PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Genesem is a semiconductor back-end automation equipment maker built around EMI shielding, saw singulation, and HBM automation gear, and after a sharp 2025 earnings decline it swung back to a quarterly profit in Q2 2026, though quarter-to-quarter volatility remains pronounced.
Annual 2025 revenue fell to KRW 56.76 billion from KRW 68.74 billion in 2024, with operating margin shrinking to 1.8%.
After an operating loss in Q1 2026, the company rebounded sharply in Q2 2026 with revenue of KRW 23.29 billion and operating profit of KRW 4.17 billion.
The company stated it held an order backlog of KRW 75 billion as of end-June and set a target of over 40% annual revenue growth for 2026 based on this backlog.
The company has signed a series of single-sale supply contracts with SK hynix for HBM-related back-end equipment, reflecting ongoing monetization of new customer projects.
SEMI and other trackers project double-digit growth in the global semiconductor equipment market in 2026, driven by HBM and advanced packaging demand, indicating the broader industry remains in an expansion phase.
Founded in 2000 and listed on KOSDAQ in 2015, Genesem is a semiconductor back-end automation equipment specialist headquartered in Songdo, Incheon.
Its core equipment lines are EMI shielding gear for electromagnetic interference protection, saw singulation equipment that cuts wafers into individual chips, and HBM automation equipment covering wafer mounters, debonders, and removers used in HBM back-end processes.
According to one report, based on 2024 revenue, EMI shield equipment accounted for 31%, HBM-related equipment 21%, saw singulation 14%, and other equipment 33%.
However, another report noted that the saw singulation equipment share of total revenue, which had been about 17% in 2024, jumped to more than 37% in 2025, contributing to revenue growth, as deliveries of a fully automated unmanned premium model to a major domestic IDM customer ramped up—illustrating that the product mix shifts substantially year to year.
Major customers are domestic and overseas IDMs and OSATs, for which the company designs and manufactures customized back-end inspection and transfer equipment for delivery. In the EMI shield segment, the company has competed with rival Hanmi Semiconductor for market share.
As a next-generation growth driver, the company is developing hybrid-bonding 3D stacking equipment; per company statements, it began developing ultra-high-density hybrid bonding 3D stacking equipment under a government project from the Ministry of Science and ICT starting last July, aimed at developing next-generation packaging equipment that ultra-precisely stacks multiple semiconductor chips and directly connects copper wiring for AI chips and HBM production.
The company is also pursuing intelligent inspection through its AI subsidiary, as it is pushing to embed on-device AI within equipment through its AI subsidiary DeepSheer. Given this structure, revenue is highly dependent on the capex cycles of front-end chipmakers and OSAT customers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩18.6B | ₩2.7B | 14.3% |
| 2025Q3 | ₩15.8B | -₩400M | −2.4% |
| 2025Q4 | ₩14B | ₩54,176,003 | 0.4% |
| 2026Q1 | ₩6.7B | -₩2.5B | −36.7% |
| 2026Q2 | ₩23.3B | ₩4.2B | 17.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩59.6B | ₩8.5B | ₩12.2B | 14.3% | 30.4% | 97.0% |
| 2023 | ₩56.5B | ₩3.6B | ₩3.7B | 6.3% | 8.7% | 83.3% |
| 2024 | ₩68.7B | ₩6.5B | ₩6.1B | 9.5% | 12.2% | 73.2% |
| 2025 | ₩56.8B | ₩1B | ₩900M | 1.8% | — | — |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Genesem's annual results peaked in 2022 with revenue of KRW 59.6 billion and operating profit of KRW 8.52 billion (14.3% operating margin), before slowing sharply in 2023 to revenue of KRW 56.45 billion and operating profit of KRW 3.56 billion (6.3% margin).
In 2024, revenue rebounded to KRW 68.74 billion with operating profit improving to KRW 6.54 billion (9.5% margin) and owner net income of KRW 6.08 billion, but in 2025 revenue declined again to KRW 56.76 billion while operating profit collapsed to KRW 1.03 billion (1.8% margin), reflecting sharply impaired profitability.
On a quarterly basis, revenue of KRW 18.57 billion and operating profit of KRW 2.66 billion in Q2 2025 gave way to an operating loss of KRW 0.37 billion on revenue of KRW 15.77 billion in Q3, and revenue fell further to KRW 13.98 billion in Q4 though operating profit stayed marginally positive at KRW 0.05 billion.
Q1 2026 saw a sharp deterioration, with revenue plunging to KRW 6.73 billion, the operating loss widening to KRW 2.47 billion, and the owner net loss reaching KRW 1.68 billion.
