Wonik Qnc

Wonik QnC is a materials and parts company centered on quartz products used in semiconductor and display processes, industrial ceramics, and cleaning/coating services.

The business is organized into five segments—quartz, ceramics, lamps, cleaning, and quartz raw materials—and for 2025 the estimated revenue mix was quartz raw materials 46.4%, quartz 38.4%, cleaning 11.8%, ceramics 2.7%, and others 0.7%.

The quartz raw materials segment is centered on the quartz and ceramics business of Momentive, acquired in the United States in 2020, which supplies ceramic powder and related materials to automotive and power-semiconductor customers.

Its core quartz-ware products are consumable parts used in wafer processes such as oxidation, diffusion, etch, ion implantation, and chemical vapor deposition, with etch-process ring products accounting for the largest share.

Key customers include global equipment makers such as Lam Research and Tokyo Electron, as well as Samsung Electronics and Taiwanese foundry customers. Its competitive set includes domestic etch-parts peers TCK and Hana Materials, which post relatively higher operating margins on newer materials such as silicon carbide.

Production sites span Korea, Taiwan, the United States, Germany, and Japan, and the company expanded its portfolio in 2022 by acquiring Coorstek Nagasaki in Japan.

The company has set a long-term goal of becoming the global No. 1 player in semiconductor quartz and a global top-5 semiconductor materials and parts company.

Annual revenue rose steadily from KRW 783.2 billion in 2022 to KRW 805.9 billion in 2023, KRW 891.5 billion in 2024, and KRW 943.6 billion in 2025.

Operating profit, however, fell from KRW 115.1 billion (14.7% margin) in 2022 to KRW 83.0 billion (10.3%) in 2023 and held near KRW 90.6 billion (10.2%) in 2024, before dropping to KRW 59.6 billion in 2025, an operating margin of just 6.3%.

Net income attributable to owners followed a similar path—KRW 53.8 billion in 2022, KRW 38.1 billion in 2023, and KRW 50.8 billion in 2024—before falling sharply to KRW 22.5 billion in 2025, reflecting margin erosion despite continued top-line growth.

On a quarterly basis, owners' net income swung to a loss of KRW 2.3 billion in Q2 2025, then turned positive at KRW 6.5 billion in Q3 2025 and KRW 2.7 billion in Q4 2025, before improving markedly to KRW 16.5 billion in Q1 2026 and KRW 22.7 billion in Q2 2026.

Operating profit followed a similar pattern, dipping from KRW 14.1 billion in Q2 2025 to KRW 8.0 billion in Q3 2025 before rising consecutively to KRW 18.4 billion in Q4 2025, KRW 21.9 billion in Q1 2026, and KRW 30.9 billion in Q2 2026.

Revenue also climbed each quarter, from KRW 230.3 billion in Q3 2025 to KRW 271.9 billion in Q2 2026, confirming an earnings recovery trajectory over the most recent four quarters.

Operating cash flow, meanwhile, rose steadily from KRW 64.6 billion in 2022 to KRW 79.9 billion in 2023, KRW 79.9 billion in 2024, and KRW 84.8 billion in 2025, independent of net income volatility, indicating stable underlying cash generation. The debt ratio has stayed in a narrow band around 170%, from 171.2% in 2022 to 170.9% in 2025.

The global market for semiconductor consumables and critical subsystems—quartz, silicon, ceramic parts, electrostatic chucks, and gas/chemical delivery systems—is projected in one industry estimate to grow roughly 13.8% year over year, from USD 18.1 billion in 2025 to USD 20.6 billion in 2026.

By process step, consumption share is estimated at 35–40% for etch, 20–25% for deposition, and about 15% for lithography and other processes, with growth driven by rising fab capacity, increasing process complexity, adoption of new materials, and expansion of advanced packaging.

Consumables markets are described as showing milder volatility than equipment order markets, since installed tools continue to consume parts even when new equipment orders slow during downturns.

Within this structure, Wonik QnC is reported to be steadily expanding its quartz share among major North American equipment makers and Taiwanese foundry customers.

The company was named a Kosdaq Rising Star for four consecutive years from 2021 to 2024, was added to the Kosdaq Global Segment Index in November 2022, and was designated a leading materials, parts, and equipment company in the semiconductor category by the Ministry of Trade, Industry and Energy in 2024.

Competitors TCK and Hana Materials are noted for posting operating margins in the 20–30% range on newer silicon-carbide parts that replace conventional silicon, a margin structure that differs from Wonik QnC's core quartz and cleaning businesses.

To meet customer quartz demand, the company decided on May 11, 2026 to invest KRW 25.52 billion in machinery at its domestic plant, adding roughly KRW 45 billion of revenue-equivalent production capacity with completion targeted for December 2026.

As of the first quarter of 2026, both the Korean and Taiwan quartz operations were reported to be running at full utilization, and there is speculation that the Taiwan unit may pursue additional expansion in the second half due to capacity constraints.

Samsung Electronics' ninth-generation NAND is expected to complete qualification in the first quarter of 2026 and move into full-scale production from the second quarter, and some analysis suggests that if NAND utilization recovery accelerates toward year-end, it could benefit Wonik QnC's quartz volumes.

Subsidiary Momentive's ceramic powder business is said to be gradually improving in profitability, and after posting a loss in January 2026, it reportedly returned to monthly profitability from February.

Still, the pace of automotive semiconductor demand recovery and whether the quartz crucible segment's profitability normalizes remain variables to watch.

In October 2025 the company decided to acquire a 100% stake in U.S. subsidiary Deposition Technology Inc. for KRW 64.2 billion, an amount exceeding 11% of equity, reportedly aimed at expanding U.S. market operations and manufacturing facility investment.