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研報掘金丨國海證券:珂瑪科技未來成長可期,維持“買入”評級

國海證券研報指出,珂瑪科技2025Q2歸母淨利潤同比承壓,加熱器產能持續擴充。2025H1公司淨利潤增速低於營收增速,主要系公司持續保持大量研發投入。陶瓷加熱器產能逐步提升,國內外設備商收入持續同比高增。1)收入結構方面,2025H1公司來自於國內主要半導體設備商以及國際頭部半導體設備商的產品銷售收入同比繼續大幅增長。2)產能方面,隨着陶瓷加熱器產線從原有廠房逐漸搬遷至先進材料生產基地新廠房,相關設備持續補充配置,現有產能正逐步提升。3)新品方面,2025年公司繼續圍繞“結構-功能”一體模塊化產品加大投入,目前公司靜電卡盤與超高純碳化硅套件也逐步量產,並已形成一定收入。公司是國內先進陶瓷材料領跑者,半導體設備模塊產品快速發展,未來成長可期,維持“買入”評級。

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