Kematek (301611.SZ): Ceramic heaters, Electrostatic chunks, SiC products in expansion; 2Q26 miss; Buy

We expect Kematek's continued capacity expansion and new-product roll out to support growth in 2H26 and through 2027. Ceramic heaters continue to see stable deliveries, while the company's 8-inch/12-inch electrostatic chucks (ESCs) and ultra-high-purity/CVD SiC components have entered small-batch delivery. Continued capacity expansion should support the subsequent ramp-up of ceramic heaters and ESCs. We remain positive on Kematek, riding on: China Semis Capex growth, rising localization trend and new-product roll out;