珂玛科技-陶瓷加热器产能扩张在即；目标价上调至 87.7 元；给予 “买入” 评级

24 December 2025 | 9:05AM HKT Equity Research Kematek (301611.SZ): Ceramic heaters to ramp up ahead with capacity expansion; TP raised to Rmb87.7; Buy We are constructive on Kematek's expansion from ceramic components to ceramic heaters and electrostatic chucks, riding on China WFE expansion and supply chain diversification. Kematek announced its plan to raise Rmb750m through issuing convertible bond to fund its capacity expansion plan for ceramic heaters, electrostatic chucks, and ultra-high-purity SiC com ...