珂玛科技-上调目标价至 171 元；陶瓷加热器与静电卡盘产能扩张 + 先进制程需求提升；评级：买入

14 January 2026 | 12:12AM HKT Equity Research Kematek (301611.SZ) Raising TP to Rmb171; Ceramic heater and electrostatic chuck ramp up on new capacity and advanced node demand; Buy 301611.SZ 12m Price Target: Rmb171.00 Price: Rmb111.72 Upside: 53.1% We are positive on Kematek's accelerated expansion from ceramic components to ceramic devices incl. ceramic heaters and electrostatic chucks (ESC), driven by (1) ramp up of the company's new capacity in Suzhou production sites to better capture demand from local ...