NAURA (002371)

Equity Research 13 September 2026 | 5:15PM HKT

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 Allen Chang | discussions focused on (1) Semi capex spending trend, (2) GM trend, and (3) new Goldman Sachs (Asia) L.L.C. tools expansion. Overall, management is positive on the growing spending from Verena Jeng memory and advanced logic clients this year, outperforming growth of mature logic, | Goldman Sachs (Asia) L.L.C. 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’ Ting Song | Goldman Sachs (Asia) L.L.C. 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.

Key takeaways 1. Strong order growth momentum: Management is positive on the accelerated capacity expansion of memory in China, and notes the expansion pace mainly depends on the (1) clean room construction, and (2) engineers’ capacity and experiences. Given the Chinese memory and logic suppliers’ global market share is still low, management sees growth potential and sustainable capex spending in next few years. Meanwhile, the company continues to work on high-end products like high aspect ratio etcher and gains clients’ tractions. Looking ahead, mgmt. notes the better seasonality in 2H, and expects to see sequential revenues and order growth ahead.

2. GM outlook: Management expects the blended GM to remain at ~40% ahead, and notes the GM fluctuation is mainly driven by company’s product mix changes from memory/ logic. The company’s GM was at 39.3% in 2Q26 (vs. 40.8%/ 41.3% in 1Q26/ 2Q25) due to the one-off impact from the Kingsemi consolidation. In the long-term, the company expects the GM to overall stay stable, given the overall demand from memory and logic is at similar level.

Price Target Risks and Methodology - NAURA Valuation: We are Buy-rated on NAURA with a 12-month target price of Rmb1,200, which is based on a 56x 2030E discounted P/E (discounted back to 2027E). Our target P/E is derived from the correlation between peers’ P/E and the sum of NI YoY and OPM.

Key downside risks: 1) Further US export restrictions on China semiconductor firms, which could delay their capacity expansion schedules and therefore reduce the

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs NAURA (002371.SZ)

demand for NAURA’s equipment; 2) Slower-than-expected capacity expansion progress at NAURA’s matured-node customers, which could lead to slower revenue growth than we expect and therefore lower earnings vs. our current estimates.

002371.SZ 12m Price Target: Rmb1,200.00 Price: Rmb634.00 Upside: 89.3%

Buy GS Forecast 12/25 12/26E 12/27E 12/28E Market cap: Revenue (Rmb mn) 39,353.1 50,860.6 65,621.6 81,105.9 Rmb455.1bn / $67.8bn EBITDA (Rmb mn) 6,462.1 10,344.7 17,033.8 21,276.1 Enterprise value: EPS (Rmb) Rmb456.4bn / $68.0bn P/E (X) m ADTV: Rmb8.4bn / $1.2bn P/B (X) NM NM NM NM China Dividend yield (%) 0.2 0.2 0.4 0.6 Greater China Technology N debt/EBITDA (ex lease,X) (0.4) (0.4) (0.4) (0.8) M&A Rank: 3 CROCI (%) Leases incl. in net debt & EV?: No FCF yield (%) (0.0) 0.6 1.0 2.5

3/26 6/26 9/26E 12/26E EPS (Rmb)

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 11 Sep 2026 close.