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Equity Bottom-Up

NAURA Technology Group / Equity Bottom-Up

<ul>
 <li>
Dominant Domestic Leader Poised for Growth: NAURA is the largest semiconductor equipment manufacturer in China, uniquely positioned to benefit from the country's strategic push for semiconductor self-sufficiency. This policy-driven demand provides a significant and sustained growth catalyst.</li>
 <li>
Exceptional Financial Performance: The company has demonstrated a remarkable growth trajectory, with a 3-year revenue CAGR of 45.5% and a net income CAGR of 73.4%. This robust performance is fueled by strong order intake and expanding market share in key equipment segments like etching and deposition.</li>
 <li>
Geopolitical Risks and Intense Competition Remain Key Concerns: Despite its domestic strength, NAURA faces significant risks from geopolitical tensions, particularly U.S. export controls which could limit access to key technologies and components. Furthermore, it competes against global giants with larger R&amp;D budgets and more advanced technology portfolios.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant Domestic Leader Poised for Growth: NAURA is the largest semiconductor equipment manufacturer in China, uniquely positioned to benefit from the country's strategic push for semiconductor self-sufficiency. This policy-driven demand provides a significant and sustained growth catalyst.
  
Exceptional Financial Performance: The company has demonstrated a remarkable growth trajectory, with a 3-year revenue CAGR of 45.5% and a net income CAGR of 73.4%. This robust performance is fueled by strong order intake and expanding market share in key equipment segments like etching and deposition.
  
Geopolitical Risks and Intense Competition Remain Key Concerns: Despite its domestic strength, NAURA faces significant risks from geopolitical tensions, particularly U.S. export controls which could limit access to key technologies and components. Furthermore, it competes against global giants with larger R&amp;D budgets and more advanced technology portfolios.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: NAURA Technology Group (002371 CH) - Nov 2025

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We held an NDR with Naura yesterday. The company’s new orders rose by ~25% YoY in 2024 driven by strong IC orders, and the momentum continued in 1Q25.</li><li>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.</li><li>The company is proactively expanding its product coverage, through internal R&amp;D and external acquisitions. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We held an NDR with Naura yesterday. The company’s new orders rose by ~25% YoY in 2024 driven by strong IC orders, and the 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&amp;D and external acquisitions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Naura Technology (002371 CH) - NDR Takeaways

<ul><li>Naura announced key financials regarding its FY24/1Q25 earnings. FY24 revenue went up by 35.1% YoY to RMB29.8bn (3.3% below our estimate/in-line with consensus).</li><li>The strong revenue growth was driven by technology breakthroughs in core product lines that enabled broader product coverage and supported continued market share gains.</li><li>In FY24, net profit went up by 44.2% YoY to RMB5.6bn (3.2%/1.6 below our /consensus). During the period, NPM improved to 18.8% (vs. 17.7% in FY23) on better operating efficiency. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Naura announced key financials regarding its FY24/1Q25 earnings. FY24 revenue went up by 35.1% YoY to RMB29.8bn (3.3% below our estimate/in-line with consensus).The strong revenue growth was driven by technology breakthroughs in core product lines that enabled broader product coverage and supported continued market share gains.In FY24, net profit went up by 44.2% YoY to RMB5.6bn (3.2%/1.6 below our /consensus). During the period, NPM improved to 18.8% (vs. 17.7% in FY23) on better operating efficiency. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Naura Technology (002371 CH) - Solid FY24 Earnings Amid Accelerated Semi Supply Chain Domestication

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>AMAT mentions “tremendous architecture inflections” in Logic and Memory (GAA, BSPD, HBM), this is true. But reviewed yesterday, how much, how fast versus declining Mature Logic and China declining?</li>
<li>2025 China to decline -25%, RoW to increase +25% on AI. This should continue in 2026. Post China’s elevated capex in 2023-24, the SPE sector is a play on AI. </li>
<li>ASML and KLA are 1) quasi monopoly 2) in segments that outgrow the total market. ASML is cheapish, KAL at average valuations. Best 2 stocks: ASML, KLA</li>
</ul>


AMAT mentions “tremendous architecture inflections” in Logic and Memory (GAA, BSPD, HBM), this is true. But reviewed yesterday, how much, how fast versus declining Mature Logic and China declining?
2025 China to decline -25%, RoW to increase +25% on AI. This should continue in 2026. Post China’s elevated capex in 2023-24, the SPE sector is a play on AI. 
ASML and KLA are 1) quasi monopoly 2) in segments that outgrow the total market. ASML is cheapish, KAL at average valuations. Best 2 stocks: ASML, KLA


SPE Part 2: Growth in 2025-26 from AI Segment Only (Logic, HBM, Packaging). Best 2 Stocks: ASML, KLA

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);</li>
<li>The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;</li>
<li>The race is also among the global semiconductor industry to meet the demand for testing the limit of AI's scaling law. So far the balance tips in disfavor of China. </li>
</ul>


In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);
The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;
The race is also among the global semiconductor industry to meet the demand for testing the limit of AI's scaling law. So far the balance tips in disfavor of China. 


China's Near-Term Semiconductor Bottleneck Isn't ASML

China

NAURA Technology Group Co., Ltd. is an integrated high-tech company, which manufactures electronics equipments and components, including IC equipments, hybrid integrated circuits and combines with R&D, sales, and services.

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NAURA Technology Group (002371 CH)

Primer: NAURA Technology Group (002371 CH) - Nov 2025

Dominant Domestic Leader Poised for Growth: NAURA is the largest semiconductor equipment manufacturer in China, uniquely positioned to benefit...

αSK

Naura Technology (002371 CH) - NDR Takeaways

We held an NDR with Naura yesterday. The company’s new orders rose by ~25% YoY in 2024 driven by strong IC orders, and the momentum continued in 1Q25.

CMB International

Naura Technology (002371 CH) - Solid FY24 Earnings Amid Accelerated Semi Supply Chain Domestication

Naura announced key financials regarding its FY24/1Q25 earnings. FY24 revenue went up by 35.1% YoY to RMB29.8bn (3.3% below our estimate/in-line...

CMB International

SPE Part 2: Growth in 2025-26 from AI Segment Only (Logic, HBM, Packaging). Best 2 Stocks: ASML, KLA

architectural advancements in Logic and Memory, but questions remain on growth rates and China's decline. ASML and KLA are top picks in the sector....

Nicolas Baratte

China's Near-Term Semiconductor Bottleneck Isn't ASML

China's semiconductor bottleneck isn't lithography tools in the near term, it is etchers. We see ST pressure, MT opportunity and LT challenge from...

Blue Lotus Research Institute

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