[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 珂玛科技(301611)公司点评报告 2025 年 10 月 31 日 [Table_Title] 三季度增速有所放缓，下游需求看到改善迹象 ——珂玛科技 25 年三季报业绩点评 [Table_Summary] 报告要点： 10 月 30 日，公司发布 2025Q1-Q3 业绩公告，25Q1-Q3 营收实现 7.94 亿元（YoY+28.86%），归母净利 2.45 亿元（YoY+8.29%），毛利率 和净利率分别为 53.94%和 30.56%。单季度 25Q3 方面，公司营收实现 2.74 亿元（YoY+18.10%，QoQ+0.38%），归母净利实现 0.73 亿元（YoY- 16.16%，QoQ-14.29%），毛利率和净利率分别为 51.12%和 25.88%。 公司在三季度整体营收增长有一定放缓，综合毛利率有所下滑，主要 是毛利率较低的陶瓷结构件产品在销售占比提升，而模块类陶瓷加热器 产品销售在总体占比下降所致。下游主要客户因为季节性因素影响，在今 年上半年设备出货增速放缓，同时公司新产品认证时间周期影响，间接影 响了公司 ...

南方智弘混合A（020645）基金经理为金岚枫。 截至发稿，金岚枫累计任职时间4年165天，现任基金资产总规模15.89亿元，任职期间最佳基金回报 51.71%， 任职期间最差基金回报11.99%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 10月31日，珂玛科技跌5.01%，截至发稿，报53.05元/股，成交4.00亿元，换手率5.06%，总市值231.30 亿元。 资料显示，苏州珂玛材料科技股份有限公司位于江苏省苏州高新区漓江路58号6#厂房东，成立日期2009 年4月27日，上市日期2024年8月16日，公司主营业务涉及先进陶瓷材料零部件的研发、制造、销售、服 务以及泛半导体设备表面处理服务。主营业务收入构成为：销售先进陶瓷材料零部件91.74%，提供表 面处理服务7.20%，其他(补充)0.57%，销售金属结构零部件0.49%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓珂玛科技。南方智弘混合A（020645）三季度增持25 ...

Core Viewpoint - Kema Technology (stock code: 301611) has demonstrated robust growth in its Q3 2025 report, achieving a revenue of 794 million yuan, a year-on-year increase of 28.86%, and a net profit of 245 million yuan, up 8.29% [1][2] Financial Performance - For the first three quarters, Kema Technology reported a revenue of 794 million yuan, reflecting a 28.86% year-on-year growth, and a net profit of 245 million yuan, which is an 8.29% increase [1] - In Q3 alone, the company achieved a revenue of 274 million yuan, marking an 18.10% year-on-year growth, with a net profit of approximately 72.66 million yuan [2] - The net cash flow from operating activities reached 183 million yuan, up 14.90% year-on-year, indicating improved operational quality and profitability [2] - Total assets grew to 2.475 billion yuan, a 25.83% increase from the previous year, while equity attributable to shareholders rose by 13.65% to 1.727 billion yuan [2] R&D and Technological Advancements - Kema Technology invested 73.98 million yuan in R&D during the first three quarters, a significant increase of 46.83%, highlighting its commitment to technological innovation [2] - The company has made significant breakthroughs in core technologies, particularly in the semiconductor equipment sector, facilitating the domestic replacement of critical components [3] - Kema's modular products have achieved mass production, leading to a notable increase in the overall gross margin of advanced ceramic materials [3] Market Position and Competitive Advantage - Kema Technology has established a unique business model by integrating advanced ceramic materials with surface treatment services, creating competitive advantages in customer service and production [3] - The company has formed long-term partnerships with leading firms in the semiconductor industry, including major domestic and international players [6] Financing and Future Growth - Kema Technology's application for issuing convertible bonds has been accepted, aiming to raise up to 750 million yuan for expanding production capacity and enhancing liquidity [4][5] - The funding will support projects in structural functional modular ceramic components and silicon carbide materials for semiconductor equipment, strengthening its market position [4][5] - The company is poised for growth in the advanced ceramic materials sector, driven by increasing demand from emerging technologies such as 5G and AI [6][7] Strategic Direction - Kema Technology plans to continue increasing R&D investments and deepen strategic collaborations with clients to enhance its core competitiveness [7] - The company aims to become a leading provider of advanced ceramic material solutions on an international scale, driven by technological innovation and domestic replacement initiatives [7]

