[Click eStock] "Rino Gong-yeop, Semiconductor Inspection Parts Growth↑ with AI Market Expansion"

DS Investment & Securities Sets Target Price at 260,000 Won

DS Investment & Securities on the 28th newly set the target price of Rino Industrial at 260,000 KRW, 36% higher than the current stock price. This is based on the expectation that sales of semiconductor inspection equipment will continue to grow due to the expansion of the artificial intelligence (AI) market.

Rino Industrial primarily produces and sells inspection probes called "Rinopin" used to check electrical defects in semiconductors or printed circuit boards (PCBs), as well as test sockets utilizing these probes. These are mainly used to inspect the electrical characteristics of chips on wafers before they proceed to the packaging process and after the packaging process is completed. Currently, Rino Industrial has secured 1,020 domestic and international clients, including Samsung Electronics, SK Hynix, NXP, STMicroelectronics, Qualcomm, and Broadcom.

Lee Surim, an analyst at DS Investment & Securities, analyzed, "As semiconductor chips become increasingly miniaturized, the spacing between circuits within the same area is narrowing and the number of circuits is increasing," adding, "Demand for high-precision inspection pins is rising."

The analyst also stated, "Rino Industrial's main product, Rinopin, can be manufactured up to a size of 75㎛," and "It can be used regardless of the type of chip, whether memory or system semiconductor." Furthermore, "R&D testing, which accounts for 70% of the company's sales, is conducted through various projects, resulting in high profit margins," he assessed.

He forecasted, "With the diversification of devices such as augmented reality (AR/VR), neural processing units (NPU), and on-device technologies, as well as increasing demand for R&D sockets, Rino Industrial's performance improvement trend is expected to continue."