珂玛科技-陶瓷结构件到陶瓷加热器驱动未来增长；2025 年第三季度因加热器产能爬坡营收环比持平；买入评级

3 November 2025 | 7:42PM HKT Equity Research Goldman Sachs Kematek (301611.SZ) Kematek (301611.SZ): Ceramic structure part to Ceramic heaters to drive growth ahead; 3Q25 flat rev QoQ on heaters ramp up; Buy We are positive on Kematek's product mix upgrade to high-end ceramic devices (ceramic heater, electrostatic chuck, and ultra-high-purity SiC components) despite the company's revenue in 3Q25 being flattish QoQ given the ceramic heaters take time to ramp up production yield rate and efficiency. The compan ...