Ebest Investment & Securities analyzed on the 27th that Oro Technology is expected to benefit from the localization of HBM measurement and inspection equipment. No investment opinion or target price was provided.
Oro Technology is a supplier of overlay measurement equipment for stacked circuit patterns in the lithography process. Its customers include Chinese and domestic memory companies, and its main competitors are ASML and KLA.
Researcher Chayongho of Ebest Investment & Securities said, "Semiconductor manufacturers mainly use extreme ultraviolet (EUV) for fine pattern lithography, but due to high costs and difficulties, they sometimes use multi-patterning. In particular, Chinese companies actively adopt multi-patterning for advanced process chip manufacturing because EUV import is not possible."
He explained, "Oro Technology is benefiting more than competitors amid US-China export regulations, and domestic memory suppliers are actively pursuing equipment localization due to price competitiveness."
Researcher Cha added, "Recently, demand for inspection and measurement equipment to improve the production yield of high-bandwidth memory (HBM) by domestic memory suppliers has been increasing. Oro Technology has supplied silicon through via (TSV) alignment equipment and HBM warpage inspection equipment to domestic customers."
Ebest Investment & Securities expects Oro Technology to record sales of 66.7 billion KRW and operating profit of 10.4 billion KRW this year, representing increases of 43% and 333% respectively compared to the previous year. He emphasized, "As the number of stacks increases, the core die becomes thinner, making warpage control more difficult. Therefore, demand for warpage inspection equipment is expected to increase."
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