Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Insights - The company has a solid foundation in structural components, and the introduction of modularized new products is expected to drive a second growth curve [2][3]. - Revenue for the first three quarters of 2025 reached 794 million yuan, a year-on-year increase of 28.86%, while net profit attributable to shareholders was 245 million yuan, up 8.29% year-on-year [1][2]. - The semiconductor structural component revenue surged over 66% year-on-year to 279 million yuan in the first half of 2025, driven by high capital expenditure from downstream wafer fabs and urgent demand for supply chain autonomy [2][3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 365 million yuan, with corresponding PE ratios of 78, 53, and 37 for the years 2025, 2026, and 2027 respectively [3][4]. - The company expects revenue growth rates of 78.45% in 2024, followed by 29.09% in 2025, and 31.03% in 2026 [4][10]. - The net profit growth rate is forecasted to be 279.88% in 2024, 17.35% in 2025, and 46.11% in 2026 [4][10]. Market Position and Strategy - The company is transitioning from a single component supplier to a core functional module solution provider, with high-margin new products expected to drive valuation upwards [3][5]. - The successful integration of the ceramic heater into major equipment manufacturers' supply chains marks a significant milestone, with plans for accelerated production following the issuance of convertible bonds [3][5]. Stock Performance - As of December 16, 2025, the company's stock closed at 65.10 yuan, with a 12-month price range of 47.72 to 66.89 yuan [5]. - The company has shown absolute returns of 23% over the past month and 24% over the past three months [7].

Core Viewpoint - Kema Technology (301611.SZ) has received an inquiry letter from the exchange regarding its application to issue convertible bonds, focusing on the company's high growth in 2024 and the "revenue growth without profit increase" in Q3 2025 [1] Group 1: Financial Performance - In 2024, the company's non-GAAP net profit is expected to surge by 293.56%, driven by the recovery of the semiconductor industry and opportunities for domestic substitution [1] - In Q3 2025, despite an 18.10% increase in revenue, the non-GAAP net profit declined by 12.79% due to a significant increase in R&D expenses by 80.36% and management expenses by 42.80% [1] - The company's revenue for 2024 is projected to grow by 78.45%, with core semiconductor structural components seeing a revenue increase of 106.52% [1] Group 2: Customer Concentration and Accounts Receivable - The company emphasizes the significant head effect in the semiconductor industry, with stable partnerships with leading domestic clients such as North Huachuang and Zhongwei [2] - As of September 2025, accounts receivable aged over one year accounted for 7.60%, indicating manageable risk [2] - By the end of October 2025, the collection ratio for accounts receivable from the end of 2024 reached 84.87%, reflecting good collection performance [2]