【招银国际】北方华创（002371）-NDR takeaways: Expanding product portfolio to reinforce domestic SME leadership-250521（5页）.pdf

1、MN 21 May 2025 CMB International Global Markets|Equity Research|Company Update Naura Technology(002371 CH)NDR takeaways:Expanding product portfolio to reinforce domestic SME leadership We held an NDR with Naura yesterday.The companys new orders rose by 25%YoY in 2024 driven by strong IC orders,and t

2、he momentum continued in 1Q25.It expects no material impact from geopolitical tensions(i.e.,the entity list)with new bookings expected to grow at a similar rate this year.The company is proactively expanding its product coverage,through internal R&D and external acquisitions.Its key IC equipment cat

3、egories include etching,deposition,thermal processing,cleaning,and newly covered ion implantation(since Mar 2025).It also plans to acquire a 17.9%stake in Kingsemi(link),a photolithography coating equipment maker.This reinforced our positive stance on the company as Chinas leading SME player with th

4、e most comprehensive product portfolio.Reiterate BUY as Naura continues to benefit from Chinas accelerating semiconductor localization amid tightening export restrictions,while expanding its product breadth to strengthen its position as a one-stop equipment platform for customers.TP remains unchange

5、d at RMB512 based on 36.8x 25E PE.Industry consolidation remains a key theme,exemplified by Nauras intended acquisition of 18%stake in Kingsemi(688037 CH,NR).Kingsemis 2024 revenue was RMB1.8bn(vs.Naura:RMB29.8bn),with a 37.7%GPM(vs.Naura:42.9%).The company believes this strategic move enhances Naur

6、as evolution into a comprehensive semiconductor equipment platform,combining organic growth with targeted M&A to deepen product coverage and customer penetration.The transaction is expected to close by 3Q25.The deal also validates our prior view that domestic semiconductor industry consolidation wil