PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩53 per share · Prices as of the 2026-10-02 close
A revenue air pocket since the second half of 2025 left the trailing four quarters in operating loss territory, but the order backlog jumped sharply by the end of Q2 2026, making the pace of second-half revenue recognition the key variable.
Full-year 2025 revenue of KRW 310.7bn and operating profit of KRW 31.3bn (10.1% margin) marked a steep step down from 2024 (KRW 409.4bn, KRW 97.2bn, 23.7%), and the company posted operating losses in Q4 2025 and Q1 2026.
Q2 2026 revenue of KRW 59.9bn and operating profit of KRW 1.4bn returned the operating line to black, but both remain well below Q2 2025 (KRW 78.8bn and KRW 6.6bn).
The backlog stood at KRW 233.6bn at the end of Q2, of which semiconductor equipment was KRW 214.4bn and display equipment KRW 19.3bn, up roughly KRW 159bn from about KRW 74.7bn at the end of Q1.
Semiconductor equipment accounted for 98.1% of first-half 2026 revenue, and 84% of 2025 revenue came from just two semiconductor customers, leaving heavy exposure to a few clients' investment schedules.
First-half R&D spending of about KRW 45.3bn equalled 39.45% of first-half revenue, so fixed costs weighed on earnings even through the revenue gap.
Jusung Engineering was founded in 1993 and listed on KOSDAQ in 1999, supplying front-end equipment for semiconductors, displays and solar cells, with atomic layer deposition (ALD) tools at its core.
Chairman Hwang Chul-ju has said the company is the only one holding all three core processes of CVD, ALD and atomic layer growth (ALG).
Key product lines include the space-divided plasma (SDP) system, the ALMO series for the Chinese market, and the Eureka and Guidance series, covering ALD, high-density plasma CVD, metal-organic CVD, dry etch, epitaxial growth and ALG tools.
The revenue mix is heavily tilted to semiconductors: first-half 2026 segment revenue was KRW 112.6bn for semiconductors and KRW 2.2bn for solar and display.
Revenue is booked on a delivery basis, recognised only after manufacturing, shipment, installation and customer acceptance, so any gap between a customer's fab infrastructure build-out and tool move-in translates directly into a revenue lag.
On the customer side, China-bound sales accounted for 84.6% (KRW 346.4bn) of total 2024 revenue of KRW 409.4bn, and the main customers have been reported as SK hynix and China's CXMT.
Competitively, Jusung Engineering is cited alongside ASM International, Tokyo Electron and Applied Materials as a major player in the global ALD equipment market, while domestically it is grouped with Wonik IPS and Eugene Technology in deposition and ALD tools.
The Korea IR Council's corporate research centre said in a January 2026 report that the company ranked fourth in global ALD equipment market share as of 2024.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩78.8B | ₩6.6B | 8.3% |
| 2025Q3 | ₩58.8B | ₩3.4B | 5.7% |
| 2025Q4 | ₩52.3B | -₩12.6B | −24.1% |
| 2026Q1 | ₩54.9B | -₩7B | −12.8% |
| 2026Q2 | ₩59.9B | ₩1.4B | 2.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩437.9B | ₩123.9B | ₩106.2B | 28.3% | 21.9% | 71.9% |
| 2023 | ₩284.7B | ₩28.9B | ₩34B | 10.2% | 6.6% | 56.4% |
| 2024 | ₩409.4B | ₩97.2B | ₩106.8B | 23.7% | 18.9% | 74.2% |
| 2025 | ₩310.7B | ₩31.3B | ₩35.7B | 10.1% | 6.0% | 50.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annual results have swung widely with the customer investment cycle.
Revenue fell from KRW 437.9bn with operating profit of KRW 123.9bn (28.3% margin) in 2022 to KRW 284.7bn and KRW 28.9bn (10.2%) in 2023, recovered to KRW 409.4bn and KRW 97.2bn (23.7%) in 2024, then stepped back to KRW 310.7bn and KRW 31.3bn (10.1%) in 2025.
Net profit of KRW 35.7bn in 2025 exceeded operating profit, reflecting support from non-operating items.
