{"slug":"naura","name":"Naura","name_en":"Naura Technology","ticker":"002371.SZ","updated_at":"2026-07-12T05:40:46.260484+00:00","canonical":"https://valuechain.wiki/naura","same_as":["https://finance.yahoo.com/quote/002371.SZ"],"citable":"밸류체인 그래프 기준 Naura의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Naura Technology is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 6 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"중국 반도체 장비 1위 · 식각·증착","kicker_en":"China's No.1 chip-equipment maker · etch & deposition","lead":"미국 제재가 강제한 중국 반도체 장비 국산화의 최대 수혜주 — 식각·증착·열처리·세정 장비를 SMIC·화홍·YMTC·CXMT 등 중국 팹에 공급하는 중국 최대 장비 기업이다. FY2025 매출은 ¥393.5억(+30.85%)·순이익 ¥55.2억으로, 미·중 갈등이 오히려 국내 대체 수요를 밀어주는 지정학적 해자가 성장의 동력이다. 킹세미(리소 트랙)·청두궈타이(진공) 인수로 플랫폼을 넓히며 커버리지를 확장 중이다.","lead_en":"The prime beneficiary of the U.S.-sanctions-forced localization of China's semiconductor equipment — the country's largest tool maker, supplying etch, deposition, thermal and cleaning tools to Chinese fabs like SMIC, Hua Hong, YMTC and CXMT. FY2025 revenue was CNY 39.35bn (+30.85%) with net profit of CNY 5.52bn; the geopolitical moat, where US-China tension actually channels domestic-substitution demand, is the growth engine. It is widening its platform via the Kingsemi (litho track) and Chengdu Guotai (vacuum) acquisitions.","segments":{"parts":[{"desc":"국내 점유 ~30%의 주력. SMIC·화홍 등의 28nm 이하 증설에 직결되는 최대 매출 축.","name":"식각"},{"desc":"박막증착 장비(국내 ~25%). 식각과 묶여 팹당 장비 콘텐츠를 키우는 두 번째 축.","name":"박막증착"},{"desc":"열처리·세정 등 공정 장비. 국산화 라인업을 넓혀 팹 전공정 커버리지를 확대.","name":"열처리·세정"}],"total":"FY2025 매출 ¥393.5억 (+30.85%)·순이익 ¥55.2억","concentration":"식각 국내 30%. SMIC·화홍·YMTC 고객."},"segments_en":{"parts":[{"desc":"The flagship at ~30% domestic share — the top revenue axis tied to sub-28nm expansions at SMIC, Hua Hong and others.","name":"Etch"},{"desc":"Deposition tools (~25% domestic) — a second axis that, bundled with etch, grows equipment content per fab.","name":"Deposition"},{"desc":"Thermal and cleaning process tools — broadening the localized lineup to widen front-end fab coverage.","name":"Thermal/clean"}],"total":"FY2025 revenue CNY 39.35bn (+30.85%); net profit CNY 5.52bn","concentration":"~30% domestic etch; SMIC/Hua Hong/YMTC customers."},"returns_yearly":{"2021":41.3,"2022":-17.2,"2023":-2.6,"2024":65.9,"2025":70.6,"2026":68.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"lg-electronics","name":"LG전자","name_en":"LG Electronics","tier":3,"returns_yearly":{"2021":-16.2,"2022":-20.9,"2023":-5.8,"2024":-9.5,"2025":19.2,"2026":85.5}},{"slug":"kyocera","name":"교세라","name_en":"Kyocera","tier":3,"returns_yearly":{"2021":7.5,"2022":-2.1,"2023":33.8,"2024":-24,"2025":46.7,"2026":63}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":3,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":3,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"gigadevice","name":"GigaDevice","name_en":"GigaDevice","tier":2,"returns_yearly":{"2021":7.3,"2022":-17,"2023":-45.1,"2024":103.8,"2025":147.9,"2026":94.6}},{"slug":"cambricon","name":"Cambricon","name_en":"Cambricon","tier":2,"returns_yearly":{"2021":-48.7,"2022":-21.2,"2023":77.1,"2024":420,"2025":120.1,"2026":65.9}},{"slug":"hygon","name":"Hygon","name_en":"Hygon","tier":2,"returns_yearly":{"2023":54.2,"2024":93.4,"2025":106.9,"2026":33.6}},{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":2,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}},{"slug":"hua-hong","name":"Hua Hong","name_en":"Hua Hong Semiconductor","tier":1,"returns_yearly":{"2021":-19.8,"2022":-19.5,"2023":-53,"2024":61.6,"2025":412.1,"2026":59.2}},{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":1,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}}],"benefiting":[],"analysis":"나우라의 논점은 '지정학이 만든 국산화 수요를 플랫폼으로 흡수한다'는 데 있다. 