Core Conclusion - Advanced ceramics are positioned as the "crown jewel of the materials industry," achieving a critical phase of import substitution in strategic fields such as semiconductors, new energy, and optical communication. The three companies—Guoci Materials, Sanhuan Group, and Kema Technology—are building competitive barriers through differentiated track layouts: Guoci focuses on a powder-based multi-field platform, Sanhuan monopolizes niche markets with full-chain capabilities, and Kema leverages semiconductor domestic substitution for high growth. Together, they share the trillion-level market dividend [1]. Business Overview: Differentiated Tracks Constructing Domestic Ceramic Industry Ecosystem - Guoci Materials (300285) is positioned as a leading advanced ceramic powder platform, while Sanhuan Group (300408) serves as a comprehensive solution provider for the entire ceramic industry chain, and Kema Technology (301611) is a benchmark for semiconductor advanced ceramic components and domestic substitution [2]. - Guoci's core products include MLCC dielectric powders, honeycomb ceramics, and dental zirconia, while Sanhuan offers optical fiber ceramic inserts and SOFC membranes, and Kema specializes in ceramic heaters and etching machine components [2]. - Revenue structures show Guoci's focus on electronic materials (42%), Sanhuan's on communication devices (38%), and Kema's on semiconductor ceramic components (92%) [2]. In-depth Business Characteristics - Guoci Materials employs a "powder + acquisition" strategy to build a cross-field platform, breaking Japan's monopoly with water-thermal barium titanate powder, achieving over 25% global market share and over 80% domestic MLCC powder market share [3][4]. - Sanhuan Group has a vertical integration model, achieving over 70% global market share in optical fiber ceramic inserts and 80% in SOFC membranes, with a self-manufacturing rate of 90% for equipment [6][8]. - Kema Technology holds a 72% market share in domestic advanced structural ceramics and over 80% in etching equipment ceramic parts, with a focus on upgrading products to higher-margin modules [10]. Core Barriers: Technology, Customers, and Industry Chain - Guoci Materials has achieved breakthroughs in powder synthesis and nanostructured zirconia, with a purity of 99.9% for barium titanate powder [11]. - Sanhuan Group's proprietary technology includes ultra-thin YSZ membranes with over 99% density and a lifespan exceeding 40,000 hours [11]. - Kema Technology's innovations include plasma-resistant ceramics and precision processing techniques, with a focus on long-term contracts with major clients [11]. Development Potential: Growth Logic of Domestic Substitution and Scene Expansion - Key growth drivers include the high-end upgrade of MLCCs for Guoci, SOFC station proliferation and optical communication for Sanhuan, and semiconductor equipment expansion for Kema [15][16]. - The target market by 2030 includes electronic materials at $20 billion, catalytic materials at $15 billion, and semiconductor ceramic components at $10 billion, with compound annual growth rates of 18%-22%, 25%-30%, and 35%-40% respectively [16]. Competitive Landscape - All three companies face competition from Japanese firms like Kyocera and Nippon Electric Glass, particularly in advanced processes below 7nm and high-end SOFCs [18]. - Domestic collaboration is evident, with Guoci supplying raw materials to Sanhuan and Kema, while Sanhuan's semiconductor devices complement Kema's equipment components, forming a domestic ceramic industry ecosystem [19].