Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company, Kema Technology, is positioned as a leading domestic supplier of advanced ceramic components for semiconductor equipment, focusing on the accelerated localization of these materials [9][12]. - The company has achieved significant market penetration, holding approximately 14% of the total procurement scale for advanced structural ceramics in domestic semiconductor equipment, and about 72% among local suppliers [9]. - The ceramic heater product line is expected to see accelerated volume production starting in 2024, contributing to revenue growth [11]. Financial Overview - The total share capital is 4.36 billion shares, with a circulating share capital of 0.56 billion shares [2]. - The total market capitalization is 29.8 billion yuan, with a circulating market value of 3.8 billion yuan [3]. - The company reported a revenue of 620 million yuan for the first three quarters of 2024, with ceramic components accounting for 550 million yuan [11]. - Projected revenues for 2024, 2025, and 2026 are expected to be 810 million yuan, 1.061 billion yuan, and 1.307 billion yuan respectively, with corresponding net profits of 292 million yuan, 412 million yuan, and 530 million yuan [12][14]. - The company’s earnings per share (EPS) are projected to be 0.67 yuan, 0.94 yuan, and 1.22 yuan for the years 2024, 2025, and 2026 respectively [14]. Market Position and Growth Potential - The global market for advanced structural ceramics in semiconductors was valued at 25.8 billion yuan in 2021, with expectations for long-term growth driven by increasing semiconductor equipment investments [9]. - The company has established itself as a key supplier for major domestic semiconductor manufacturers, ensuring supply chain security for China's semiconductor industry [9]. - The surface treatment business has shown stable growth, with a market share of approximately 6% in the mainland display panel surface treatment market [11].
珂玛科技：陶瓷加热器开始加速放量