Company Coverage
NAURA Technology Group (002371 CH): 2Q26: Uneventful Results But Order Momentum Continues To Accelerate
BUY (Maintained)
Current price:
Target price:
Upside:
Rmb700.40
Rmb930.00
+32.8%
Analyst
Analyst
Highlights
NAURA’s 2Q26 net profit grew 6.6% yoy to Rmb1.7b, which is in line with our estimate but below consensus’. That said, we believe the market is already aware of the lower season and margin pressure during the quarter.
- Orderbook remains solid, and we expect sales growth to accelerate in 2H26 with margins improving thanks to better operating scale, though R&D expenses are likely to remain elevated.
Maintain BUY; keep target price at Rmb930.00.
Analysis
2Q26 net profit is in line with our estimate but below consensus. NAURA Technology Group’s (NAURA) 2Q26 revenue grew 24.0% yoy but declined 4.7% qoq (qoq decline due to seasonality) to Rmb9.8b, which is 9.2%/10.1% below our/consensus estimates as 2Q was still a transitional period amid customer validation for new products. Gross margins declined 2.0ppt yoy and 1.4ppt qoq to 39.3% due to the initial ramp up of new products, 0.7ppt/0.8ppt below our/consensus estimates. The opex ratio however declined 0.3ppt yoy and 2.7ppt qoq to 22.5%, which is lower than both our/consensus forecasts, and as a result, reported net profit grew 6.6% yoy and 6.2% qoq to Rmb1.7b, in line with our more conservative estimate but a slight 7.0% miss vs consensus.
Highlights
NAURA’s 2Q26 net profit grew 6.6% yoy to Rmb1.7b, which is in line with our estimate but below consensus’. That said, we believe the market is already aware of the lower season and margin pressure during the quarter.
- Orderbook remains solid, and we expect sales growth to accelerate in 2H26 with margins improving thanks to better operating scale, though R&D expenses are likely to remain elevated.
Maintain BUY; keep target price at Rmb930.00.
Analysis
2Q26 net profit is in line with our estimate but below consensus. NAURA Technology Group’s (NAURA) 2Q26 revenue grew 24.0% yoy but declined 4.7% qoq (qoq decline due to seasonality) to Rmb9.8b, which is 9.2%/10.1% below our/consensus estimates as 2Q was still a transitional period amid customer validation for new products. Gross margins declined 2.0ppt yoy and 1.4ppt qoq to 39.3% due to the initial ramp up of new products, 0.7ppt/0.8ppt below our/consensus estimates. The opex ratio however declined 0.3ppt yoy and 2.7ppt qoq to 22.5%, which is lower than both our/consensus forecasts, and as a result, reported net profit grew 6.6% yoy and 6.2% qoq to Rmb1.7b, in line with our more conservative estimate but a slight 7.0% miss vs consensus.
BUY (Maintained)
Current price:
Target price:
Upside:
Rmb700.40
Rmb930.00
+32.8%
Analyst
Analyst
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