Dukshinepc

Founded in 1980, Duckshin EPC has specialized in manufacturing and installing steel deck plate, a construction material that supports the floor slab during concrete pours. The company offers a range of products including SpeedDeck, EcoDeck, InsuDeck, DoveDeck, and GC Beam Deck.

According to company IR materials, the firm holds a 28.5% share of the domestic deck plate market used in semiconductor fab construction, where deck plate is said to account for roughly 6% of total fab construction cost.

Production is centered on plants in Cheonan and a second facility in Gunsan, with combined capacity estimated at about 16.2 million square meters.

Key customers include Samsung Electronics and SK hynix fab campuses in Pyeongtaek and Yongin as well as data center projects in Ulsan, while order backlog disclosures list major domestic builders such as Lotte Engineering & Construction, SK Ecoplant, and HDC Hyundai Development Company.

Overseas operations have expanded through a manufacturing base in Haiphong, Vietnam, and a facility in Georgia, United States, with a newly established Turkish subsidiary pursuing entry into European and Middle Eastern markets. Competitors mentioned in the domestic market include Jeil Technos and Dasco.

On a standalone basis the company has remained profitable, while weaker results at consolidated subsidiaries have weighed on group-level profitability.

Annual results grew through 2022-2023 before entering a clear adjustment phase from 2024. Revenue rose from about KRW 201.6 billion in 2022 to KRW 218.1 billion in 2023, then declined for two consecutive years to KRW 146.6 billion in 2024 and KRW 106.5 billion in 2025.

The operating margin improved from 10.0% in 2022 to 13.3% in 2023, then fell to 7.3% in 2024 before turning negative at -0.1% in 2025.

According to disclosure-based data, cumulative consolidated revenue for the first three quarters of 2025 fell 32.9% year on year, with operating profit down 95.2% and net profit down 97.8%, a decline attributed to weaker construction investment reducing demand for integrated deck plate products.

On a quarterly basis, the third quarter of 2025 recorded the deepest loss, with revenue of about KRW 24.9 billion, an operating loss of KRW 1.3 billion, and a controlling-interest net loss of KRW 1.7 billion, while the fourth quarter saw revenue of KRW 27.4 billion and an operating loss of KRW 0.8 billion, yet still posted a controlling-interest net profit of KRW 1.3 billion, likely reflecting non-operating items.

In the first quarter of 2026, revenue reached KRW 25.7 billion with a marginal operating profit of roughly KRW 20 million and a small controlling-interest net profit of about KRW 70 million.

In the second quarter of 2026, however, revenue rose to KRW 32.5 billion while the company slipped back into an operating loss of about KRW 0.4 billion and a controlling-interest net loss of about KRW 0.1 billion.

Consolidated operating cash flow, which generated inflows of roughly KRW 26.8 billion, KRW 40.9 billion, and KRW 25.0 billion in 2022 through 2024 respectively, swung to an outflow of about KRW 17.5 billion in 2025, underscoring volatility in cash generation separate from the reported profit figures.

Domestic construction activity remains under pressure from weaker housing starts and private construction investment, weighing on overall demand for construction materials including deck plate.

In contrast, construction of large industrial facilities such as semiconductor fabs and AI data centers continues to expand globally, supporting relatively firmer material demand in that segment.

According to market research firm Global Market Insights, the global semiconductor fab construction market is projected to expand from about $47.2 billion last year to $59.3 billion this year and reach $85 billion by 2035.

Semiconductor fabs and AI data centers often require steel-frame structures to bear heavy equipment loads, resulting in higher deck plate demand than ordinary buildings.

In the domestic deck plate market, Duckshin EPC competes with players such as Jeil Technos and Dasco while maintaining a relatively large revenue scale. Overseas, the company became the first in Korea to obtain U.S.

UL certification, laying the groundwork for entry into the North American semiconductor and industrial facility market, and it is also expanding its supply network into Turkey and other parts of Europe and the Middle East.

Ultimately, the trajectory of the company's earnings appears likely to hinge on the timing of a domestic construction recovery and how quickly new overseas semiconductor and data-center-related orders scale up.

In June, the company began supplying SpeedDeck to Amkor Technology's semiconductor production facility in Peoria, Arizona, the world's second-largest OSAT company, and after roughly ten months of first-phase supply, it aims to participate in Amkor's second and third phase expansion projects as the site develops in stages.

Amkor is reported to have expanded its investment plan for the Peoria semiconductor complex from an initial $2 billion to $7 billion, suggesting a base of follow-on project demand.

The company established a U.S. subsidiary in 2023 and secured a production site near Atlanta, Georgia, and is reported to have completed plant design and to be preparing for construction.

Building on sample installations in Texas and Georgia, the company has carried out additional installations, including at a neighborhood facility site in Georgia, and is reportedly planning a third sample installation in New York.

In Turkey, the company signed a supply commitment with local builder and developer Brenner for about 107,000 square meters of SpeedDeck by year-end and is reportedly in discussions to supply a 7,000-unit state-owned apartment project, using this as a base to explore participation in Ukraine reconstruction and further expansion into Europe.

Domestically, the company continues to expand supply to Samsung Electronics and SK hynix semiconductor campuses and data center projects, and management has indicated that its production capacity could serve as a competitive advantage once large-scale projects move into full construction.

However, the timing and scale at which these overseas and new projects will translate into actual revenue remain unconfirmed, and the pace of any consolidated earnings recovery may depend on how quickly domestic construction activity recovers.