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珂玛科技(301611):先进结构陶瓷领先企业 深耕半导体市场

Kema Technology (301611): A leading company in advanced structural ceramics is deeply involved in the semiconductor market

財通證券 ·  Aug 15

Devoted to ceramic material technology for more than ten years: The company's predecessor was Suzhou Kema Material Technology Co., Ltd., which was established in 2009. The general manager and chairman of the company is Dr. Liu Xianbing, an expert on ceramic materials. The company continues to expand its product range and undertakes a number of major national projects; it focuses on breaking through products such as 12-inch electrostatic chucks, ultra-high purity silicon carbide kits, ceramic heaters, etc., to promote the autonomy and control of key components of semiconductor equipment. The company is in a leading position in the field of domestic semiconductor advanced structural ceramics.

Senior talents lead the way and master a number of advanced ceramic production core technologies: the company has a R&D team with three PhDs in ceramic materials studying in the US as the backbone, and the core members are all senior experts in the industry. The company is one of the few domestic enterprises that has mastered the core technology of the entire process from material formulation to manufacturing and processing in advanced semiconductor ceramic components, and has achieved large-scale sales overseas. Many key technical indicators have reached leading domestic and international mainstream levels. In terms of surface treatment, the company has strong comprehensive capabilities in the fields of cleaning regeneration and thermal spray regeneration.

Advanced structural ceramics have high barriers, low localization rates, and plenty of room for improvement: Because of their excellent physical, chemical, and biological properties, advanced structural ceramic parts are widely used in pan-semiconductors and other fields. In 2021, China's advanced structural ceramics market was about 18.9 billion yuan, of which the pan-semiconductor market was 6.6 billion yuan; the overall localization rate was only about 20%. Leading international companies such as Japan's Kyocera, Japan Insulators, Ferrotec, and the US CoorsTek are still leading in terms of market share and technical strength.

Ceramic products are supplied to many well-known domestic customers: With its continuous technical strength, the company has become the world's leading semiconductor equipment company A and an important supplier for WATLOW. The company's ceramic components have also successfully entered the supply chain of domestic semiconductor equipment companies such as Beifang Huachuang, Zhongwei, Tuojing Technology, Shanghai Microelectronics, and Xinyuan Micro.

Risk warning: demand for semiconductor ceramic components falls short of expectations; technology research and development progress falls short of expectations; overseas supply chain risks; many financial investors among original shareholders.

The translation is provided by third-party software.


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