Quarterly, after Q2 2025 revenue of KRW 78.8bn and operating profit of KRW 6.6bn, the company posted KRW 58.8bn and KRW 3.4bn in Q3 2025, KRW 52.3bn with a KRW 12.6bn operating loss in Q4 2025, and KRW 54.9bn with a KRW 7.0bn operating loss in Q1 2026, before Q2 2026 revenue of KRW 59.9bn and operating profit of KRW 1.4bn returned the operating line to black.
The Q2 operating margin was 2.4%, and the company attributed the weak first half to timing gaps between customers' new fab infrastructure work and tool move-in plus delayed delivery-basis revenue recognition, while stating it expects an upward trend from the second half as the backlog converts into revenue.
Net profit again ran well ahead of operating profit: Q2 benefited from KRW 3.6bn of other income including foreign exchange gains and rental income, plus a KRW 0.8bn corporate tax refund, meaning recent bottom-line profitability owes more to non-operating items than to core margins.
On costs, cumulative R&D through the third quarter of 2025 reached KRW 81.6bn, or 31.6% of revenue, and first-half 2026 R&D was about KRW 45.3bn (39.45% of first-half revenue), including KRW 19.9bn in Q2 alone.
Cash flow mirrored the earnings swing, with operating cash flow moving from an inflow of KRW 224.7bn in 2024 to an outflow of KRW 30.7bn in 2025, while the debt-to-equity ratio fell from 74.2% to 50.4% over the same period.
The downstream market has been reshaped around artificial intelligence servers and high-bandwidth memory (HBM) investment.
ALD builds thin films one atomic layer at a time and is essential for ultra-fine processes and 3D stacked production; in HBM, where multiple DRAM layers are stacked vertically, uniform films between each layer make the technology especially critical.
On market size, The Business Research Company's 'ALD Equipment Market Report 2026' projected the global ALD equipment market at about USD 3.93bn in 2026, growing at a compound annual rate in the 8% range to roughly USD 5.39bn by 2030.
The company's weakness through the first half of 2026, however, was widely framed as an order-timing issue rather than an industry downturn.
The Korea IR Council report noted that top customer SK hynix's HBM-dedicated line investment initially centred on relocating and modifying existing equipment, limiting new tool orders, while expanded R&D spending temporarily compressed profitability.
Delays in overseas customer tool set-up schedules and an investment-cycle adjustment among Chinese chipmakers also pressured the backlog, which shrank to KRW 110.4bn as of the third quarter of 2025, with semiconductor equipment at KRW 101.1bn or 91% of the total.
Views on cycle positioning lean toward recovery, as the same report projected rising ALD demand on the basis of SK hynix's plan for more than KRW 30tn of capital expenditure in 2026.
In terms of competitive positioning, Hanmi Semiconductor is tied to HBM back-end tools, Wonik IPS to deposition, Jusung Engineering to ALD, Eugene Technology to LPCVD and ALD, and HPSP to high-pressure hydrogen annealing, and equipment names share a sensitivity to customer investment cycles, so delayed orders or reduced capex can shake earnings.
The most verifiable change is the order backlog. At the end of Q2 2026 the backlog stood at KRW 233.6bn (KRW 214.4bn semiconductor, KRW 19.3bn display), up about KRW 159bn from roughly KRW 74.7bn at the end of Q1, and this backlog is expected to be recognised as revenue sequentially from the second half.
Management likewise stated it expects an upward earnings trend from the second half as the backlog converts into sales.
On technology, the company announced in May 2026 that it had made the world's first shipment of an ALG transistor full-integration tool to a global chipmaker, without disclosing the customer or order size.
It plans to extend ALG beyond semiconductors into display and solar equipment and said it is collaborating with companies in North America, Asia, Europe and the Middle East.
Glass substrates are cited as a new application: development head Yoo Jin-hyuk said using ALD for through-glass vias (TGV) halves the number of process steps and cuts equipment needs to about one third versus conventional methods.
In solar, the company said in March 2026 that it had raised perovskite-HJT tandem cell conversion efficiency to 33.09% with UNIST and would push commercialisation of the core equipment.
