Company Overview - The company, Suzhou Kema Materials Technology Co Ltd, was founded in 2009 and specializes in advanced structural ceramics, particularly for the semiconductor industry [1] - It has developed key products such as 12-inch electrostatic chucks, ultra-high purity silicon carbide kits, and ceramic heaters, contributing to the localization of critical semiconductor equipment components [1] - The company is led by Dr Liu Xianbing, a ceramic materials expert with nearly 20 years of experience in the field [6] Financial Performance - In 2023, the company achieved a sales gross margin of 39 78%, a net profit margin of 17 04%, and an ROE of 11 86% [1] - Revenue increased by 3 89% year-over-year, while net profit declined by 12 20% [1] - The company expects significant growth in 2024, with projected revenue of 3 65-3 92 billion yuan, a 55 93%-67 46% increase, and net profit of 120-144 million yuan, a 253 66%-323 08% increase [28] Market Position and Industry - The company is a leader in domestic advanced structural ceramics for semiconductors, with a strong focus on localization and technological breakthroughs [1] - The global advanced structural ceramics market was valued at 1,067 billion yuan in 2021, with China accounting for 261 billion yuan, and is expected to grow to 1,176 billion yuan by 2024 [12] - The domestic semiconductor equipment advanced structural ceramics market had a localization rate of only about 19% in 2021, indicating significant room for growth [13] Products and Technology - The company offers a wide range of advanced ceramic products, including materials for semiconductor, display panel, and powder processing industries [18] - Key products include ceramic heaters, electrostatic chucks, and ultra-high purity silicon carbide kits, which are critical for semiconductor manufacturing [19] - The company has a strong R&D focus, with 152 technical personnel accounting for 18 34% of total employees, and R&D expenses reaching 46 53 million yuan in 2023 [31][32] Customer Base - The company serves major domestic and international clients, including A Company, Northern Huachuang, and TCL CSOT [36] - It has established long-term relationships with leading companies in the semiconductor, display panel, and powder processing industries [36] Growth Drivers - The company benefits from the rapid development of the domestic semiconductor industry and the increasing demand for localized semiconductor equipment components [25] - Its focus on R&D and technological innovation positions it well to capitalize on the growing demand for advanced structural ceramics in various high-tech industries [30][33]
珂玛科技：先进结构陶瓷领先企业，深耕半导体市场
财通证券·2024-08-15 00:23