However, Q2 2026 revenue rebounded strongly to KRW 23.29 billion with operating profit recovering to KRW 4.17 billion (an operating margin of roughly 17.9%), leaving the combined owner net income for the most recent four quarters (Q3 2025 through Q2 2026) at approximately KRW 1.88 billion.
This pattern illustrates the characteristics of an order-driven equipment maker where revenue and profitability can swing widely quarter to quarter depending on customer project timing and equipment acceptance.
Operating cash flow was a KRW 10.14 billion inflow in 2024 under the cash flow statement, but turned to a KRW 2.13 billion net outflow in 2025, showing the earnings slowdown also weighed on cash generation.
The global semiconductor equipment market continues to expand, driven largely by HBM and advanced packaging investment tied to AI server proliferation.
SEMI forecasts that global semiconductor equipment sales will rise 23.2% year-over-year to USD 165.9 billion in 2026, with growth continuing through 2028 to reach a record USD 229.5 billion.
In the back-end segment specifically, semiconductor test equipment sales, which surged 55.3% in 2025, are expected to grow a further 31.0% to USD 15.3 billion in 2026, while assembly and packaging equipment sales are projected to grow 9.6% to USD 6.7 billion, indicating continued expansion in the back-end automation equipment market in which Genesem operates.
One Hana Securities analysis observes that the most important shift in the semiconductor investment cycle from the second half of 2026 through 2027 is a change in investment character from 'HBM-centric conversion investment' to 'HBM plus general-purpose DRAM/NAND capacity expansion,' with benefits potentially spreading sequentially from inspection and metrology to packaging equipment.
On competitive positioning, in the EMI shield equipment market the company has a track record of overtaking Hanmi Semiconductor, which had been the dominant player through 2020, and expanding domestic and overseas market share, indicating an established edge in certain equipment niches versus domestic rivals.
That said, the back-end equipment market as a whole remains heavily dependent on the capex decisions of a handful of large memory makers such as Samsung Electronics, SK hynix, and Micron, meaning order flow and revenue at smaller equipment makers can swing substantially with shifts in customer investment timing.
In a recent report, Daishin Securities assessed that Genesem holds EMI shield, saw singulation, and HBM debonder/remover equipment as its core businesses, and that even within a balanced revenue structure, the importance of HBM and EMI equipment is growing.
On April 21, 2026, the company disclosed a '2026 Value-Up Plan,' stating its intention to continue R&D investment in core technology areas to strengthen product portfolio competitiveness and pursue value enhancement based on a stable shareholder return policy, and noted it qualifies as a high-dividend company under Article 104-27 of the Restriction of Special Taxation Act.
On the earnings front, management stated at the Q2 2026 results release that it held an order backlog of KRW 75 billion as of end-June, and based on delivering this volume within the year, is targeting more than 40% annual revenue growth for 2026 versus the prior year.
The co-CEOs remarked that "as demand for higher-layer HBM and advanced packaging continues to expand, equipment demand is expected to grow accordingly, and we will sustain the earnings improvement trend by converting the second-half order backlog into revenue".
In terms of secured customer contracts, the company signed an HBM-related back-end equipment contract with SK hynix in April 2026 worth KRW 6.001 billion (contract period April 15, 2026 to September 15, 2026), followed by another disclosure in June that it signed a semiconductor back-end equipment supply contract with SK hynix worth KRW 7.36974 billion, equivalent to 12.98% of the prior year's consolidated revenue.
Longer term, development of hybrid-bonding 3D stacking equipment is underway, with the co-CEO stating the goal is a "customer evaluation prototype launch in 2027".
However, the pace at which these revenue and order targets materialize, and the actual commercialization timeline for hybrid-bonding equipment, remain items that require ongoing confirmation through future disclosures and quarterly results.
Genesem's profitability trajectory has swung between roughly double-digit operating margins in 2022–2024, a decline to about 1% in 2025, and a rebound to double-digit margins again in Q2 2026, reflecting an earnings path that has moved between loss and profit territory.
As a result, price multiples calculated on a trailing four-quarter combined basis tend to sit in a range that diverges meaningfully from historical earnings-based valuation bands.
From a price-to-book perspective, the stock carries a certain premium over net asset value, which may partly reflect market expectations for future demand growth in HBM and hybrid-bonding related equipment.
On dividends, the company classifies itself as a high-dividend company, but the actual payout level is structurally tied to year-to-year swings in net income.
Because these valuation metrics can be recalibrated quickly around future quarterly results and order disclosures, it is worth tracking the direction of earnings and the pace of backlog conversion rather than focusing on any single point-in-time figure.
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 2026-08-23
SEMI projects double-digit growth in both assembly/packaging and test equipment sales in 2026, indicating continued expansion in the back-end equipment market Genesem operates in. The company has secured a series of actual customer projects through HBM-related contracts with SK hynix.