On the order side, BNK Investment & Securities analyst Lee Min-hee noted in April 2026 that the company should benefit from SK hynix's sixth-generation (1c) investment at M16 and new tool orders at M15X in the second half, as well as possible orders from China's CXMT amid its IPO push.
For estimates, as reported in April 2026, Hana Securities forecast 2026 revenue of KRW 450.0bn and operating profit of KRW 121.3bn, while SK Securities projected KRW 485.0bn and KRW 116.0bn.
On shareholder returns and policy, after cancelling half of its treasury shares in February 2026 the company said at its March annual meeting that it would distribute about 20% of its treasury share count to employees each year for five years, and it was selected by the Ministry of Trade, Industry and Energy as a recipient of investment support funds for small and mid-sized materials, parts and equipment firms in national strategic technology industries.
Summed over the most recent four quarters, the operating line is in loss while only the bottom line is marginally positive, so earnings-based multiples sit in a range that is hard to compare directly with the band the stock traded in during more normal earnings periods.
The multiple against net assets also sits toward the higher end relative to domestic front-end semiconductor equipment peers.
In a June 2026 article, Korea Financial News noted that while the backlog had passed its peak and kept declining, the market was assigning greater value to the future promised by the AI semiconductor boom, and that the problem was the absence of a clear turn in the leading indicators supporting that expectation, though the backlog reported for the end of Q2 after that article was up sharply from the prior quarter.
A dividend is being paid but the yield itself is symbolic in scale, and non-dividend return tools such as treasury share cancellation and employee share distribution are being used alongside it.
What current multiples embed, therefore, is not confirmed earnings but expectations for second-half revenue recognition and the commercialisation of ALG and glass-substrate tools, and that will be tested in the coming quarterly results.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
The KRW 233.6bn backlog at the end of Q2 was up roughly KRW 159bn from about KRW 74.7bn at the end of Q1. Compared with the KRW 110.4bn trough in the third quarter of 2025, that suggests the order drought has at least eased.
The backlog is expected to be recognised as revenue sequentially from the second half, contributing to earnings improvement. Given delivery-basis accounting, a lag remains between backlog growth and revenue recognition.
In May 2026 the company said it had made the world's first shipment of an ALG transistor full-integration tool to a global chipmaker. ALG is described as applicable to logic, memory capacitors and transistors, solar and display, as well as III-V and III-VI compound semiconductors and glass substrates.
Lowering the growth process temperature from above 1,000C to 400C is cited as the basis for that wider applicability. However, neither the customer nor the order size was disclosed, so the revenue contribution remains unquantified.
The Korea IR Council report projected rising ALD equipment demand based on SK hynix's plan for more than KRW 30tn of capital spending in 2026.
BNK Investment & Securities said in April 2026 that it expected the company to benefit from sixth-generation investment at M16, new second-half orders at M15X and possible CXMT orders.
Financially, the debt-to-equity ratio fell from 74.2% in 2024 to 50.4% in 2025, and one assessment noted that with more than KRW 100bn in net cash, financial stability is unlikely to be impaired near term. That is also what allowed heavy R&D to continue through the revenue gap.
The 2025 operating margin of 10.1% was far below 23.7% in 2024 and 28.3% in 2022. Operating losses of KRW 12.6bn and KRW 7.0bn were recorded in Q4 2025 and Q1 2026 respectively, and Q2 2026 operating profit came in at just KRW 1.4bn. The Q2 operating margin was around 2.4%. Until the pace and size of backlog conversion are visible, margin recovery remains unverified in the numbers.
Because revenue is booked when tools are delivered, results swing with customers' investment timing, and concentration amplifies volatility: 84% of 2025 revenue came from two semiconductor customers. In 2024, 84.6% of total revenue was China-bound.
With roughly 98% of revenue from semiconductor equipment, sensitivity to industry swings is flagged as a structural weakness. Expansion into logic and glass substrates is an attempt to offset this, but it is not yet visible in the revenue mix.
First-half 2026 R&D of about KRW 45.3bn equalled 39.45% of first-half revenue, and the company spends roughly KRW 26bn per quarter on development. When revenue does not recover, that fixed cost flows straight into weaker profits.
