【GH Advanced Manufacturing】Kema Technology: First Stock in Storage Consumables, Strategic Single Products Like Electrostatic Chucks and Ceramic Heaters Accelerating Volume, Non-metallic Platform Layout Has Broad Growth Space, First Stage Target 1000e

English summary

[Firecracker] Ceramic heaters: Only domestic one with large-scale volume, another CC model breakthrough, big order imminent. After CX inline verification passed, direct supply begins. Multiple head equipment makers accelerating volume, accelerating capacity expansion. [Firecracker] Electrostatic chucks: Multiple head equipment makers passed verification, 26E will be the first year of large-scale volume. Domestic leader in the most difficult single component, accelerating capacity expansion. [Firecracker] Platformization: Silicon carbide and other non-metallic parts are rapidly ramping up, actively laying out MLCC and other functional ceramic components, expected to become a global leader in advanced ceramics. [Firecracker] Space: Currently domestic space for ceramic heaters/electrostatic chucks/ceramic structural parts/ultra-pure silicon carbide parts is about 50/50/50/20e. Long-term according to 100/100/100/50e, total 350e. Net margin 30%, profit 100e. Assuming company share 40%, profit 40e, 25X, 1000e (platformization not considered for now).