[Click eStock] "Isu Petasys, AI Accelerator-Driven Demand↑... 'Gap (甲)' Position in Supply Chain"

Shinyoung Securities raised the target price of Isu Petasys from 66,000 KRW to 85,000 KRW on the 3rd, stating that the company holds a dominant position in the semiconductor supply chain. They analyzed that the demand for ultra high layer printed circuit boards (Ultra High Layer PCB), a core semiconductor component, is exploding, leading to a continued supply shortage.

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Choi Jun-won, a researcher at Shinyoung Securities, forecasted, "Even if Isu Petasys expands its new factory, the supply shortage will persist as demand for AI accelerators and network applications continues to grow."

Isu Petasys is scheduled to complete the expansion of its 4th factory in July, and the facilities are already reported to be operational. With this expansion, the monthly production capacity (CAPA) will increase by 47% compared to before, reaching 22,000㎡ (based on site area).

Researcher Choi stated, "Currently, we can only fulfill 20% of the order volume requested by N, a major customer for AI accelerators," and diagnosed, "To smoothly respond to order volumes, expansion of the 5th factory will be necessary following the 4th factory."

He analyzed, "Once the 5th factory expansion is completed, the capacity to handle AI accelerator orders will increase, and the possibility of securing new product orders from major customers will grow. Currently, the volumes for G's 6th generation TPU (Tensor Processing Unit) and N's AI superchip 'GB200' series have not yet been reflected in the performance."

He added, "In 2025, when the production volume from the 4th factory expansion is reflected in the performance, sales are expected to increase to 1.1376 trillion KRW and operating profit to 192.1 billion KRW," explaining, "We raised the target price to 85,000 KRW by valuing the company at a price-to-earnings ratio (PER) of 30 times."