On December 10, Gelonghui reported that China Post Securities' Research Reports pointed out that with the trend of domestic production of semiconductor equipment, Kema Technology (301611.SZ) has become a major core ceramic component supplier for mainstream domestic semiconductor equipment manufacturers including NAURA Technology Group, Advanced Micro-Fabrication Equipment Inc. China, Tuojing Technology, Shanghai Microelectronics, and Kingsemi Co., Ltd., providing security for the supply chain of China's semiconductor industry. According to Frost & Sullivan data, in 2021, the company accounted for approximately 14% of the total scale of advanced structural ceramics procurement for domestic semiconductor equipment in mainland China, and about 72% of the scale provided by domestic suppliers of advanced structural ceramics for domestic semiconductor equipment in mainland China. The company will continue to accelerate the domestic substitution process for advanced ceramic material components used in semiconductor equipment. The company's ceramic heaters have begun to scale up production rapidly. In the first three quarters, the company achieved revenue of 0.62 billion yuan, with ceramic components contributing 0.55 billion yuan (of which the latest mass-produced module products accounted for 36%), and surface treatment contributing 66 million yuan. The company's main downstream clients are panel manufacturers, and future demand is relatively stable. This is the first coverage, and a "Buy" rating is given.