Development of hybrid-bonding 3D stacking equipment is also underway, offering potential expansion into a new equipment category if successful.
The company stated it held an order backlog of KRW 75 billion as of end-June and set an annual revenue growth target of over 40% on this basis. The sharp improvement in Q2 2026 results versus Q1 is interpreted as the start of sequential revenue recognition from this backlog.
If the remaining backlog continues to convert to revenue in the second half, the earnings improvement trend could continue.
The company has previously outperformed domestic rival Hanmi Semiconductor in EMI shield equipment market share, demonstrating proven technical competitiveness in certain specific equipment segments.
If this competitiveness extends into new equipment categories such as HBM and hybrid bonding, it could contribute to business diversification. The company has also flagged potential demand growth for EMI shielding in new application areas such as autonomous driving and 6G.
The company has recorded consecutive operating losses in Q3 2025 and Q1 2026 followed by a return to profit the next quarter, showing substantial quarter-to-quarter variance in results.
This stems from the structural nature of an order-driven business model where revenue is concentrated around the ordering and acceptance timing of a small number of large customers. Similar volatility recurring in the future cannot be ruled out.
The FY2025 annual operating margin fell sharply to 1.8% from 9.5% in 2024, and operating cash flow also turned to a net outflow. This suggests structural factors such as delayed new projects or rising cost burdens may have been at play.
Whether the Q2 2026 rebound translates into sustained improvement requires confirmation through additional quarterly results.
Because revenue is heavily dependent on the capex decisions of a small number of large memory and OSAT customers such as SK hynix, any reduction in customer investment or project delays can immediately affect revenue.
New equipment categories such as hybrid bonding remain pre-commercial, and there is a possibility that development delays or customer evaluation outcomes could differ from expectations.
Demand for back-end semiconductor equipment is dictated by the investment schedules of a small number of large memory makers such as Samsung Electronics and SK hynix, and any adjustment in their capex could delay or reduce order disclosures.
On a cumulative basis through Q3 2025, customer capex reductions and delayed new projects were cited as direct causes of weak results, and a similar situation could recur. This volatility could also affect whether the company's stated 40% annual growth target is achieved.
In existing core equipment lines such as EMI shield and saw singulation, the company faces ongoing market share competition with rivals such as Hanmi Semiconductor, and price competition from new entrants could pressure margins.
Next-generation equipment such as hybrid bonding is at an early stage targeting a 2027 prototype, and delays in development or the possibility of competitors gaining a first-mover advantage cannot be ruled out.
There is also a history of patent-related disputes, warranting ongoing monitoring of intellectual property risk.
Following the shift to negative operating cash flow in 2025, a large operating loss also occurred in Q1 2026, which could translate into short-term funding pressure.
The debt ratio ranged in the high 70s to high 90s percent between 2022 and 2024, meaning financial capacity would warrant closer scrutiny if the earnings downturn were to persist. The wide swings in quarterly results can also reduce the reliability of forward earnings estimates.
The Q3 2026 earnings release will show whether the Q2 rebound continues and whether the pace of order backlog conversion into revenue is proceeding as expected.
This is the point to check whether the KRW 75 billion order backlog as of end-June is fully delivered within the year and whether the stated target of over 40% annual revenue growth is achievable.
Following the April and June 2026 disclosures, it is worth continuously monitoring whether additional single-sale supply contracts with SK hynix are disclosed and whether contract sizes expand.
It is necessary to confirm whether the customer-evaluation prototype launch for the hybrid-bonding 3D stacking equipment proceeds as planned, and whether further disclosures on the government project's progress are made.
Genesem is a KOSDAQ-listed supplier of semiconductor back-end automation equipment built around three core lines—EMI shielding, saw singulation, and HBM automation—and after a significant slowdown in FY2025 results followed by a weak Q1 2026, it posted a simultaneous rebound in revenue and operating profit in Q2 2026.
The company has set a target of over 40% annual revenue growth based on an order backlog of KRW 75 billion as of end-June, and has disclosed a series of HBM-related contracts with SK hynix.
However, the precedent of consecutive operating losses in Q3 2025 and Q1 2026 shows that the company's results can swing substantially quarter to quarter depending on the order timing of a small number of customers.
The global semiconductor equipment market remains in an expansion phase centered on HBM and advanced packaging demand, confirming growth potential at the industry level, but whether these benefits translate into stable quarterly results for Genesem requires further confirmation over the coming quarters through the pace of backlog conversion and progress in commercializing new equipment such as hybrid bonding.
Readers should weigh this earnings volatility alongside the industry's growth potential before forming any investment view.
Report written 2026-09-05 · Data as of 2026-09-04
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