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China's largest semiconductor equipment maker, supplying etch, deposition, cleaning and other wafer-fab tools.
China's largest semiconductor equipment maker, supplying etch, deposition, cleaning and other wafer-fab tools.
Sells chip-making machines to fabs in China, where state policy pushes for domestic equipment, so orders follow Chinese fab expansion and government support rather than global cycles alone. It was formed in 2017 by merging two Beijing equipment makers, and is controlled by a Beijing municipal state-owned group.
In one line: China's answer to Applied Materials/Lam Research.
Moat: narrow (customer qualification, process know-how, scale). Tool-of-record status at leading Chinese fabs amid a national drive to replace Applied Materials/Lam/Tokyo Electron tools.
Headquarters: Beijing, China · Founded: 2001 · Employees: 21,101
Size NAURA Technology (002371.SZ) is a China Industrials company (Industrial Machinery) with a market value of $60.6B, the 30th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥560.00 on 6 Nov 2026.
Performance Over six months the shares gained 4.3%, against -2.6% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 18.3% over the last twelve months (peer median +8.3%); the operating margin is 10.8% (peer median 18.0%).
Valuation It trades at 56.5× forward earnings against a peer median of 22.0× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +45%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (8.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥43.5B | CN¥39.2B | CN¥30.0B | CN¥21.9B | CN¥14.6B |
| Revenue growth | — | +31% | +37% | +50% | — |
| Gross profit | CN¥17.1B | CN¥14.3B | CN¥12.2B | CN¥8.31B | CN¥5.90B |
| EBITDA | n/a | CN¥6.37B | CN¥6.67B | CN¥4.23B | CN¥2.68B |
| Net income | CN¥5.78B | CN¥5.52B | CN¥5.62B | CN¥3.90B | CN¥2.35B |
| Free cash flow | CN¥7.52B | -CN¥122M | -CN¥530M | CN¥385M | -CN¥2.14B |
| Capital expenditure | CN¥2.78B | CN¥2.26B | CN¥2.08B | CN¥1.98B | CN¥1.41B |
| Total debt | CN¥16.7B | CN¥19.0B | CN¥8.46B | CN¥8.01B | CN¥4.58B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NAURA Technology 002371.SZ | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Lam Research LRCX | $250B | -32% | +33% | 37% | 19.6× | 26.4% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| ACM Research ACMR | $3.11B | -25% | +27% | 13% | 16.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002371.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.7% | -4.6% | 9th lowest of 21 |
| 6-month return | +4.3% | -2.6% | 6th highest of 20 |
| Distance from 52-week high | -42.1% | -17.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +18.3% | +8.3% | 4th highest of 21 |
| Operating margin | 10.8% | 18.0% | 3rd lowest of 21 |
| Forward P/E | 56.5× | 22.0× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 33.4% | 14.7% | 2nd most demanding of 20 |
| Growth delivered (Del g) | +45.5% | +9.2% | 2nd highest of 20 |
| Hurdle (Req g minus delivered) | -12.0 pp | +3.5 pp | 3rd least demanding of 20 |
| ROIC minus cost of capital | +0.7 pp | +5.7 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Atlas Copco ATCO-A.ST | Sweden | $87.5B | +4% | +3% | 20% | 29.7× | 17.7% | +11.0% |
| Trane Technologies TT | United States | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% | +11.4% |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Parker Hannifin PH | United States | $116B | +4% | +8% | 22% | 24.4× | 19.0% | +8.4% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Hitachi 6501.T | Japan | $130B | -7% | +14% | 12% | 20.9× | 9.5% | +3.9% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |