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.

Equity Bottom-Up

NAURA Technology Group / Equity Bottom-Up

<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

Thematic (Sector/Industry)

<ul><li>Global semiconductor equipment billings grew 10% in 2024 to US$117bn (SEMI), closely tracking the global semi 20% sales expansion, according to WSTS.</li><li>While SEMI’s July 2025 forecast calls for a 7% increase in semiconductor equipment billings to US$126bn this year, we view this projection as conservative.</li><li>The forecast implies an atypically soft 4Q25, with a 20% YoY decline, which contrasts with strong YTD performance, including a robust September (up 35% YoY and 80% QoQ). </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.

Global semiconductor equipment billings grew 10% in 2024 to US$117bn (SEMI), closely tracking the global semi 20% sales expansion, according to WSTS.While SEMI’s July 2025 forecast calls for a 7% increase in semiconductor equipment billings to US$126bn this year, we view this projection as conservative.The forecast implies an atypically soft 4Q25, with a 20% YoY decline, which contrasts with strong YTD performance, including a robust September (up 35% YoY and 80% QoQ). 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.

Semiconductors - Semiconductor Equipment – Steady growth outlook amid Chinas dual forces

<ul><li>Naura announced 3Q24 results. Q3 revenue was RMB8.0bn, up 30.1% YoY and 23.8% QoQ, driven by significant growth in semiconductor equipment sales (up 47.0% in 9M24).</li><li>NP was RMB1.7bn, up 55.0% YoY and 1.7% QoQ. GPM was 42.3%, up 5.9ppts from 3Q23 but declined 5.1ppts sequentially, mainly due to 1) higher photovoltaic (PV) equipment sales that had a lower GPM and 2) seasonal fluctuations in gross margins of semiconductor equipment business.</li><li>Overall, Q3 was a solid quarter with robust revenue and net profit growth. </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 3Q24 results. Q3 revenue was RMB8.0bn, up 30.1% YoY and 23.8% QoQ, driven by significant growth in semiconductor equipment sales (up 47.0% in 9M24).NP was RMB1.7bn, up 55.0% YoY and 1.7% QoQ. GPM was 42.3%, up 5.9ppts from 3Q23 but declined 5.1ppts sequentially, mainly due to 1) higher photovoltaic (PV) equipment sales that had a lower GPM and 2) seasonal fluctuations in gross margins of semiconductor equipment business.Overall, Q3 was a solid quarter with robust revenue and net profit growth. 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 Q3 Earnings Signal Intact Growth Trajectory

<ul><li>Naura announced 1H24 results. 1H revenue grew 46.4% YoY to RMB12.3bn, while NP grew 54.5% YoY to RMB2.8bn, both aligning with the mid-point of company’s earnings pre-announcement.</li><li>1H24 revenue/NP were 40%/46% of our FY24E forecast, consistent with the company’s historical seasonality, which saw 38%/46% in 1H23.</li><li>GPM improved to 45.5% in 1H24 (vs. 42%/41% in 1H23/FY23), while NPM expanded to 22.5% in 1H24 from 17.7% in FY23. </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 1H24 results. 1H revenue grew 46.4% YoY to RMB12.3bn, while NP grew 54.5% YoY to RMB2.8bn, both aligning with the mid-point of company’s earnings pre-announcement.1H24 revenue/NP were 40%/46% of our FY24E forecast, consistent with the company’s historical seasonality, which saw 38%/46% in 1H23.GPM improved to 45.5% in 1H24 (vs. 42%/41% in 1H23/FY23), while NPM expanded to 22.5% in 1H24 from 17.7% in FY23. 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) - Robust Earnings with Margin Expansion; Maintain BUY

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)

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

Semiconductors - Semiconductor Equipment – Steady growth outlook amid Chinas dual forces

Global semiconductor equipment billings grew 10% in 2024 to US$117bn (SEMI), closely tracking the global semi 20% sales expansion, according to WSTS.

CMB International

Naura Technology (002371 CH) - Solid Q3 Earnings Signal Intact Growth Trajectory

Naura announced 3Q24 results. Q3 revenue was RMB8.0bn, up 30.1% YoY and 23.8% QoQ, driven by significant growth in semiconductor equipment sales...

CMB International

Naura Technology (002371 CH) - Robust Earnings with Margin Expansion; Maintain BUY

Naura announced 1H24 results. 1H revenue grew 46.4% YoY to RMB12.3bn, while NP grew 54.5% YoY to RMB2.8bn, both aligning with the mid-point of...

CMB International

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