China's No.1 chip-equipment maker · etch & deposition
Naura Technology
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.
002371.SZ Updated Jul 12, 2026 3 AI consumers
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).
Financials & Segments
- Total revenue · FY2025 revenue CNY 39.35bn (+30.85%); net profit CNY 5.52bn
- Customer concentration · ~30% domestic etch; SMIC/Hua Hong/YMTC customers.
- Segments · Etch · Deposition · Thermal/clean
Revenue from
- SMIC High confidence
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.Confirms ZH SZSE / NAURA Technology Published Apr 17, 2026: NAURA Technology FY2025 Annual Report (Shenzhen filing)Confirms KO Global Economic Published Mar 10, 2026: China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong - Hua Hong Semiconductor Medium confidence
Supplies etch and deposition tools to Hua Hong's mature-node fabs — mature-node expansion forms the broad base of domestic-tool adoption.Confirms KO Global Economic Published Mar 10, 2026: China AI-chip ETF: Innolight, Cambricon, Naura, Hua Hong - Chinese memory · foundry (equipment) Medium confidence
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.Mentions ZH Brokerage consensus Published Apr 20, 2026: Brokerage — NAURA a platform-type semi-equipment leader, long-term positiveConfirms ZH SZSE / NAURA Technology Published Apr 17, 2026: NAURA Technology FY2025 Annual Report (Shenzhen filing)
Pays to
- components, materials & R&D (undisclosed) Low confidence
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. - litho & core components (undisclosed) Low confidence
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +94.6 |
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +65.9 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | +33.6 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Hua Hong Semiconductor | lead1 | -19.8 | -19.5 | -53 | +61.6 | +412.1 | +59.2 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| Naura Technology | node | +41.3 | -17.2 | -2.6 | +65.9 | +70.6 | +68.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥662 · Price ¥801 (07-10) · Upside -17%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs | 买入 (Buy) | ¥818 | May 22, 2026 | Report ↗ |
| BOCOM International | 买入 (Buy) | ¥650 | May 6, 2026 | Report ↗ |
| Huatai Securities | 买入 (Buy) | ¥518.34 | Apr 20, 2026 | Report ↗ |
China's flagship semiconductor equipment localization play; strong memory/advanced-logic/packaging order momentum has 17 of 21 covering brokers at Buy (~CNY565 average 2026 target), with Goldman Sachs raising its target to CNY818.
Analyses covering this node
- Export controls wind China's chain clock: the makers rise, not the buyers Jul 10, 2026
- China replicates the chain in parallel: the second map that sanctions drew Jun 23, 2026