Workflow
先进陶瓷
icon
Search documents
珂玛科技(301611):先进陶瓷零部件领先者,半导体业务未来可期
Hua Yuan Zheng Quan· 2025-09-26 06:02
证券研究报告 电子 | 半导体 非金融|首次覆盖报告 hyzqdatemark 2025 年 09 月 26 日 | 盈利预测与估值(人民币) | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 480 | 857 | 1,131 | 1,476 | 1,920 | | 同比增长率(%) | 3.89% | 78.45% | 31.92% | 30.53% | 30.04% | | 归母净利润(百万元) | 82 | 311 | 423 | 569 | 747 | | 同比增长率(%) | -12.20% | 279.88% | 36.16% | 34.45% | 31.23% | | 每股收益(元/股) | 0.19 | 0.71 | 0.97 | 1.31 | 1.71 | | ROE(%) | 11.12% | 20.47% | 22.25% | 23.53% | 24.13% | | 市盈率(P/E) | 323.62 | 85.19 | 62 ...
珂玛科技: 苏州珂玛材料科技股份有限公司向不特定对象发行可转换公司债券募集资金使用可行性分析报告
Zheng Quan Zhi Xing· 2025-08-25 17:15
Fundraising Plan - The company plans to issue convertible bonds to raise a total of no more than RMB 750 million for various projects [1] - The total investment for the projects is estimated at RMB 878.1542 million, with the company covering any shortfall through self-raised funds if necessary [1] Market Background - The advanced ceramics market is experiencing significant growth, particularly driven by the semiconductor sector, which is expected to reach a sales total of USD 112.8 billion by 2024 [2][4] - The global advanced ceramics market was valued at RMB 381.8 billion in 2021, with structural ceramics accounting for RMB 106.7 billion, or 28% of the total [2] Domestic Market Opportunities - The domestic market for advanced ceramics has substantial potential for localization, especially in semiconductor equipment where the current domestic replacement rate is low [3][4] - China is projected to spend approximately USD 50 billion on semiconductor equipment in 2024, indicating a strong demand for domestic advanced ceramics [4] Project Overview - The company plans to expand its production capacity for structural functional modular ceramic components, specifically targeting the semiconductor equipment sector [5][6] - The project aligns with national policies aimed at enhancing the self-sufficiency of the semiconductor supply chain [5][6] Technological Advancements - The company has made significant technological advancements in high-purity alumina and high-thermal conductivity aluminum nitride ceramics, positioning itself as a leader in the domestic market [10][11] - The company aims to establish a production base for electrostatic chucks, enhancing its capabilities in high-end ceramic manufacturing [8][10] Market Demand and Growth - The global market for semiconductor ceramic heaters is projected to grow from RMB 10.32 billion in 2023 to RMB 15.26 billion by 2030, with a compound annual growth rate (CAGR) of approximately 5.8% [9] - The demand for high-end ceramic components is expected to rise due to the increasing localization of semiconductor manufacturing in China [9][19] Financial Impact - The fundraising will enhance the company's financial position, increasing total assets and net assets while reducing the debt-to-asset ratio [22][23] - The funds will also be used to supplement working capital, ensuring the company can meet its operational needs as it expands [22][23]
从跟跑到领跑,工陶院构建品牌转型升级“新范式”
Qi Lu Wan Bao Wang· 2025-08-08 08:32
Group 1 - The Shandong Industrial Ceramics Design Research Institute is promoting advanced ceramic products, including microcrystalline alumina ceramics, fused quartz ceramics, and aerogel composite insulation materials, which have achieved significant technological advancements [2][3][4] - The microcrystalline alumina ceramics have developed over 10 products across four series, with two recognized as national-level new products [3] - The aerogel composite insulation materials have established a ten-ton level automated production line, achieving a reduction of 1.5-2 kg of coal and 4-5 kg of carbon emissions per ton of clinker, totaling over 200,000 tons of CO2 reduction [3][4] Group 2 - The Shandong Industrial Ceramics Design Research Institute has transitioned from "catching up" to "leading" in key technologies such as silicon nitride ceramics and boron nitride ceramic fiber materials, establishing a technology iteration chain that supports industry autonomy [4] - The institute has undertaken hundreds of national and provincial research projects, receiving over 100 awards and holding 340 valid patents, contributing significantly to strategic emerging industries like new materials and energy conservation [4]
半导体零部件:先进陶瓷核心零部件核心与珂玛科技(附51页PPT)
材料汇· 2025-06-25 15:14
Core Viewpoint - The company focuses on the research, manufacturing, and sales of advanced ceramic materials and surface treatment services for semiconductor equipment, with a significant growth trajectory in revenue and profitability driven by domestic demand and technological advancements [4][6][24]. Group 1: Business Overview - The company's main business includes advanced ceramic components and surface treatment services, achieving a revenue CAGR of approximately 28.61% from 2019 to 2023 [4]. - In the first three quarters of 2024, the company reported revenue of 620 million yuan, with ceramic components contributing 550 million yuan, of which the latest mass-produced module products accounted for 36% [4][5]. - The company has evolved its product offerings from basic ceramic materials to advanced components for semiconductor equipment, including ceramic heaters and static chucks [3][24]. Group 2: Financial Performance - The company achieved a net profit of 226 million yuan in the first three quarters of 2024, marking a significant increase due to the successful domestic replacement of key components in semiconductor equipment [6][10]. - The gross profit margin has improved significantly, particularly due to the ramp-up of ceramic heater production [10][12]. Group 3: Market Position and Customer Base - The company has established a diverse customer base without heavy reliance on any single client, with the top five customers accounting for 48.07% of total revenue in 2023 [17][18]. - Key clients include major players in the semiconductor and display panel industries, such as North Huachuang and TCL Huaxing [18][19]. Group 4: Supply Chain and Procurement - The company maintains stable relationships with suppliers, ensuring a diversified procurement strategy without dependence on any single supplier for over 50% of total purchases [20][21]. - The procurement mainly involves high-quality raw materials for advanced ceramics, with ongoing efforts to enhance domestic sourcing capabilities [20]. Group 5: Future Development and R&D - The company plans to invest in expanding production capacity for advanced ceramics and semiconductor components, with a focus on R&D for new materials and technologies [23][24]. - Future projects include the establishment of a research center and the development of new products such as ultra-high purity silicon carbide and advanced ceramic heaters [23][24].