NAURA (002371.SZ): China AI Tour: Memory and Advanced logic Capex to drive growth ahead; GM to stay stable; Buy

We hosted NAURA management during China AI Tour on Sep 9th in Beijing. Key discussions focused on (1) Semi capex spending trend, (2) GM trend, and (3) new tools expansion. Overall, management is positive on the growing spending from memory and advanced logic clients this year, outperforming growth of mature logic, along with rising penetration of local SPE tools to support company's order growth. Mgmt. expects to see sustainable order growth in 2027E, supported by clients' accelerated capacity expansion in China market to fulfill rising demand. Despite near-term pressures on upstream components supply, management expects to see gradual ease of the supply constraint through partnership with local and overseas suppliers to verify with clients. Maintain Buy. Management expects the blended GM to remain at ~40% ahead, with fluctuation mainly driven by product mix changes from memory/logic, and expects GM to overall stay stable in the long term.