公募基金方面，本期较上一期持股增加的公募基金共计1个，即南方智弘混合A，持股增加占比小幅上 涨。本期较上一季未再披露的公募基金共计193个，主要包括国联安半导体ETF、南方中证1000ETF、 西部利得事件驱动股票A、宏利成长混合、国泰CES半导体芯片行业ETF等。 2025年10月31日，珂玛科技(301611.SZ)发布2025年第三季报。截至2025年10月30日，共有12个机构投 资者披露持有珂玛科技A股股份，合计持股量达5400.86万股，占珂玛科技总股本的12.39%。其中，前 十大机构投资者包括苏州博盈企业管理咨询中心(有限合伙)、北京诺华资本投资管理有限公司-北京集成 电路装备产业投资并购基金(有限合伙)、苏州市博璨企业管理咨询中心(有限合伙)、深圳华业天成投资 有限公司-湖南华业天成创业投资合伙企业(有限合伙)、上海正海资产管理有限公司-无锡正海缘宇创业 投资合伙企业(有限合伙)、苏州宜行聚珂创业投资合伙企业(有限合伙)、中芯聚源私募基金管理(天津)合 伙企业(有限合伙)-聚源中小企业发展创业投资基金(绍兴)合伙企业(有限合伙)、苏州科技城高创创业投 资合伙企业(有限合伙)、中金资本运营有限 ...

Core Viewpoint - Kema Technology, established in April 2009, is a leader in advanced ceramic materials components in China, with significant technological advantages in the localization of key components for semiconductor equipment [1] Group 1: Business Performance - In Q3 2025, Kema Technology reported revenue of 794 million yuan, ranking 14th among 24 companies in the industry, with the industry leader, Yuyuan New Materials, generating 6.77 billion yuan [2] - The main business composition includes sales of advanced ceramic materials components at 477 million yuan (91.74%), surface treatment services at 37.47 million yuan (7.20%), and other sales at 2.95 million yuan (0.57%) [2] - The net profit for the same period was 243 million yuan, ranking 5th in the industry, with the top performer, Yuyuan Technology, achieving a net profit of 864 million yuan [2] Group 2: Financial Ratios - Kema Technology's debt-to-asset ratio was 29.75%, lower than the previous year's 31.73% and below the industry average of 31.95%, indicating good solvency [3] - The gross profit margin for the period was 53.94%, down from 59.42% year-on-year but significantly higher than the industry average of 25.67% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.73% to 27,600, with an average holding of 5,309.81 shares, an increase of 1.76% [5] - Several institutions, including Guolian An Zhongzheng Semiconductor Products and Equipment ETF, exited the top ten circulating shareholders [5] Group 4: Future Outlook - The demand for Kema Technology's products is driven by the 3D integration of storage chips and the upgrading of logic chip processes, with new production capacity expected to ramp up in the second half of 2025 [6] - The production capacity for aluminum nitride ceramic heaters is projected to increase from 60 units per month in 2024 to 200 units per month by the end of 2025 [6] - Forecasts suggest that Kema Technology will achieve revenues of 1.1 billion yuan, 1.5 billion yuan, and 1.9 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 420 million yuan, 580 million yuan, and 780 million yuan [5][6]

Company Performance - Kema Technology (SZ 301611) reported third-quarter earnings on October 30, with revenue for the first three quarters of 2025 approximately 794 million yuan, an increase of 28.86% year-on-year [1] - The net profit attributable to shareholders was about 245 million yuan, reflecting a year-on-year increase of 8.29% [1] - Basic earnings per share stood at 0.56 yuan, which represents a year-on-year decrease of 8.2% [1] Market Valuation - As of the report date, Kema Technology's market capitalization is 24.4 billion yuan [1]

一、董事会召开情况 苏州珂玛材料科技股份有限公司（以下简称"公司"）第三届董事会第八次会议 （以下简称"会议"）于 2025 年 10 月 29 日在江苏省苏州市虎丘区漓江路 58 号 6#厂 房东以现场结合通讯方式举行，会议通知于 2025 年 10 月 24 日通过邮件方式发出。 会议应出席董事 7 人，实际出席董事 7 人（其中董事胡文、范春仙、RONG YIMING、 徐冬梅以通讯表决方式审议表决），公司高级管理人员列席了会议。本次会议的召开 符合相关法律法规和《公司章程》的规定。 本次会议由董事长刘先兵召集并主持，会议审议并以现场及在线记名投票表决 的方式通过各项议案，会议一致形成如下决议。 证券代码：301611 证券简称：珂玛科技 公告编号：2025-058 苏州珂玛材料科技股份有限公司 第三届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 表决结果：同意的 7 票；反对的 0 票；弃权的 0 票。 该事项在公司董事会审批权限内，无需提交股东大会审议。 三、备查文件 1、苏州珂玛材料科技股份有限公司第三届董事会第八次会议 ...

