2026年三季度订单强劲，但零部件短缺制约交付

NAURA reported 3Q26 results with revenue up 1% y-y and net profit up 5.2% y-y (recurring net profit up 3.1% y-y). We view the muted top line as a result of supply-side constraints rather than demand weakness: shipments and delivery were constrained by shortages of various components including electrostatic chucks (ESC), valves, pumps and MFC, while the mix shifted towards more memory equipment (generally lower ASP and GPM than advanced logic). Gross margin declined 2.0pp y-y to 38.3% on memory mix increase, new product validation and component costs, plus volume discounts offered to bulk purchasing customers. New orders grew more than 60% y-y in 1-3Q26, split ~40% memory, ~40% advanced logic and ~20% mature process, with the company prioritizing deliveries to memory customers. Semiconductor manufacturing equipment contributed more than 85% of revenue in 3Q26, with broadening coverage across etch, deposition, heat treatment, cleaning, ion implant, track and bonding. Management expects c