Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company has achieved a revenue CAGR of over 28% from 2019 to 2023, driven by advanced ceramic components and semiconductor equipment surface treatment services [7][20] - The company focuses on the research and development of ceramic heaters, electrostatic chucks, and ultra-pure silicon carbide kits, with a global market demand exceeding 10 billion yuan, indicating significant potential for domestic substitution [7][40] - The surface treatment market for semiconductor equipment parts in China is projected to reach 7.5 billion yuan by 2026, with the company concentrating on the display panel sector and gradually establishing semiconductor surface treatment capacity [7][84] Summary by Sections Business Overview - The company primarily engages in the R&D, manufacturing, sales, and service of advanced ceramic components and surface treatment for semiconductor equipment, with a strong foundation in materials such as alumina, zirconia, aluminum nitride, silicon carbide, yttrium oxide, and titanium oxide [7][20] - The revenue from advanced ceramic components and surface treatment services has shown robust growth, with the latest quarterly revenue reaching 620 million yuan, of which 550 million yuan came from ceramic components [7][20] Financial Performance - The company forecasts revenues of 852 million yuan, 1.105 billion yuan, and 1.412 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 317 million yuan, 426 million yuan, and 565 million yuan [8][109] - The projected P/E ratios for 2024, 2025, and 2026 are 83.28, 61.94, and 46.74 respectively, indicating a strong growth outlook [8][109] Market Position - The company is a leading domestic supplier of advanced ceramic components for semiconductor equipment, serving major manufacturers such as North Huachuang, Zhongwei Company, and Shanghai Microelectronics [7][40] - The global market demand for ceramic heaters, electrostatic chucks, and ultra-pure silicon carbide kits is estimated to be between 4.2 billion to 5.7 billion yuan, 3.6 billion to 4.2 billion yuan, and 1.5 billion to 1.9 billion yuan respectively [7][108] R&D and Product Development - The company is focused on enhancing its product offerings in advanced ceramics, particularly in high-value modules such as ceramic heaters and electrostatic chucks, while also exploring new materials like titanium oxide and ultra-pure silicon carbide [7][82] - The company has developed over 13,000 customized components since 2019, showcasing its strong R&D capabilities [67] Surface Treatment Services - The company provides surface treatment services that are critical for maintaining the cleanliness and performance of semiconductor equipment, with a significant portion of its revenue derived from this segment [86][100] - The surface treatment market is expected to grow alongside investments in semiconductor and display panel manufacturing, with the company aiming to capture a larger share of this market [91][100]
珂玛科技：先进陶瓷零部件核心国产供应商，陶瓷加热器开启加速放量