미국 제재가 중국 팹의 미국·일본 장비 조달을 막을수록 나우라의 국산 식각·증착 장비 수요가 커지는 역설적 해자로, FY2025 매출 +30.85%(¥393.5억)가 그 결과다. 킹세미(리소)·청두궈타이(진공) 인수로 단일 공정에서 멀티 공정 플랫폼 벤더로 확장하는 게 재평가 축이다. 리스크는 중국 팹 capex 사이클과 첨단(EUV) 공정 접근 한계. 그래프 파급: SMIC·화홍 등 중국 파운드리·메모리의 국산화 capex가 수요를 직접 결정한다.","analysis_en":"NAURA's thesis is absorbing geopolitically-created localization demand onto a platform. The more U.S. sanctions block Chinese fabs from U.S./Japanese tools, the more demand flows to NAURA's domestic etch/deposition — a paradoxical moat, evidenced by FY2025 revenue +30.85% (CNY 39.35bn). Expanding from single-process into a multi-process platform vendor via Kingsemi (litho) and Chengdu Guotai (vacuum) is the re-rating axis. Risks are the Chinese-fab capex cycle and limited access to leading-edge (EUV) processes. Graph propagation: localization capex at Chinese foundries/memory like SMIC and Hua Hong directly sets demand.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"SMIC","counterparty_slug":"smic","confidence":"high","metric":null,"note":"중국 최대 파운드리 SMIC의 28nm 이하 증설에 식각·증착 장비를 공급 — 제재로 서방 장비가 막힌 라인을 국산으로 대체하는 핵심 수요처. SMIC 캐펙스가 나우라 매출을 앞서 움직인다.","note_en":"Supplies etch and deposition tools to China's largest foundry SMIC for sub-28nm expansions — the key demand source substituting domestic tools where sanctions block Western equipment; SMIC's capex leads Naura's revenue.","sources":[{"stance":"confirms","publisher":"선전증권거래소(北方华创)","publisher_en":"SZSE / NAURA Technology","kind":"filing","lang":"zh","published_at":"2026-04-17","url":"https://filingreader.com/news-wire/shenzhen/2026-04-17/naura-technology-revenue-jumps-31-on-domestic-semiconductor-demand","title":"北方华创 2025년 연차보고서(선전거래소 공시)","title_en":"NAURA Technology FY2025 Annual Report (Shenzhen filing)","excerpt":"SMIC 등 중국 파운드리 첨단공정 증설로 식각·증착 장비 수주 확대.","excerpt_en":"Etch/deposition orders expanded on advanced-node build-outs at SMIC and other Chinese foundries."},{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-03-10","url":"https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1","title":"중국 AI 반도체 ETF: 중지이노라이트·캄브리콘·나우라·화홍","title_en":"China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong","excerpt":"SMIC가 28nm 이하 공정에 나우라 장비 채택.","excerpt_en":"smic uses Naura tools at 28nm and below."},{"stance":"confirms","publisher":"Naura/SZSE","publisher_en":"Naura/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.naura.com","title":"Naura 회사·IR(선전거래소)","title_en":"Naura company/IR (SZSE)","excerpt":"Naura 연차·IR: 식각·증착 장비 매출·고객.","excerpt_en":"Naura annual/IR: etch/deposition revenue and customers."}]},{"direction":"revenue","counterparty":"Hua Hong","counterparty_slug":"hua-hong","confidence":"mid","metric":null,"note":"화홍반도체 성숙공정 팹에 식각·증착 장비를 공급. 성숙노드 증설이 국산 장비 채택의 넓은 저변을 이루는 수요선.","note_en":"Supplies etch and deposition tools to Hua Hong's mature-node fabs — mature-node expansion forms the broad base of domestic-tool adoption.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-03-10","url":"https://www.g-enews.com/article/Securities/2026/03/202603100911178711df2f5bc1bc_1","title":"중국 AI 반도체 ETF: 중지이노라이트·캄브리콘·나우라·화홍","title_en":"China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong","excerpt":"Hua Hong가 28nm 이하 공정에 나우라 장비 채택.","excerpt_en":"hua-hong uses Naura tools at 28nm and below."