Core Insights - On December 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Honglu Steel Structure (002541), Jiuzhou Pharmaceutical (603456), and Huarui Precision, showing target price increases of 56.76%, 48.99%, and 36.02% respectively, across the professional engineering, medical services, and general equipment industries [1][2]. Target Price Increases - Honglu Steel Structure (002541) received a target price of 25.27 yuan, with a target increase of 56.76% from Guotai Junan Securities [2]. - Jiuzhou Pharmaceutical (603456) has a target price of 26.64 yuan, reflecting a 48.99% increase from Huachuang Securities [2]. - Huarui Precision (688059) was assigned a target price of 110.05 yuan, indicating a 36.02% increase from Guotou Securities [2]. - Other companies with significant target price increases include Hefeng Co. (603609) at 32.58%, Tianci Materials (002709) at 27.56%, and Anfu Technology (603031) at 26.56% [2]. Rating Adjustments - On December 17, only one company had its rating upgraded, with Qunyi Securities (Hong Kong) raising Tianci Materials (002709) from "Hold" to "Buy" [3][4]. First Coverage - A total of nine companies received initial coverage on December 17, including SAIC Motor (600104) and Weilan Lithium (002245), both rated "Buy" by Aijian Securities [4][5]. - Jiuzhou Pharmaceutical (603456) was also rated "Recommended" by Huachuang Securities, while Zhongke Chuangda (300496) and Kema Technology (301611) received "Buy" and "Increase" ratings from Dongbei Securities [4][5].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Insights - The company has a solid foundation in structural components, and the introduction of modularized new products is expected to drive a second growth curve [2][3]. - Revenue for the first three quarters of 2025 reached 794 million yuan, a year-on-year increase of 28.86%, while net profit attributable to shareholders was 245 million yuan, up 8.29% year-on-year [1][2]. - The semiconductor structural component revenue surged over 66% year-on-year to 279 million yuan in the first half of 2025, driven by high capital expenditure from downstream wafer fabs and urgent demand for supply chain autonomy [2][3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 365 million yuan, with corresponding PE ratios of 78, 53, and 37 for the years 2025, 2026, and 2027 respectively [3][4]. - The company expects revenue growth rates of 78.45% in 2024, followed by 29.09% in 2025, and 31.03% in 2026 [4][10]. - The net profit growth rate is forecasted to be 279.88% in 2024, 17.35% in 2025, and 46.11% in 2026 [4][10]. Market Position and Strategy - The company is transitioning from a single component supplier to a core functional module solution provider, with high-margin new products expected to drive valuation upwards [3][5]. - The successful integration of the ceramic heater into major equipment manufacturers' supply chains marks a significant milestone, with plans for accelerated production following the issuance of convertible bonds [3][5]. Stock Performance - As of December 16, 2025, the company's stock closed at 65.10 yuan, with a 12-month price range of 47.72 to 66.89 yuan [5]. - The company has shown absolute returns of 23% over the past month and 24% over the past three months [7].

Group 1 - The core point of the article highlights that Kema Technology has achieved a trading volume of 1.858 billion RMB, marking a new high since October 22, 2024 [2] - The latest stock price of Kema Technology has increased by 6.17%, with a turnover rate of 19.36% [2] - The previous trading day recorded a total trading volume of 1.846 billion RMB for the stock [2] Group 2 - Kema Technology, officially known as Suzhou Kema Material Technology Co., Ltd., was established on April 27, 2009, with a registered capital of 436 million RMB [2]

Core Points - Kema Technology (301611) announced a reduction in shareholding by its shareholder, CITIC Securities Asset Management, as the lock-up period for the strategic placement of shares expired [1] - From September 10 to December 9, 2025, a total of 5,842,900 shares were sold, representing 1.3401% of the total share capital [1] - Following the reduction, the remaining shares held by the shareholder decreased to 1,657,100, which is 0.3801% of the total share capital [1]

证券代码：301611 证券简称：珂玛科技 公告编号：2025-062 苏州珂玛材料科技股份有限公司 关于员工战略配售资管计划减持期限届满 一、股东减持情况 1、股东减持股份情况 | 股东名称 | 减持方式 | | | 减持期间 | | | 减持均价 | 减持股数 | 减持股份占公司 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | （人民币元/股） | （股） | 总股本比例（%） | | 中信证券资管－ | | 2025 | 年 | 月 9 | 10 | 日 | | | | | 中信银行－中信 | 集中竞价 | 至 | | | | | 55.91 | 4,842,900 | 1.1108 | | 证券资管珂玛材 | | 2025 | 年 12 | 月 | 9 日 | | | | | | 料员工参与创业 | | 2025 | 年 | 月 9 | 10 | 日 | | | | | 板战略配售集合 | 大宗交易 | 至 | | | | | 52.12 | 1,000,000 | 0.2294 | | 资 ...

