002371.SZ NAURA: domestic semi equipment platform

Snapshot

Price

CNY 700

Mkt cap

CNY 550.0B

Revenue

CNY 35.0B

Orders/backlog momentum

1.25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

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

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 700	002371.SZ · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

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.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Operations

Volume: tool units; price: ASP; cost: R&D and supply chain.

Key financials

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:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

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)

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

Risks

References

Issuer / key sources:

• https://www.naura.com/
• https://www.sse.com.cn/ {#references}

1. Latest company filings / IR (see issuer website)
2. Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
3. Related on-site notes via wiki-links in the body

Not investment advice; defer to latest company filings.

Tracking

Check next earnings for:

1. Next-quarter revenue & margin vs guide
2. OCF vs CapEx / payout
3. Competitive share shifts
4. Valuation vs historical mid-cycle
5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.