On diversification into glass substrates, tandem solar cells and next-generation capacitor tools, it has been noted that the market sees meaningful revenue contribution only from 2027 onward.
It has also been argued that glass-substrate deposition tools need time to gain traction and that delivery timing depends on customer circumstances.
Orders from SK hynix's new M15X fab are the key variable, and the industry view has been that near-term earnings momentum is limited until tool orders there begin in earnest. The company itself attributed weaker first-half revenue to the gap between customers' fab infrastructure work and tool move-in.
If order schedules slip again, the second-half revenue recognition plan shifts back with them. Equipment names broadly are sensitive to customer investment cycles, so delayed orders or reduced capex can shake earnings.
China-bound sales made up 84.6% (KRW 346.4bn) of total 2024 revenue of KRW 409.4bn. An investment-cycle adjustment among Chinese chipmakers was identified as a factor pressuring the backlog. It has also been noted that tighter US restrictions on China could reduce shipment volumes.
Both the resumption of Chinese customer orders and shifts in export controls act on the business at the same time.
Q2 2026 net profit of KRW 5.5bn far exceeded operating profit of KRW 1.4bn. Other income of KRW 3.6bn including foreign exchange gains and rental income, plus a KRW 0.8bn tax refund, contributed to the bottom line. Such items are not highly recurring and cannot be assumed at the same scale next quarter.
It should also be noted that operating cash flow swung from a KRW 224.7bn inflow in 2024 to a KRW 30.7bn outflow in 2025, with free cash flow likewise turning negative.
Q3 2026 results. The key questions are whether the KRW 233.6bn backlog reported at the end of Q2 actually begins converting into revenue, and how revenue scale and the operating margin move from the roughly 2.4% level seen in Q2.
The quarterly report should be checked for the end-Q3 backlog, segment and regional revenue mix, and R&D trends. With first-half R&D at 39.45% of cumulative revenue, whether that ratio falls as revenue recovers is central to margins.
Progress on SK hynix's sixth-generation (1c) investment at M16 and new tool orders at M15X, plus whether China's CXMT resumes ordering after its IPO push, should be tracked via filings and industry reporting, since these orders form the base for 2027 revenue recognition.
Preliminary full-year 2026 results. This is when actual results can be compared with the April 2026 forecasts from Hana Securities (KRW 450.0bn revenue, KRW 121.3bn operating profit) and SK Securities (KRW 485.0bn, KRW 116.0bn). Dividend and treasury share policies are typically disclosed at the same time.
An opportunity to check progress on the plan to distribute about 20% of treasury shares to employees each year for five years and management's update on TGV tools for glass substrates and wider ALG adoption.
Jusung Engineering's results over the past four years have swung widely with the customer investment cycle, from revenue of KRW 437.9bn in 2022 to KRW 284.7bn in 2023, KRW 409.4bn in 2024 and KRW 310.7bn in 2025, with operating margins ranging from 28.3% down to 10.1%.
After operating losses in Q4 2025 and Q1 2026, Q2 2026 revenue of KRW 59.9bn and operating profit of KRW 1.4bn brought the operating line back to black, though both remain below year-earlier levels and the positive bottom line includes contributions from other income such as foreign exchange gains and a tax refund.
The bullish case rests on the KRW 233.6bn backlog at the end of Q2, up about KRW 159bn from the end of Q1 and expected to convert into revenue sequentially from the second half, and on the world's first shipment of an ALG transistor integration tool.
The bearish case centres on 84% of 2025 revenue coming from two customers, China accounting for 84.6% of 2024 revenue, and R&D equal to 39.45% of first-half revenue.
On valuation, what is verifiable is that expectations for second-half revenue recognition and new-technology commercialisation are reflected ahead of confirmed earnings, alongside the observation that the market sees meaningful revenue from glass substrates and tandem solar cells only from 2027.
The next checkpoints are therefore how quickly the backlog converts into revenue and margin in Q3 results, and the flow of new orders from SK hynix and Chinese customers. This report is for information purposes and contains no buy or sell recommendation or target price.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.