[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 珂玛科技(301611)公司点评报告 2025 年 10 月 31 日 [Table_Title] 三季度增速有所放缓，下游需求看到改善迹象 ——珂玛科技 25 年三季报业绩点评 [Table_Summary] 报告要点： 10 月 30 日，公司发布 2025Q1-Q3 业绩公告，25Q1-Q3 营收实现 7.94 亿元（YoY+28.86%），归母净利 2.45 亿元（YoY+8.29%），毛利率 和净利率分别为 53.94%和 30.56%。单季度 25Q3 方面，公司营收实现 2.74 亿元（YoY+18.10%，QoQ+0.38%），归母净利实现 0.73 亿元（YoY- 16.16%，QoQ-14.29%），毛利率和净利率分别为 51.12%和 25.88%。 公司在三季度整体营收增长有一定放缓，综合毛利率有所下滑，主要 是毛利率较低的陶瓷结构件产品在销售占比提升，而模块类陶瓷加热器 产品销售在总体占比下降所致。下游主要客户因为季节性因素影响，在今 年上半年设备出货增速放缓，同时公司新产品认证时间周期影响，间接影 响了公司 ...

Core Viewpoint - The company, Lens Technology, has established a deep ten-year partnership with a major North American client, positioning itself as a primary core supplier in various sectors, including smart cockpit modules and humanoid robots [2]. Group 1: Business Segments Growth Outlook - **Smartphones and Computers**: The company is expected to benefit significantly from a new innovation cycle initiated by major clients, focusing on exterior and structural components, which will enhance assembly operations and profit margins [2]. - **Smart Automotive and Cockpit**: Continuous introduction of new products such as wireless charging modules and communication modules, along with breakthroughs in multi-functional ultra-thin laminated automotive glass, will increase the per-vehicle value significantly [2]. - **Smart Glasses and Wearables**: The company has successfully applied its developed exterior, structural components, and optical lenses in several high-end AI glasses and headsets, with growth in smart watch components maintaining momentum [2]. - **Other Smart Devices**: Beyond the embodied intelligence market, the company has made new business breakthroughs in smart home, medical devices, high-end gimbals, and premium pet electronics, leveraging its lean manufacturing capabilities [3].

Group 1: Business Performance - The company has maintained a high capacity utilization rate since the second quarter, indicating strong order fulfillment [2] - The mobile communication sector remains a traditional stronghold, with a significant market share among core customers [2][3] Group 2: Automotive Electronics - The company is a leading manufacturer of automotive magnetic components in China, focusing on applications related to "three electrics and one integration" in new energy vehicles [3] - Continuous innovation and expansion of product lines are prioritized to meet long-term customer needs [3] Group 3: Ceramic Business Outlook - The subsidiary has been involved in precision ceramic components for years, targeting markets such as smart wearables, consumer electronics, and new energy [3] - The solid oxide fuel cell sector is a key focus for future growth, with rapid development expected to contribute to sales revenue [3] Group 4: Expense Management - Overall expense management is under control, with a compound annual growth rate of approximately 24% in sales revenue since the company went public [4] - Investments are aligned with long-term strategic goals, focusing on talent development, R&D, and new product development [4] Group 5: Capital Expenditure Plans - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [4] - Significant investments in industrial park infrastructure are expected to slow down in the coming years as major projects are completed [4]

Group 1: Revenue Structure and Growth Direction - In Q1 2025, the revenue structure remained consistent with 2024: ceramic structural parts accounted for approximately 50%, "function-structure" modular products for about 33%, and surface treatment services and metal structural parts for around 10% [1] - The company aims to enhance its core competitiveness by focusing on the development of ceramic heaters, electrostatic chucks, and ultra-pure silicon carbide kits, targeting international first-class semiconductor equipment standards [2] Group 2: Order Status and Delivery Times - The delivery cycle for ceramic structural parts is approximately 45 to 60 days, while "function-structure" modular products have a delivery cycle of about 90 days [2] - The current order backlog is sufficient to support business growth, with a significant increase compared to the same period last year, indicating a stable production state [2] Group 3: Product Development and Production Capacity - The ceramic heater has been mass-produced since Q4 2023, with expected increased demand in 2025 due to the replacement cycle and capacity expansion needs from wafer fabs [3] - The new production base in Suzhou is set to be fully operational in 2025, with plans to enhance the theoretical production capacity of ceramic heaters to nearly 200 units per month by year-end [3] Group 4: Modular Product Progress - The electrostatic chuck has completed validation and is in small-scale production, while the ultra-pure silicon carbide kits are also progressing with validation and promotion at customer wafer fabs [3] - The company aims to complete more modular product validation processes in 2025 and begin formal mass production [3]