8月26日，珂玛科技主力资金净流出1340.86万元，近五日主力资金累计净流出1.13亿元。 风险提示：投资有风险，入市需谨慎。 截至2025年8月26日15时，珂玛科技股价报57.56元，较前一交易日下跌1.52%。当日成交量为69909手， 成交金额达4.04亿元，换手率为4.77%。 珂玛科技主营业务为先进陶瓷材料零部件的研发、制造、销售及泛半导体设备表面处理服务。公司产品 主要应用于半导体、显示面板等行业。2025年上半年，公司实现营业收入5.2亿元，同比增长35.34%； 净利润1.72亿元，同比增长23.52%。 公司近期公告显示，拟向不特定对象发行可转债募资不超过7.5亿元，用于结构功能模块化陶瓷部件产 品扩建等项目。此前公司还宣布拟以1.02亿元收购苏州铠欣半导体73%股权，以完善碳化硅陶瓷材料领 域布局。此外，公司员工战略配售资管计划拟减持不超过750万股。 ...

8月25日晚间，珂玛科技（证券代码：301611）发布了2025年半年度报告。报告显示，公司上半年实现 营业收入5.20亿元，同比增长35.34%；归属于上市公司股东的净利润达1.72亿元，同比增长23.52%；扣 除非经常性损益后的净利润为1.71亿元，同比增长25.04%。公司经营稳健，现金流良好，经营活动产生 的现金流量净额为1.41亿元，同比增长2.46%。 半导体业务强势增长，国产替代持续推进 报告期内，珂玛科技核心业务——先进陶瓷材料零部件销售收入达4.77亿元，同比增长40.21%，占营业 收入比重超过91%。其中，半导体领域业务表现尤为突出，实现收入4.37亿元，同比增长43.5%，成为 公司业绩增长的主要驱动力。 公司深耕半导体设备用先进陶瓷零部件市场，产品涵盖氧化铝、氮化铝、碳化硅等多种材料，广泛应用 于刻蚀、薄膜沉积、离子注入、光刻等多种前道设备。尤其在"功能-结构"一体化模块产品方面，公司 已实现陶瓷加热器、静电卡盘、超高纯碳化硅套件等高端产品的批量交付，其中陶瓷加热器累计交付量 已超千支，标志着国产替代进程加速。 技术研发持续投入，核心竞争力进一步增强 2025年上半年，公司研发投入 ...

Core Insights - The main business of Kema Technology includes the research, manufacturing, sales, and service of advanced ceramic materials components, as well as surface treatment services for semiconductor equipment. The core products are primarily divided into sales of advanced ceramic materials components, which account for 89.60% of revenue, and surface treatment services, which account for 9.57% of revenue [2] Revenue Analysis - In 2024, Kema Technology achieved a revenue of 857 million yuan, representing a year-on-year growth of 78.45%, indicating a rapid growth trend [3] Profit Analysis - Kema Technology reported a net profit attributable to shareholders of 311 million yuan in 2024, with a year-on-year increase of 279.88%, demonstrating a significant improvement in profitability [4] Market Capitalization - On October 21, 2024, Kema Technology's market capitalization peaked at 37.801 billion yuan, with the stock price rising to 86.7 yuan. However, as of the close on August 15, the stock price was 56.36 yuan, and the market capitalization was 24.573 billion yuan, reflecting a decrease of 13.228 billion yuan, or 34.99%, from its peak [6]

Core Viewpoint - The company focuses on advanced ceramic materials and semiconductor equipment surface treatment services, with a significant growth trajectory in revenue and profitability driven by technological advancements and market demand [4][6][24]. Group 1: Business Overview - The company's main business includes the research, manufacturing, sales, and service of advanced ceramic materials and surface treatment services for semiconductor equipment, achieving a CAGR of approximately 28.61% from 2019 to 2023 [4][5]. - In the first three quarters of 2024, the company reported revenue of 620 million yuan, with 550 million yuan from ceramic components, of which 36% came from newly mass-produced modular products [4][6]. - The company has established a diversified product line, including advanced ceramic components, precision cleaning, anodizing, and thermal spraying services [4][6][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 domestic replacement of key components in semiconductor equipment [6][10]. - The gross profit margin has improved significantly, primarily due to the ramp-up of ceramic heater production [10][12]. - The gross profit margin for advanced ceramic components in the semiconductor field remained stable, while the overall gross margin for ceramic components has been affected by fluctuations in the powder grinding and classification sector [13][24]. Group 3: Market Position and Customer Base - The company has a well-diversified customer base, with no single customer accounting for more than 50% of total revenue from 2021 to 2023, indicating a stable revenue stream [17][18]. - Major clients include North China Innovation, Guangdong Hongkai, and TCL Huaxing Optoelectronics, contributing to a total of 48.07% of revenue in 2023 [18][19]. - The company maintains strong relationships with suppliers, ensuring a stable supply of raw materials necessary for production [20][21]. Group 4: Future Development and Strategy - The company plans to enhance its product offerings in advanced ceramics, focusing on key components for the semiconductor industry, including 12-inch electrostatic chucks and ultra-high purity silicon carbide kits [24][27]. - There is an ongoing effort to expand production capacity and improve efficiency through new projects, including a research center and advanced material production bases [23][24]. - The company aims to strengthen its surface treatment capabilities and expand into new markets such as medical devices, electronic communications, and renewable energy [24][27].

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].