Research Report Insights | Guoyuan Securities: Kema Technology Faces Short-term Profit Pressures, with Growth Supported by Domestic Substitution and Capacity Expansion

Gelonghui, May 8 | A research report by Guoyuan Securities pointed out that Kema Technology's profitability faces short-term pressure, but growth is supported by domestic substitution and capacity expansion. The company’s net profit attributable to shareholders in 2025 was RMB 289 million (YoY -7.04%), and the net profit attributable to shareholders in Q1 2026 was RMB 46 million (YoY -47.31%, QoQ +2.96%). Revenue growth for Q4 2025 and Q1 2026 slowed overall, with a decline in gross margin primarily due to an increase in the proportion of bulk structural parts shipments, which have lower gross margins, and a decrease in sales of high-gross-margin modular ceramic heater products. Looking ahead to 2026, as the company expands its modular ceramic

Gelonghui FinanceMay 8 14:24 · Ratings

Comatech (301611.SZ): It is projected that the demand for the company's advanced ceramic material components used in semiconductor equipment in international markets will continue to grow through 2026.

On May 8, according to Glodon News, Comatech (301611.SZ) stated in a targeted investor survey that the company's overseas revenue reached 162 million yuan in 2025, representing a significant year-on-year increase of 55%. Overseas income remains focused on the semiconductor industry, driven by the rapid growth in demand from major international semiconductor equipment manufacturers in 2025. The company anticipates that the international market's demand for its advanced ceramic material components used in semiconductor equipment will continue to grow in 2026.

Gelonghui FinanceMay 8 10:14

Comment on COMA Technology (301611) 2025 Annual Report: Short-term Profit Pressure, Growth Supported by Domestic Substitution and Capacity Expansion

In the past 25 years, the company reported revenue of 1.073 billion yuan (YoY+25.19%), with a net profit attributable to shareholders of 289 million yuan (YoY-7.04%). The gross margin and net profit margin were 51.55% and 26.24%, respectively. Q1 2026

Guoyuan SecuritiesMay 7 21:12

First Coverage Report on Comatech (301611): Profit Under Short-Term Pressure in Q1 2026, Growth Logic for Core Storage Components Remains Solid

Event Overview: The company released its 2025 annual report and Q1 2026 earnings report. Revenue growth slowed in Q1 2026 as new production lines gradually ramped up capacity. In 2025, the company's revenue reached 1.07 billion yuan, a year-on-year increase of 25%, with Q4 showing...

Huaxi SecuritiesApr 28 00:00

Kema Technology: First Quarter Report for 2026

SZSIApr 28 00:00 · Announcements

Kema Technology: 2025 Annual Report

SZSIApr 28 00:00 · Announcements