[Click e-Stock] "EO Technics Enters Tangible Stage of New Laser Equipment Results"

On September 25, iM Securities analyzed that EO Technics is raising expectations for improved performance, as the recovery in the semiconductor market is making the results of its new equipment more visible.

Song Myungseop, a researcher at iM Securities, stated, "Sales of EO Technics' mainstay product, Marker equipment, are recovering rapidly due to the rebound in the semiconductor market and increased applications." He added, "Moreover, results in the new growth engines-Annealing and Cutting equipment-appear to be entering a tangible stage."

In particular, the proportion of sales from the high-margin semiconductor equipment segment is expected to expand rapidly. Song forecasted, "The proportion of semiconductor equipment sales will rise from 39% in 2024 to 65% in 2025 and 68% in 2026, improving profitability." He continued, "In 2026, revenue and operating profit are projected to reach 480 billion won and 123.8 billion won, respectively (with an operating margin of 25.8%), marking record-high results, up 27% and 61% from this year."

However, a short-term slowdown in performance is expected. Song explained, "Third-quarter revenue is expected to be 99 billion won, with operating profit at 19.7 billion won (operating margin of 19.9%). While revenue will see a slight increase from the previous quarter, operating profit will decline." He cited the increased proportion of low-margin display and secondary battery equipment, as well as bonus payments, as the reasons.

The semiconductor equipment segment is expected to maintain its growth momentum going forward. Song noted, "Orders for Annealing equipment will continue to increase, driven by Samsung Electronics' P4 and P5 line investments in 1C nano DRAM and the adoption of over 400-layer NAND production." He also mentioned, "Initial shipments of high-priced equipment to semiconductor companies in Korea, the United States, and Japan may occur during 2026." Furthermore, he predicted, "For Cutting equipment, shipments to the largest customer, HBM 3E, and to OSAT are already underway, and in 2026, shipments of ultra-short pulse equipment for HBM 4 will show strong growth."

Sales of the existing Marker equipment are also expected to maintain a solid trend. Song explained, "Revenue will rise on the back of the NAND market recovery and the effect of new line investments." He added, "The demand for laser marking on EMI shields and heat sinks is also increasing due to the chipletization of AI semiconductors, which is a positive factor."

Meanwhile, the previously sluggish PCB equipment segment is likely to rebound starting in 2026. Song predicted, "PCB equipment sales will decrease by 67% year-on-year to 26 billion won in 2025, but the investment cycle will enter an upward phase from 2026." He further noted, "Orders for debonder equipment are increasing, and sales of PCB driller equipment will also improve significantly."