Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 5.15-5.25 billion yuan in H1 2025, representing a year-on-year growth of 33.93%-36.53%, with a midpoint of 5.2 billion yuan, indicating a growth of 35.23% [4] - The net profit attributable to the parent company is projected to be 1.65-1.75 billion yuan, showing a year-on-year increase of 18.59%-25.77%, with a midpoint of 1.7 billion yuan, reflecting a growth of 22.18% [4] - The company is increasing its R&D investment, which has led to a lower growth rate in net profit compared to revenue growth [5] Summary by Sections Recent Performance - In Q2 2025, the company expects to achieve a revenue of 2.67-2.77 billion yuan, a year-on-year increase of 19.33%-23.80%, with a midpoint of 2.72 billion yuan, indicating a growth of 21.57% [4] - The net profit for Q2 2025 is anticipated to be 0.78-0.88 billion yuan, a year-on-year decrease of 0.90%-12.18%, with a midpoint of 0.83 billion yuan, reflecting a decline of 6.54% [4] Capacity and Product Development - The company is gradually enhancing its ceramic heater production capacity, with significant revenue growth from both domestic and international semiconductor equipment manufacturers [5] - The company is focusing on modular products and has begun mass production of new products, contributing to revenue [5] Financial Projections - Revenue projections for 2025-2027 are 11.50 billion, 14.65 billion, and 18.19 billion yuan, respectively [5] - Expected net profits for the same period are 4.26 billion, 5.32 billion, and 6.58 billion yuan, respectively [5] - The current price-to-earnings (P/E) ratios are projected to be 53, 43, and 34 times for 2025, 2026, and 2027, respectively [5]
珂玛科技（301611）：2025Q2归母净利润同比承压，加热器产能持续扩充