Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to achieve significant growth in its annual performance, driven by the accelerated release of ceramic heaters and a rapid increase in customer procurement demand [2][3] - The forecasted revenue for 2024 is between 840 million to 860 million yuan, representing a year-on-year growth of 74.83% to 79.00%, while the net profit attributable to the parent company is expected to be between 302 million to 312 million yuan, reflecting a year-on-year increase of 268.92% to 281.14% [2][10] - The growth is attributed to the domestic substitution of key components in semiconductor equipment, successful industrialization of new products and materials, and a rebound in global semiconductor capital expenditure [3][4] Summary by Sections Revenue and Profit Forecast - For 2024, the company anticipates revenue of 8.48 billion yuan, with growth rates of 76.5% for 2024, 33.0% for 2025, and 25.6% for 2026 [5][11] - The net profit for 2024 is projected at 309 million yuan, with growth rates of 277.1% for 2024, 39.7% for 2025, and 30.1% for 2026 [10][11] Product Development and Market Demand - The company has accelerated the release of ceramic heaters, which are crucial components for semiconductor wafer manufacturers, addressing key bottlenecks in the industry [3] - New products and materials have been successfully industrialized, with a focus on high-value, high-technical-difficulty products such as ceramic heaters and electrostatic chucks [4] - The demand from customers in the semiconductor sector is rapidly increasing, driven by a recovery in capital expenditure and the ongoing push for domestic production of key components [4] Financial Metrics - The company’s total market capitalization is approximately 25.64 billion yuan, with a circulating market value of about 3.32 billion yuan [6] - The earnings per share (EPS) for 2024 is expected to be 0.71 yuan, with a projected price-to-earnings (P/E) ratio of 83.1 for 2024, decreasing to 45.7 by 2026 [11]
珂玛科技：全年业绩预计大幅增长，陶瓷加热器加速放量