Core Viewpoint - Kema Technology (301611.SZ) expects a net profit attributable to shareholders of 286.10 million yuan to 335.85 million yuan in 2025, reflecting a year-on-year change of -8.00% to 8.00% [1] Group 1: Financial Performance - The net profit excluding non-recurring gains and losses is projected to be 284.60 million yuan to 334.35 million yuan, with a year-on-year change of -6.92% to 9.35% [1] Group 2: Revenue Structure - The company's revenue structure is changing, driven by strong market demand for ceramic structural components in the semiconductor sector, leading to a higher growth rate for these products compared to "functional-structural" modular products [1] - As a result, the proportion of revenue from ceramic structural components is expected to increase compared to the same period in 2024 [1] Group 3: Profitability - Due to the lower gross margin of ceramic structural components compared to modular products, the overall gross margin of the company is expected to decline in 2025 compared to the same period in 2024 [1] Group 4: Research and Development Investment - To ensure delivery capabilities and strengthen market competitiveness, the company plans to increase R&D investment in 2025 [1] - The company is focusing on strategic development needs by initiating multiple new R&D projects and expanding the R&D team [1] - Starting from the second half of 2025, the company will acquire Suzhou Kaixin Semiconductor Technology Co., integrating its R&D resources and investments to further enhance overall R&D expenses [1]