[Click eStock] "SamCNS Expected to Benefit from Domestic Probe Card Production"

[Asia Economy Reporter Hyunseok Yoo] Hana Financial Investment analyzed on the 24th that Sam CNS is expected to benefit from the localization of probe cards. No investment opinion or target price was presented.

Sam CNS is a specialized manufacturer of substrates, essential components of probe cards, established in 2016. Its predecessor was the ceramic STF substrate business unit for Samsung Electro-Mechanics NAND, which started in 2007. It possesses proprietary LTCC (Low Temperature Co-fired Ceramic) technology advantageous for fine pitch adaptation.

Jung Mingu, a researcher at Hana Financial Investment, stated, "Sam CNS is gaining technological superiority amid the semiconductor miniaturization and probe card localization trends, growing alongside the upstream market. Steady sales growth is expected through customer and product diversification."

In particular, benefits are expected as the miniaturization trend continues. He explained, "With semiconductor industry miniaturization, the accuracy (alignment) of ceramic STF via holes is becoming increasingly important. Sam CNS holds shrinkage-free control technology based on the LTCC method with low-temperature simultaneous firing, enabling higher precision compared to competitors." He added, "Sam CNS is expected to steadily increase its market share as semiconductor miniaturization continues."

Along with this, growth is also anticipated from the localization of probe cards for DRAM and non-memory applications. He said, "Domestic probe card manufacturers currently mainly produce probe cards for NAND, with a low supply ratio for non-memory applications. However, with recent localization progress, Sam CNS is developing probe cards for DRAM and non-memory with domestic probe card companies and has been supplying domestic IDM companies since 2020." He emphasized, "The sales proportion of Sam CNS for DRAM and non-memory probe cards, excluding NAND, is expected to increase from 5% in 2020 to 10% based on the 2021 forecast, and is projected to reach 15% in 2022."