[Click eStock] "Philoptics, Glass Core Substrate Equipment... Expected Market Expansion Highlighted"

On the 22nd, Korea Investment & Securities analyzed that Philoptics will become more prominent as the glass core substrate market expands. No investment opinion or target price was provided.

Philoptics, established in February 2008, is a company specializing in equipment for display and semiconductor processes. It has mainly supplied laser technology-based equipment for organic light-emitting diode (OLED) display processes. Recently, based on its optical design technology, the company has started supplying equipment for semiconductor processes, particularly for glass core substrates, thereby expanding its business into the semiconductor process equipment sector.

Cha Min-sook, a researcher at Korea Investment & Securities, said, "Although research and development on glass core substrates began over 15 years ago in the United States, the related value chain has not matured, and the process technology's completeness has been low, causing slow technological progress. However, since Intel unveiled a glass core substrate prototype in September 2023, participation from various packaging companies has increased, and industry interest has risen, so the mass production timing of glass core substrates is expected to be earlier than anticipated."

She explained, "The biggest advantages of glass core substrates are their excellent heat resistance and capability for large-area implementation. As semiconductor chips become higher in performance, inevitably generating high heat, silicon interposers or organic substrates have poor heat resistance due to their material properties, which can cause reliability issues in high-temperature environments."

She added, "The advantage of Philoptics' equipment lies in its high mass productivity and quality completeness. It can process at speeds more than 10 times faster than competitors' equipment in total process time, earning high marks from customers in terms of mass productivity."

Researcher Cha stated, "Philoptics supplies four types of equipment for glass core substrates. Although the company currently has no plans to manufacture and provide glass core substrates themselves, they mentioned that they are reviewing various possibilities for the future."

She emphasized, "Starting technology development with customers three years ago when glass core substrates were not yet in the spotlight, Philoptics began supplying equipment to overseas customers focusing on glass core substrates. Because the pace of technological change and development is rapid, it is most important to start technology development early and lead the market."

She added, "In this regard, Philoptics' competitiveness, collaborating with leading companies in the glass core substrate field, is expected to become more prominent as the glass core substrate market expands."