NAURA (002371.SZ): Broader product portfolio to support long-term growth; Buy

We remain positive on NAURA's long-term growth outlook, driven by (1) solid semiconductor equipment demand from domestic memory and advanced-logic customers, (2) continued equipment localization, and (3) the company's expansion into more process steps and product categories. We expect higher R&D and product-development investment to weigh on near-term earnings, but believe the broader equipment portfolio will support revenue and earnings growth over the longer term. We maintain our 2026E NI estimate, revise down our 2027E-28E estimates, and raise our 2029E-31E EPS estimates as the related products gradually contribute. Maintain Buy. NAURA continues to expand its equipment coverage across etching, deposition, thermal processing, cleaning and advanced packaging. Its next-generation high-end ICP etching tools have progressed into customer introduction following qualification, while tubular ALD systems are being delivered in volume to domestic memory customers. The company has also receive