New Power Plasma

Founded in 1993, New Power Plasma developed the world's second Remote Plasma Generator for semiconductor and flat panel display CVD processes in 2002, and today its core products are RPS (Remote Plasma Source), which removes chamber by-products after thin-film and etch processes, and RFS (RF System), which supplies power for plasma ignition.

According to a Kiwoom Securities report, semiconductor and display accounted for 68% and 15%, respectively, of 1Q26 revenue on a standalone basis.

On a consolidated basis the business is more diversified: the same report noted that 1Q26 consolidated revenue was split among Cleaning System (23%), RF System (1%), defense (52%), and UTG and other (24%).

The defense segment is run through subsidiary Space Pro, which has expanded into lightweight composite structures, ballistic materials, and guided-weapon components.

The UTG (ultra-thin glass) segment is handled by Dowoo Insys, a maker of foldable smartphone components that completed its KOSDAQ listing on July 23, 2025. New Power Plasma and its affiliated parties were reported to hold roughly 47.91% of Dowoo Insys as of April 3, 2026.

The RPS market is dominated by a small number of players including US-based MKS and Advanced Energy alongside New Power Plasma, which is described as the domestic No.1 and global No.2 player by market share.

Key customers are domestic and overseas equipment makers that supply Samsung Electronics and SK Hynix, and since RPS/RFS components typically have a 2-3 year replacement cycle, both replacement demand from existing customers and new customer acquisition influence revenue.

Annual revenue was roughly flat at KRW 352.9 billion in 2022 and KRW 350.7 billion in 2023, before jumping to KRW 519.8 billion (+48.3%) in 2024 and KRW 578.0 billion (+11.2%) in 2025.

Operating profit rose steadily from KRW 14.1 billion in 2022 and KRW 16.1 billion in 2023 to KRW 26.1 billion in 2024 and KRW 28.7 billion in 2025, with operating margin improving from 4.0% to 4.6% to 5.0% to 5.0%.

Net income attributable to owners, however, moved in the opposite direction of the top line: it climbed from KRW 20.3 billion in 2022 to KRW 16.3 billion in 2023 and KRW 22.3 billion in 2024, but then fell sharply to KRW 8.5 billion in 2025.

Notably, total net income in 2025 (KRW 7.6 billion) was smaller than the owners' portion (KRW 8.5 billion), implying that non-controlling interests recorded a loss, which points to non-operating swings at the subsidiary level as the key driver of the annual net income volatility.

Quarterly data confirm this pattern: 2Q25 posted operating profit of KRW 12.2 billion but owners' net income of only KRW 0.12 billion, and 4Q25 similarly showed operating profit of KRW 7.0 billion against net income of just KRW 0.33 billion.

The picture changed in 1Q26 and 2Q26, when operating profit and net income improved together—1Q26 delivered KRW 13.5 billion in operating profit and KRW 11.9 billion in owners' net income, while 2Q26 posted KRW 27.3 billion and KRW 21.5 billion, respectively, marking the clearest improvement within the trailing four-quarter window (3Q25-2Q26).

Owners' net income across that four-quarter window totaled KRW 41.6 billion, well above the full-year 2025 figure of KRW 8.5 billion, driven largely by the recovery in the two most recent quarters.

Overall, the core plasma component business showed a gradual but directional recovery, while large swings in annual net income appear attributable mainly to non-operating items.

The plasma cleaning and power supply component market is described as an oligopoly dominated by a small number of players, including US-based MKS and Advanced Energy alongside New Power Plasma, which reportedly holds the No.1 domestic and No.2 global market share.

Downstream semiconductor and display equipment investment is tied to the shift toward finer process nodes and a growing share of leading-edge process capacity, since finer geometries increase the need for plasma-based particle control.

With RPS/RFS components reportedly having a 2-3 year replacement cycle, revenue is supported not only by new orders concentrated at specific points in time but also by steady replacement demand from the existing installed base.

During periods of US-China trade tension, reports indicated that US-based competitors faced constraints supplying Chinese local semiconductor makers, which served as an opportunity for New Power Plasma to expand China-facing sales.

The defense segment is linked to growth in Korea's defense budget and the localization of weapons systems, while the UTG segment's performance is tied to the expansion of the foldable smartphone market.

Competitively, New Power Plasma sits within a concentrated oligopoly in front-end plasma components, but structurally it also carries defense and UTG subsidiary revenue streams that have relatively low correlation with the semiconductor cycle.

Recent brokerage coverage confirms that the company is expanding its lineup beyond the existing RPS/RFS products with a new PPS (Plasma Pretreatment System) for process by-product treatment.

In a July 16, 2026 report, Kiwoom Securities suggested that New Power Plasma could enter a phase of corporate value re-rating on the back of solid earnings growth.

Even after Dowoo Insys's July 2025 listing, New Power Plasma and its affiliated parties have continued to reinforce their controlling position by purchasing additional shares, including an over-the-counter purchase disclosed in March 2026 that raised its stake.

The defense segment run by Space Pro is cited as a stable revenue base supported by rising defense budgets and weapons-system localization, with reports noting its composite-materials business expanding into maritime, aerospace, and ground-based applications.

On the financing side, the company issued a KRW 21.0 billion exchangeable bond in January 2026 to help fund items such as the Dowoo Insys stake purchase, making it worth watching whether future earnings growth can support such investment commitments.

That said, no specific disclosures on major new orders or capacity expansion plans were identified, and segment-level growth trajectories will need to be confirmed through upcoming quarterly results and filings.