Daishin Securities analyzed on the 15th that HPSP is Korea's ASML and expects an operating profit margin of over 50% annually this year. The target stock price was set at 90,000 KRW.
Wiminbok, a researcher at Daishin Securities, stated in the report, "HPSP is the only company in the world that produces and sells high-pressure hydrogen annealing equipment," and "Since the introduction of High-K Metal Gate in 2019, demand for this equipment has begun to emerge, and high market growth is expected in the future."
Researcher Wiminbok explained, "High-K Metal Gate can improve the tunneling phenomenon occurring in processes below 28nm, but as a downside, defects in the Interface Layer (the region where a boundary line is formed between different materials) increase up to 100 times compared to SiO2," and "The high-pressure hydrogen annealing equipment produced by HPSP forms bonding between H-Si using hydrogen (H2)/deuterium (D2). This electrically deactivates interface defects, enabling improvements in transistor drive current and integrated circuit speed."
Furthermore, he said, "Deuterium is explosive under high pressure, so equipment utilizing it is estimated to take longer for safety certification and customer certification compared to other semiconductor equipment," and "Assuming that technology development is complete, it will take more than two years to obtain customer certification."
He added, "It is judged that market entry by competitors will be difficult within two years, and the monopoly and high profitability will be maintained until 2024."
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