·AI 半导体设备 ·Zen Horizon Research
NAURA Technology Group SUN-R Investment Analysis
NAURA is China's broadest listed domestic wafer-fab equipment platform, selling into etch, deposition, cleaning and more, with 2025 process-equipment revenue of CNY 36.73 billion. Real usage clearly carries the story, with two tool families each topping CNY 10 billion in 2025, yet at roughly 48x forward earnings the stock already discounts years of near-flawless execution. Rating Watch: a genuine national champion worth owning on pullbacks into the CNY 500-580 fair-buy band, not chasing because the localization story is true.
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