},{"stance":"confirms","publisher":"Naura/SZSE","publisher_en":"Naura/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.naura.com","title":"Naura 회사·IR(선전거래소)","title_en":"Naura company/IR (SZSE)","excerpt":"","excerpt_en":""}]},{"direction":"revenue","counterparty":"중국 메모리·파운드리 (장비)","counterparty_slug":null,"confidence":"mid","metric":{"yoy_pct":30.85,"revenue_cny_bn":39.35,"net_profit_cny_bn":5.52},"note":"YMTC(낸드)·CXMT(D램) 등 중국 메모리에 장비를 공급 — 메모리 국산화가 로직보다 장비 집약적이라, 나우라 국산 대체 수요의 성장 축이다.","note_en":"Supplies tools to Chinese memory makers YMTC (NAND) and CXMT (DRAM) — memory localization is more equipment-intensive than logic, a growth axis for Naura's substitution demand.","sources":[{"stance":"mentions","publisher":"증권가 컨센서스","publisher_en":"Brokerage consensus","kind":"research","lang":"zh","published_at":"2026-04-20","url":"https://news.futunn.com/en/post/64159482/naura-technology-group-002371-long-term-positive-outlook-for-the","title":"증권가 — 北方华创 플랫폼형 반도체 장비 대장주 장기 긍정","title_en":"Brokerage — NAURA a platform-type semi-equipment leader, long-term positive","excerpt":"증권가 플랫폼형 장비 대장주로 장기 긍정, 선단공정 증설 수혜.","excerpt_en":"Brokerages positive long-term on a platform-type equipment leader benefiting from advanced-node expansion."},{"stance":"confirms","publisher":"선전증권거래소(北方华创)","publisher_en":"SZSE / NAURA Technology","kind":"filing","lang":"zh","published_at":"2026-04-17","url":"https://filingreader.com/news-wire/shenzhen/2026-04-17/naura-technology-revenue-jumps-31-on-domestic-semiconductor-demand","title":"北方华创 2025년 연차보고서(선전거래소 공시)","title_en":"NAURA Technology FY2025 Annual Report (Shenzhen filing)","excerpt":"FY2025 매출 ¥393.5억(+30.85%)·순이익 ¥55.2억. 국산화 가속+킹세미(리소)·청두궈타이 인수로 플랫폼 확장.","excerpt_en":"FY2025 revenue CNY 39.35bn (+30.85%), net profit CNY 5.52bn; localization plus Kingsemi (litho)/Chengdu Guotai acquisitions expanded the platform."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"장비 부품·소재·R&D가 원가의 축. 국산화 확대에도 정밀부품 상류는 해외·비공개 조달에 남아, 이 상류 종속이 증산 속도와 원가의 제약이다.","note_en":"Components, materials and R&D are the cost core — even as localization advances, precision-component upstream stays foreign and undisclosed, and that dependence constrains ramp speed and cost.","sources":[{"stance":"confirms","publisher":"Naura/SZSE","publisher_en":"Naura/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.naura.com","title":"Naura 회사·IR(선전거래소)","title_en":"Naura company/IR (SZSE)","excerpt":"장비 부품·소재·R&D 원가(사업보고서)","excerpt_en":"Equipment parts, materials and R&D cost (business report)"}]},{"direction":"cost","counterparty":"리소·핵심부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"리소그래피 등 핵심 공정 장비·부품 개발·조달. 나우라 라인업의 최대 기술 공백으로, 여기서의 국산화 진척이 곧 중국 장비 자립도의 상한을 결정한다.","note_en":"Development and sourcing of critical process tools/components like lithography — the biggest technology gap in Naura's lineup, where localization progress sets the ceiling on China's equipment self-sufficiency.","sources":[{"stance":"confirms","publisher":"Naura/SZSE","publisher_en":"Naura/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.naura.com","title":"Naura 회사·IR(선전거래소)","title_en":"Naura company/IR (SZSE)","excerpt":"리소·핵심 공정 부품 개발·조달(사업보고서)","excerpt_en":"Litho/core-process parts development and sourcing (business report)"}]}]}