Core Viewpoint - Kema Technology (301611.SZ) has received an inquiry letter from the exchange regarding its application to issue convertible bonds, focusing on the company's high growth in 2024 and the "revenue growth without profit increase" in Q3 2025 [1] Group 1: Financial Performance - In 2024, the company's non-GAAP net profit is expected to surge by 293.56%, driven by the recovery of the semiconductor industry and opportunities for domestic substitution [1] - In Q3 2025, despite an 18.10% increase in revenue, the non-GAAP net profit declined by 12.79% due to a significant increase in R&D expenses by 80.36% and management expenses by 42.80% [1] - The company's revenue for 2024 is projected to grow by 78.45%, with core semiconductor structural components seeing a revenue increase of 106.52% [1] Group 2: Customer Concentration and Accounts Receivable - The company emphasizes the significant head effect in the semiconductor industry, with stable partnerships with leading domestic clients such as North Huachuang and Zhongwei [2] - As of September 2025, accounts receivable aged over one year accounted for 7.60%, indicating manageable risk [2] - By the end of October 2025, the collection ratio for accounts receivable from the end of 2024 reached 84.87%, reflecting good collection performance [2]

中信证券股份有限公司 关于 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 之 上市保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十二月 | 声 | 明 2 | | --- | --- | | 第一节 | 本次证券发行基本情况 3 | | 第二节 | 保荐人承诺事项 27 | | 第三节 | 保荐人对本次证券发行上市的保荐结论 29 | | 第四节 | 对公司持续督导期间的工作安排 30 | 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之上市保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"或"保荐机构"）接 受苏州珂玛材料科技股份有限公司（以下简称"珂玛科技"、"发行人"或"公司"） 的委托，担任其向不特定对象发行可转换公司债券的保荐人。 中信证券股份有限公司及保荐代表人根据《公司法》《证券法》等有关法律、法规、 中国证监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制订的 业务规则、行业执业规范和道德准则出具上市保荐书，并保证所出具文件的真实性、准 确性、完整性。 在本上市保荐书中，除上下 ...

RSM 容诚 关于苏州珂玛材料科技股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函中有关财务会计问题的专项说明 容诚专字[2025]215Z0810号 容诚会计师事务所(特殊普通合伙) 中国北京 7-2-1 容诚会 目 录 | 问题 1 | | --- | | 【回复】 | | 一、发行人说明 | | 二、申报会计师的核查情况 . | | 问题 2 | | 【回复】 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 45 | | 一、发行人说明 | | 二、申报会计师的核查情况 . | 7-2-2 十京市西城区阜成门外大街 22号 1001-1 至 1001-26 (100037) L:010-6600 1391 FAX:010-6600 1392 E-mail:bi@rsmchina.com.cn https://www.rsm.global/china/ 关于苏州珂玛材料科技股份有限公司 申请向不特定对象发行可转换公司债券 ...

中信证券股份有限公司 保荐人（主承销商） 关于 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 之 发行保荐书 广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 二〇二五年十二月 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之发行保荐书 声 明 本保荐人及保荐代表人根据《公司法》《证券法》《上市公司证券发行注 册管理办法》《深圳证券交易所创业板股票上市规则》《证券发行上市保荐业 务管理办法》《深圳证券交易所上市公司证券发行与承销业务实施细则》等有 关法律、行政法规和中国证券监督管理委员会、深圳证券交易所的规定，诚实 守信，勤勉尽责，严格按照依法制订的业务规则和行业自律规范出具发行保荐 书，并保证所出具文件真实、准确、完整。 如无特别说明，本发行保荐书中的简称与《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募集说明书》中简称具有相同含义。 3-1-1 | 目 第一节 | 录 本次证券发行基本情况 | 2 3 | | --- | --- | --- | | 第二节 | 保荐人承诺事项 | | | | | 8 | | 第三节 | 对本次证券发行的推荐意见 | 9 ...

" RsM | 容 诚 审计报告 苏州珂玛材料科技股份有限公司 容诚审字[2025]215Z0778号 容诚会计师事务所(特殊普通合伙) 中国 - 北京 6-1-1 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | d - 155 | 6-1-2 审计报告 容诚审字[2025]215Z0778号 苏州珂玛材料科技股份有限公司全体股东: 一、审计意见 我们审计了苏州珂玛材料科技股份有限公司(以下简称"珂玛科技")财务报表, 包括 2024 年 12 月 31 日、2023 年 12 月 31 日、2022 年 12 月 31 日的合并及母公 司资产负债表,2024年度、2023年度、20 ...