 outlook report. China’sleadingsemi capplayers are well-positioned to benefit from domestic self-sufficiency initiatives and M&Amomentum.Meanwhile,we believetherecently announced US reciprocal tariffs on China (effective2April)aregoingtoposeaminimal impacton thecompanyin the near term,asitgenerates all revenue domestically with no exposure to foreignmarkets.Inthelong term,the tariffserves as acatalystforfastersupplychainlocalizationefforts, a clear tailwind for leading domestic players likeNaura. Keyrisks:lower-than-expecteddomesticfoundry capexplan,slower-than-expected R&Dprogress,higher raw material costs, etc. Source: FactSet Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuerthat the analyst covered in this report: (1) all of the viewsexpressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by TheHong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 monthsGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888Fax: (852) 3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International CapitalCorporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important DisclosuresThere are risks involved in transacting in any securities. The information contained in this report may not be suitable for the purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication o