002371.SZ · A-shares
002371.SZ NAURA: domestic semi equipment platform
NAURA Domestic semi equipment platform leveraged to fab CapEx and localization—watch etch/deposition share gains and supply-chain resilience under controls.
Cite a section with a deep link, e.g. /en/r/naura-002371-research#thesis
Snapshot
- Price
- CNY 700
- Mkt cap
- CNY 550.0B
- Revenue
- CNY 35.0B
- Orders/backlog momentum
- 1.25
Thesis
NAURA Domestic semi equipment platform leveraged to fab CapEx and localization—watch etch/deposition share gains and supply-chain resilience under controls.
Business
Model: process equipment + service. Flagships: etch, deposition, clean. Edge: portfolio + domestic fab wins. Strategy: broaden tools, nodes, and parts localization.
Value chain
Equipment midstream; upstream precision parts; downstream fabs. Risks: parts import limits; CapEx cycle; long quals.
Valuation
Localization growth multiple; semi-cycle sensitive.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: tool units; price: ASP; cost: R&D and supply chain.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 定位 | 设备平台龙头 | 国产替代 | 刻蚀/薄膜等 |
| 驱动 | 国内晶圆厂 CapEx | 高景气 | 政策支持 |
| 毛利率 | 四十区间量级（示意） | 产品结构 | 服务占比 |
| 竞争 | 中微、拓荆、海外巨头 | 激烈 | 验证壁垒 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 北方华创 | 平台型 | 中高 | 谱系全 | 先进制程仍追赶 |
| 中微 | 刻蚀等 | 高 | 刻蚀强 | 谱系相对窄 |
| AMAT | 全球龙头 | 高 | 技术 | 对华受限叙事 |
| 拓荆等 | 薄膜 | 高 | 细分 | 体量小 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长/总经理 | 核心管理层 | 长期 | 产业派 |
| CFO | 财务负责人 | 在任 | 稳定 |
| 技术 | 总工体系 | 关键 | 产品验证 |
Stability: Industrial/SOE-backed leadership aligned to localization.
Outlook
Track fab tenders, backlog, GM, parts localization rate.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.naura.com/
- https://www.sse.com.cn/ {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.