Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [4]. Core Viewpoints - The company is a leading domestic player in advanced ceramic materials and components for semiconductor equipment, with a significant revenue contribution from its ceramic heater products expected to accelerate in 2024 [1][4]. - The domestic market for advanced structural ceramics has substantial room for domestic substitution, with the company holding an approximately 80% market share among local suppliers [2][4]. - The company has established strong partnerships with major domestic semiconductor equipment manufacturers, enhancing its competitive position in the market [3][4]. Summary by Relevant Sections 1. Leading Position in Advanced Ceramic Materials - The company is recognized as a top enterprise in the research, manufacturing, and sales of advanced ceramic materials and components for semiconductor equipment [17]. - The revenue from advanced ceramic components has shown stable growth, with a CAGR of 18% from 2021 to 2023 [1][24]. - The company’s ceramic heater products are expected to see significant volume growth in 2024, driven by increased demand from the semiconductor sector [1][24]. 2. Market Potential for Domestic Substitution - The global market for advanced structural ceramics is projected to reach 423 billion yuan by 2026, with a significant portion of demand coming from semiconductor and display panel equipment [2][58]. - The domestic market for advanced structural ceramics is expected to grow at a CAGR of 11% from 2022 to 2026, outpacing global growth rates [40]. - The company’s market share in the domestic advanced structural ceramics sector is approximately 80%, indicating a strong competitive advantage [2][4]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 845 million yuan, 1.06 billion yuan, and 1.24 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 75.96%, 25.40%, and 17.25% [7][8]. - The expected net profit for the same years is forecasted to be 311 million yuan, 431 million yuan, and 526 million yuan, reflecting substantial growth [7][8]. - The report anticipates that the company will maintain a robust gross margin, with a projected gross margin of 60.9% in 2024 [8].
珂玛科技：半导体先进陶瓷结构件本土市场份额领先，模组产品放量贡献收入-20250402