珂玛科技公告，第三季度营收为2.74亿元，同比增长18.10%；净利润为7265.64万元，下降16.16%。前 三季度营收为7.94亿元，同比增长28.86%；净利润为2.45亿元，同比增长8.29%。 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥273,541,457.02, representing an increase of 18.10% year-on-year, while the revenue for the year-to-date period was ¥793,939,041.42, up 28.86% compared to the same period last year[5]. - Net profit attributable to shareholders for Q3 2025 was ¥72,656,425.02, a decrease of 16.16% year-on-year, with year-to-date net profit at ¥244,520,318.40, an increase of 8.29%[5]. - The company's basic earnings per share for Q3 2025 was ¥0.17, down 26.09% year-on-year, while the diluted earnings per share remained the same[5]. - Total operating revenue for the period reached RMB 793,939,041.42, an increase of 28.8% compared to RMB 616,143,829.77 in the previous period[23]. - Net profit attributable to shareholders of the parent company was RMB 244,520,318.40, up from RMB 225,801,117.08, reflecting a growth of 8.0%[23]. Assets and Liabilities - Total assets as of the end of Q3 2025 were ¥2,475,442,897.55, reflecting a 25.83% increase from the end of the previous year[5]. - Total assets increased to RMB 2,475,442,897.55 from RMB 1,967,300,323.94, representing a growth of 25.8%[22]. - Total liabilities rose to RMB 736,343,504.34, compared to RMB 447,890,505.13, marking an increase of 64.5%[22]. Cash Flow - The net cash flow from investing activities for the first nine months of 2025 was -¥223,254,826.74, primarily due to the acquisition expenses related to Suzhou Kaixin[12]. - Operating cash inflow for the current period reached RMB 716,563,737.40, an increase of 21.4% compared to RMB 590,084,083.82 in the previous period[24]. - Net cash flow from operating activities was RMB 182,510,223.45, up from RMB 158,837,352.67, reflecting a growth of 14.9%[24]. - Cash outflow from investment activities totaled RMB 392,375,218.14, significantly higher than RMB 195,675,923.68 in the previous period, resulting in a net cash outflow of RMB 223,254,826.74[24]. - Cash inflow from financing activities was RMB 146,024,206.10, down from RMB 695,005,431.00, leading to a net cash inflow of RMB 68,034,923.75[24]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 27,606[14]. - Liu Xianbing holds 44.19% of shares, totaling 192,649,465 shares[14]. - Hu Wen holds 16.67% of shares, totaling 72,676,450 shares[14]. - The top ten shareholders include Suzhou Boying Enterprise Management Consulting Center with 3.65% (15,925,314 shares) and Beijing Novartis Capital Investment Management with 1.92% (8,369,575 shares)[14]. - The company has a total of 8,369,575 unrestricted shares held by Beijing Novartis Capital Investment Management[14]. Research and Development - Research and development expenses for the first nine months of 2025 amounted to ¥73,978,942.53, a 46.83% increase compared to the same period in 2024, indicating a continued commitment to R&D investment[11]. - Research and development expenses increased to RMB 73,978,942.53 from RMB 50,383,250.52, reflecting a rise of 46.8%[23]. Governance and Compliance - The company held board meetings on August 22, 2025, and September 10, 2025, to approve key governance changes, including the cancellation of the supervisory board[18]. - The company will elect employee representatives to the board, with terms lasting until the end of the current board's tenure[18]. - The company has made adjustments to its articles of association to comply with new legal and regulatory requirements[18]. - The company is committed to transparency and has published relevant announcements regarding governance changes on its information platform[18]. Strategic Initiatives - The company has a strategic plan to expand its market presence, focusing on new product development and technology advancements[1]. - The company is actively engaging in mergers and acquisitions to enhance its competitive position in the market[1]. Accounting and Audit - The company did not conduct an audit for the third quarter financial report[25]. - The new accounting standards will be implemented starting in 2025, affecting the financial statements[25].

（文章来源：证券日报） 证券日报网讯 10月30日，珂玛科技发布公告称，公司于2025年10月29日收到深圳证券交易所（简称"深 交所"）出具的《关于受理苏州珂玛材料科技股份有限公司向不特定对象发行可转换公司债券申请文件 的通知》（深证上审〔2025〕216号），深交所对公司报送的向不特定对象发行可转换公司债券的申请 文件进行了核对，认为申请文件齐备，决定予以受理。公司本次向不特定对象发行可转换公司债券事项 尚需通过深交所审核，并获得中国证券监督管理委员会（简称"中国证监会"）作出同意注册的决定后方 可实施，最终能否通过深交所审核，并获得中国证监会作出同意注册的决定及其时间尚存在不确定性。 ...