NAURA Technology (002371 CH): Buy: More room to run

研报英文原文证据摘录

NAURA Technology (002371 CH): Buy: More room to run

6 July 2026

Equity Research Report

NAURA Technology EquitiesSemiconductors & Equipment

(002371 CH)

Buy: More room to run China

◆ Domestic semi capex broadening supports further upside MAINTAIN BUY

◆ Platform strategy opens growth vectors in glass substrates

TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

◆ Maintain Buy; raise TP to RMB1,031.90 from RMB528.40 1031.90 528.40

Further upside ahead. With the upward capex revision of domestic memory players, SHARE PRICE (CNY) UPSIDE/DOWNSIDE

NAURA’s share price has risen 57% over the past two months, but still lagging the 841.82 +22.6%

Wind Semiconductor Equipment Index’s 72% gain. The relative underperformance is (as of 02 Jul 2026)

mainly due to: 1) concerns over the gross margin trend post-1Q results; and 2) lower

revenue exposure to memory customers compared with peers such as AMEC and MARKET DATA

Market cap (CNYm) 610,900 Free float 78%

Piotech. Looking ahead, we expect the company to leverage its broad product Market cap (USDm) 89,983 BBG 002371 CH

portfolio to capture incremental orders across memory, logic, and glass substrate 3m ADTV (USDm) 1,136 RIC 002371.SZ

customers, realising 27%-28% top line growth in 2026-28e. Therefore, while we lower

FINANCIALS AND RATIOS (CNY)

our 2026/27 net profit estimates by 30%/25% to factor in higher operating expenses Year to 12/2025a 12/2026e 12/2027e 12/2028e

during the expansion period, we expect a faster 2026-28 net profit CAGR of 43% (vs. HSBC QH EPS 7.64 9.62 13.41 19.57

HSBC QH EPS prev 10.33 13.85 17.80 na

31% 2025-27e net profit CAGR before). Change (%) -26.0 -30.6 -24.7 na

Consensus EPS 9.73 10.69 15.24 20.17

Benefiting from both memory and logic capacity expansion. In memory, CXMT/ PE (x) 110.2 87.5 62.8 43.0