Core Viewpoint - Kema Technology's stock price has decreased by 1.52% to 57.56 yuan as of August 26, 2025, with a trading volume of 69,909 lots and a turnover of 404 million yuan, indicating a turnover rate of 4.77% [1] Financial Performance - In the first half of 2025, Kema Technology achieved operating revenue of 520 million yuan, representing a year-on-year growth of 35.34% [1] - The net profit for the same period was 172 million yuan, reflecting a year-on-year increase of 23.52% [1] Business Developments - The company plans to issue convertible bonds to raise no more than 750 million yuan for the expansion of structural functional modular ceramic components [1] - Kema Technology announced the acquisition of a 73% stake in Suzhou Kaixin Semiconductor for 102 million yuan to enhance its layout in the silicon carbide ceramic materials sector [1] - An employee strategic placement asset management plan intends to reduce holdings by no more than 7.5 million shares [1] Market Activity - On August 26, 2025, Kema Technology experienced a net outflow of main funds amounting to 13.41 million yuan, with a cumulative net outflow of 113 million yuan over the past five days [1]

关于向不特定对象发行可转换公司债券摊薄即期回报、采取 填补措施及相关主体承诺的公告 证券代码：301611 证券简称：珂玛科技 公告编号：2025-044 苏州珂玛材料科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （国办发[2013]110 号）、 重要内容提示： 以下关于苏州珂玛材料科技股份有限公司（以下简称"公司"）向不特定对 象发行可转换公司债券后其主要财务指标的分析、描述均不构成公司的盈利预测， 投资者不应据此进行投资决策，如投资者据此进行投资决策而造成任何损失的， 公司不承担任何责任。提请广大投资者注意投资风险。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》 《国务院关于进一步促进资本市场健康发展的若 干意见》 （国发[2014]17 号）及中国证券监督管理委员会（以下简称"中国证监 会"） 《关于首发及再融资、重大资产重组摊薄即期回报有关事项的指导意见》 （证 监会公告[2015]31 号）等法律、法规、部门规章及其他规范性文件的规定，为保 护中小投资者利益，公司就本次发行对即期回报摊薄的影响进行 ...

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]

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [4]. Core Viewpoints - The company is a leading domestic player in advanced ceramic materials and components for semiconductor equipment, with a significant revenue contribution from its ceramic heater products expected to accelerate in 2024 [1][4]. - The domestic market for advanced structural ceramics has substantial room for domestic substitution, with the company holding an approximately 80% market share among local suppliers [2][4]. - The company has established strong partnerships with major domestic semiconductor equipment manufacturers, enhancing its competitive position in the market [3][4]. Summary by Relevant Sections 1. Leading Position in Advanced Ceramic Materials - The company is recognized as a top enterprise in the research, manufacturing, and sales of advanced ceramic materials and components for semiconductor equipment [17]. - The revenue from advanced ceramic components has shown stable growth, with a CAGR of 18% from 2021 to 2023 [1][24]. - The company’s ceramic heater products are expected to see significant volume growth in 2024, driven by increased demand from the semiconductor sector [1][24]. 2. Market Potential for Domestic Substitution - The global market for advanced structural ceramics is projected to reach 423 billion yuan by 2026, with a significant portion of demand coming from semiconductor and display panel equipment [2][58]. - The domestic market for advanced structural ceramics is expected to grow at a CAGR of 11% from 2022 to 2026, outpacing global growth rates [40]. - The company’s market share in the domestic advanced structural ceramics sector is approximately 80%, indicating a strong competitive advantage [2][4]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 845 million yuan, 1.06 billion yuan, and 1.24 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 75.96%, 25.40%, and 17.25% [7][8]. - The expected net profit for the same years is forecasted to be 311 million yuan, 431 million yuan, and 526 million yuan, reflecting substantial growth [7][8]. - The report anticipates that the company will maintain a robust gross margin, with a projected gross margin of 60.9% in 2024 [8].