On August 16, Kema Technology (301611.SZ) officially landed on the Growth Enterprise Market of the Shenzhen Stock Exchange, with an issue price of 8.0 yuan per share and a price-to-earnings ratio of 44.9 times. On the first day of listing, Kema Technology once rose by more than 400%.
Kema Technology is a leading enterprise of ceramic materials and parts for semiconductor equipment in China, and the company's main business is the research and development, production and sales of advanced ceramic materials, as well as surface treatment services for pan-semiconductor equipment. The company's advanced ceramic products are mainly used in semiconductors, pan-semiconductor equipment, as well as electronics (including lithium batteries), fuel cells, automobiles, biomedicine and other fields.
As of press time, Kema Technology reported 35.73 yuan per share, up 346.75%, with a total market value of 15.583 billion yuan.
Synthesis | Prospectus Caijing.com Editor| Arti
This article is for informational purposes only and does not constitute any trading advice
Kema Technology plans to raise funds for advanced materials production base projects, pan-semiconductor core component processing and manufacturing projects, R&D center construction projects and supplementary working capital, and the sponsor is CITIC Securities.
As a leading enterprise of advanced ceramic materials and parts in China, Kema Technology's main business is the R&D, manufacturing, sales and service of advanced ceramic materials and parts, as well as surface treatment services for pan-semiconductor equipment.
As a key basic material, advanced ceramics play an important role in several important areas of the national economy. Advanced ceramics are cutting-edge new materials, and the parts and components made of them play an important supporting role in the pan-semiconductor, lithium battery and fuel cell industry chains.
Surface treatment servicePan-semiconductor manufacturing is an indispensable professional service in the operation of pan-semiconductor manufacturers and equipment manufacturing OEMs. In addition, in recent years, the development of new materials has been vigorously promoted, the global manufacturing status of the mainland in the fields of pan-semiconductors and new energy is increasing, and the domestic market demand for advanced ceramics is also expanding, and its industry is rapidly developing towards the forefront and high-end.
In the field of advanced ceramic materials and surface treatment services, Kema Technology has continuously broken through the core technical difficulties of the bottleneck, once filled the gap in the domestic industry, and many of its core technical indicators have reached the world's leading level.
In the field of advanced ceramic materials, the company's advanced ceramic material parts and components have been mass-produced products at the leading level in China, and a number of core indicators have reached the mainstream level of global competitors. It is particularly important that domestic substitution has been achieved to varying degrees in the "neck" products such as high-purity alumina and high-thermal conductivity aluminum nitride for semiconductor equipment, filling the gap of local enterprises in this field.
(A number of core indicators of Kema Technology's advanced ceramic materials business have reached the mainstream level of global competitors; Source: Kyocera Group, CoorsTek, Japan Special Ceramics, Ferrotec, etc., Frost & Sullivan)
In terms of the surface treatment process of advanced ceramic manufacturing, the precision cleaning of the company's new advanced ceramics has passed the certification of Company A, a world-renowned pan-semiconductor equipment manufacturer; In terms of external surface treatment services, the company is at the leading level in China in terms of cleanliness of cleaning and regeneration treatment, melt coating quality and melt injection of large-size parts, and has a strong ability to provide comprehensive surface treatment service solutions.
It is through the linkage and synergy between advanced ceramic materials and parts and surface treatment business that Kema Technology has built a unique business model in the industry, and the two types of business have formed the company's unique market competitive advantage in customer service collaboration, production collaboration, technology collaboration, etc., and cover all aspects of product and service program development, production cost control, and downstream customer information feedback.
The continuous search for innovation and breakthrough technology, as well as the unique integrated business model, have enabled Kema Technology to occupy a leading position in the market share of related businesses. According to Frost & Sullivan data, in 2021, the company accounted for about 72% of the total supply scale of local advanced structural ceramics suppliers of domestic semiconductor equipment in Chinese mainland; The market share of display panel surface treatment in Chinese mainland is about 6%, of which the market share in the display panel etching segment is about 14%.
At present, the company has entered the supply chain of world-renowned semiconductor equipment manufacturers, and has established stable and in-depth cooperative relations with leading domestic semiconductor equipment enterprises such as NAURA Huachuang, China Micro Corporation, and Tuojing Technology, and has been the global gold medal supplier of NAURA for three consecutive years. At the same time, the company serves world-renowned display panel manufacturers such as BOE, TCL Huaxing Optoelectronics, AUO Optoelectronics and Tianma Microelectronics, and has won a high market reputation.
At present, the pan-semiconductor industry is developing rapidly, and domestic substitution has become an inevitable trend in the industrial chain. Taking advantage of this industry, Kema Technology's performance has shown strong growth potential.
The company's operating income in 2020, 2021, 2022 and 2023 will be 254 million yuan, 345 million yuan, 462 million yuan and 480 million yuan respectively, and the net profit attributable to the parent company will be 46 million yuan, 67 million yuan, 93 million yuan and 82 million yuan respectively. From 2021 to 2023, the compound growth rate of revenue and net profit will be 18.01% and 10.46% respectively.
In terms of gross profit margin, the gross profit margin of Kema Technology's main business in 2021, 2022, and 2023 will be 43.02%, 42.18%, and 39.67% respectively. On the whole, the gross profit margin of the company's main business is relatively high and has strong profitability.
Entering 2024, the company disclosed in the prospectus that it is expected to achieve operating income of 36,500.00-39,200.00 yuan in the first half of the year, a year-on-year increase of 55.93%-67.46%; the net profit attributable to the parent company was 12034.41-143.9691 million yuan, a year-on-year increase of 253.66%-323.08%; The net profit deducted from non-attributable to the parent company was 117.6575-140.8838 million yuan, a year-on-year increase of 249.86%-318.92%.
Kema Technology said that the company will fully grasp the strategic opportunity of the rapid development of the pan-semiconductor industry, keep up with the development trend of the industry, continue to improve the company's technical strength through independent research and development and cooperative research and development, continue to break through the technical bottleneck of high-end products, maintain and enhance its market competitiveness, create value for customers, and promote the development of the industry.