KFMI(300666) 国金证券·2025-01-21 00:23Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 390 million, 536 million, and 713 million RMB for the years 2024 to 2026, representing year-on-year growth rates of 53%, 37%, and 33% respectively [2]. Core Insights - The company signed a cooperation framework agreement with KSTE INC. for the electrostatic chuck project, which is expected to open new growth opportunities in the semiconductor equipment parts business. The global market for ceramic electrostatic chucks is projected to grow from 12.2 billion RMB in 2023 to 15.1 billion RMB by 2030, with a compound annual growth rate of 5.3% from 2024 to 2030 [1]. - The commitment from the controlling shareholder not to reduce their stake in the company reflects confidence in the company's long-term development prospects [2]. Financial Summary - Revenue projections are as follows: 2,602 million RMB in 2023, 3,398 million RMB in 2024 (growth of 45.8%), 4,524 million RMB in 2025 (growth of 11.95%), and 6,078 million RMB in 2026 (growth of 30.6%) [4]. - The net profit forecast shows a decline to 255 million RMB in 2023, followed by a significant increase to 390 million RMB in 2024 (growth of 52.54%), and further growth to 713 million RMB in 2026 (growth of 33.08%) [4]. - The diluted earnings per share (EPS) are projected to be 1.47 RMB in 2024, 2.02 RMB in 2025, and 2.69 RMB in 2026, with corresponding price-to-earnings (P/E) ratios of 48, 35, and 26 [2][4].