珂玛科技（301611）：2024年报点评：加热器产能持续扩充，模块类新品加速开发

Investment Rating - The report maintains a "Buy" rating for the company [1][9][11] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 857 million yuan, a year-on-year increase of 78.45%, and a net profit of 311 million yuan, up 279.88% year-on-year [4][5] - The semiconductor module products are entering a rapid growth phase, with advanced ceramic materials revenue increasing by 94.54% to 768 million yuan, and semiconductor structural components revenue growing by 106.52% to 401 million yuan [5][6] - The company has a complete industrial chain for advanced ceramics and is one of the few domestic firms mastering the technology for ceramic materials, component manufacturing, surface treatment, and product testing [6][8] Financial Performance - In Q4 2024, the company reported revenue of 241 million yuan, a year-on-year increase of 88.97%, and a net profit of 85 million yuan, up 244.04% year-on-year [4][5] - The gross margin for advanced ceramic materials components was 63.19%, reflecting a year-on-year increase of 19.23 percentage points [6] - The company’s net profit margin reached 36.27%, an increase of 19.23 percentage points year-on-year [6] Production Capacity and Product Development - By the end of 2024, the company’s ceramic heater production capacity increased to over 100 units per month, more than tripling since the beginning of the year [8] - The company plans to expand its production capacity to nearly 200 units per month by the end of 2025, with new production facilities in Suzhou expected to be operational [8] - The company has developed multiple products in the ceramic heater and ultra-pure silicon carbide kit categories, with ongoing efforts to enhance production capabilities [7][8] Future Projections - Revenue projections for 2025-2027 are estimated at 1.16 billion, 1.48 billion, and 1.83 billion yuan, respectively, with corresponding net profits of 437 million, 541 million, and 672 million yuan [9][10] - The report anticipates a continued strong growth trajectory, with a projected PE ratio decreasing from 50 in 2025 to 33 in 2027, indicating improving valuation metrics [9][10]