\u3000\u3000 Naura Technology Group Co.Ltd(002371) (002371)
According to the performance forecast of 2021 disclosed by the company, the operating revenue in 2021 is expected to be RMB 8.478-10.901 billion, with a year-on-year increase of 40% – 80%; The net profit attributable to the parent company was 940-1208 million yuan, with a year-on-year increase of 75% – 125%; The net profit deducted from non profits was 690-887 million yuan, with a year-on-year increase of 250% – 350%; The basic earnings per share is 1.87 yuan / share – 2.41 yuan / share.
Key points supporting rating
The annual profit exceeded expectations, and the net profit margin after deduction increased significantly. The company expects the median annual revenue range to be 9.689 billion yuan, a year-on-year increase of 60%; The median annual net profit is expected to be 1.075 billion yuan, a year-on-year increase of 100%; It is estimated that the median net profit deducted for the whole year is 789 million yuan, a year-on-year increase of 300%. In 2021, the non net profit margin reached 8.1%, a significant increase of 4.8 percentage points compared with 3.3% in the previous year. On the one hand, the revenue superposition profitability of electronic components continued to rise, on the other hand, the high growth of semiconductor equipment revenue led to the optimization of product structure and the change of profitability.
In the fourth quarter, revenue continued its high growth trend. In a single quarter, the median revenue range of Q4 is expected to be 3.516 billion yuan, a year-on-year increase of 58.35% and a month on month increase of 37.08%; It is estimated that the median value of Q4 net profit attributable to parent company is 416 million yuan, with a year-on-year increase of 97.63% and a month on month increase of 19.47%; It is estimated that the median value of Q4 deduction non parent net profit range is 264 million yuan, with a year-on-year increase of 1100.00% and a month on month decrease of 12.00%. The company’s expected Q4 revenue is close to 36% of the expected 2021 annual revenue, with rapid growth year-on-year and month on month. At the same time, the profitability of a single quarter has been greatly improved.
Key equipment has won the recognition of head customers, and constant growth has helped to expand market share. The company has product layout in the fields of semiconductors, pan semiconductors and parts, among which the field of semiconductor equipment is in the leading position in China. Key link equipment such as plasma etching, oxidation / diffusion furnace, annealing furnace, PVD, CVD, ALD and cleaning have won batch orders from head customers and formed strong customer stickiness. At the same time, the company has completed the non-public offering of nearly RMB 8.5 billion in 2021, which will be used for the construction of projects such as semiconductor equipment R & D, industrial expansion and precision component expansion. When reaching the production capacity, the company will form the production capacity of 500 integrated circuit equipment, 500 emerging semiconductor equipment, 300 LED equipment and 700 photovoltaic equipment.
Profit forecast
In view of the company’s card position semiconductor key equipment, rich product types and high customer recognition, the production capacity is expected to be further expanded and the profitability is significantly improved. The net profit from 2021-2023 is increased to RMB 1.036/15.10/1.966 billion and the buy rating is maintained.
Main risks of rating
The limited supply of parts leads to inadequate order implementation, international marginal political uncertainty, and the progress of R & D investment transformation results is less than expected.
