NAURA (002371): 1Q23 performance exceeded expectations and the localization rate of equipment continued to increase
1Q23 predicted revenue growth of 68.56%-87.29% year-on-year, exceeding expectations NAURA released its 2022 performance report and 2023 first-quarter performance forecast: the company will achieve revenue of 14.688 billion yuan in 2022, a year-on-year increase of 51.68%, and the net profit attributable to the parent company 2.353 billion yuan, a year-on-year increase of 118.37%. Revenue and net profit attributable to the parent company are in line with previous performance forecasts (13.500-15.600 billion yuan, 2.100-2.600 billion yuan); 1Q23 company forecasted revenue of 3.600-4.000 billion yuan, a year-on-year increase of 68.56% -87.29%, the forecasted net profit attributable to the parent is 560-620 million yuan, a year-on-year increase of 171.24%-200.30%, exceeding our and market expectations. We believe that it is mainly driven by logic, storage, SiC and other factors.We believe
that the rapid growth of NAURA’s revenue in 1Q23 is mainly due to: 1) around 3Q22, the batch equipment delivered by the company on the domestic logic and storage wafer manufacturing customer side has been confirmed, and the market share has further increased; 2) SiC wafer manufacturing, Substrate growth customers have greatly expanded production in recent years and are actively purchasing related equipment from the company. The improvement of the company's revenue structure has also led to a steady increase in net interest rate: If the 1Q23 revenue is 3.800 billion yuan and the net profit attributable to the parent is 590 million yuan, the net interest rate can be calculated as 15.53%.
After 2022, domestic wafer manufacturers will further accelerate the pace of verification of domestic semiconductor equipment. At present, NAURA's products, including 12-inch CCP etching machine, PECVD, ALD and other new types of equipment, are in the active development or verification stage, and we expect to further increase the coverage of the process.
We expect that in 1Q23 NAURA’s new orders will increase steadily, providing guarantee for the company’s annual performance growth: 1) The localization rate of logic and storage wafer manufacturing customer equipment continues to increase; 2) SiC wafer manufacturing, substrate growth customer expansion The momentum remains unabated; 3) Photovoltaic cell customers continue to expand production.
