PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
SEMCNS, the sole domestic supplier of ceramic STF for probe cards, has moved from a 2023 loss into expanding 2025 profitability and, through 2026, into a phase of quarter-on-quarter revenue and earnings records driven by operating leverage.
2025 consolidated revenue reached KRW 77.99 billion with operating profit of KRW 14.67 billion and net profit of KRW 15.06 billion, a full recovery from the 2023 loss.
Revenue rose sequentially to KRW 27.17 billion in Q1 2026 and KRW 31.27 billion in Q2 2026, with the operating margin climbing to around 30 percent.
A structural shift from NAND-centric revenue toward a larger DRAM/HBM share is a key axis behind the recent earnings improvement.
Multiple pipelines—including a DRAM qualification test with Technoprobe and a non-memory STF project with a new U.S. customer—are underway but still in early or validation stages.
The largest shareholder is YC Co., Ltd., which together with related parties holds roughly 59.2% of shares outstanding.
SEMCNS develops and manufactures ceramic STF (Space Transformer), a core component of the probe cards used in semiconductor EDS test processes.
Ceramic STF is a precision multilayer ceramic part that transmits tester signals to the wafer and supports MEMS pins, and the company has built an in-house development chain covering everything from materials to finished products.
Its direct customers are probe card manufacturers, while the end customers are global memory and semiconductor IDMs such as Samsung Electronics, SK hynix, Micron, and Intel.
The revenue mix is shifting from NAND-oriented ceramic STF toward DRAM: the NAND share fell from roughly 87% in 2023 to 75% in 2024 and to 72% in the first half of 2025, while the DRAM share rose from 9% in 2023 to 26% in the first half of 2025.
This shift is attributed to growing demand for HBM and server DRAM and related demand from overseas end customers. Non-memory ceramic STF (for CIS, automotive MCU, etc.) remains a small business worth only a few hundred million won annually, but the company is positioning it as a new growth pillar.
Its core production base is the Osong plant in Chungbuk, where the company has continued capacity expansion and additional line investment using IPO proceeds.
The largest shareholder is YC Co., Ltd., which together with related parties holds about 59.2% of shares, and the ceramic STF market is described as an oligopoly of a small number of domestic and overseas players due to high technical entry barriers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩18.7B | ₩3.5B | 18.5% |
| 2025Q3 | ₩20.8B | ₩5.4B | 26.1% |
| 2025Q4 | ₩22.7B | ₩4.4B | 19.2% |
| 2026Q1 | ₩27.2B | ₩7.7B | 28.3% |
| 2026Q2 | ₩31.3B | ₩9.5B | 30.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩50.1B | ₩14.9B | ₩15.1B | 29.7% | 13.5% | 78.9% |
| 2023 | ₩30.9B | -₩2.9B | -₩1.3B | −9.4% | −1.3% | 87.9% |
| 2024 | ₩53.3B | ₩5.2B | ₩3.3B | 9.8% | 2.3% | 54.3% |
| 2025 | ₩78B | ₩14.7B | ₩15.1B | 18.8% | 9.0% | 52.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Annual results show a high-margin phase in 2022, with revenue of KRW 50.12 billion and operating profit of KRW 14.90 billion (29.7% operating margin), followed by a sharp downturn in 2023, when revenue fell to KRW 30.93 billion and the company swung to an operating loss of KRW 2.91 billion and a net loss of KRW 1.31 billion.
Revenue rebounded to KRW 53.32 billion in 2024, though the operating margin stayed relatively low at 9.8%, before profitability scaled up again in 2025 with revenue of KRW 77.99 billion, operating profit of KRW 14.67 billion (18.8% margin), and net profit of KRW 15.06 billion.
The quarterly trend is even clearer: revenue rose steadily from KRW 18.72 billion with operating profit of KRW 3.45 billion in Q2 2025, to KRW 20.83 billion revenue and KRW 5.43 billion operating profit in Q3, and KRW 22.68 billion revenue and KRW 4.35 billion operating profit in Q4, though the Q4 operating margin dipped slightly.
Q4 net profit attributable to owners, however, came in at KRW 5.32 billion, above operating profit, suggesting non-operating items added positively to the bottom line.
The leverage effect became more pronounced in 2026, with Q1 revenue of KRW 27.17 billion and operating profit of KRW 7.68 billion (28.3% margin), and Q2 revenue of KRW 31.27 billion and operating profit of KRW 9.53 billion (30.5% margin), setting consecutive quarterly records.
In Q2, net profit attributable to owners reached KRW 11.27 billion, notably above operating profit, again pointing to a positive contribution from non-operating items. Industry commentary has noted that DRAM-related revenue in Q2 2026 set a new quarterly record, surpassing the previous high set in Q4 2025.
This pattern can be read as a structural leverage effect, in which simultaneous growth in NAND replacement demand and new DRAM/HBM volumes drives revenue while the relative burden of fixed costs eases.
The ceramic STF and probe card industry that SEMCNS operates in sits within the semiconductor back-end test segment and is directly influenced by the investment cycle of the memory chip industry upstream.
The World Semiconductor Trade Statistics (WSTS) organization projected that the global semiconductor market would grow more than 25% year-on-year in 2026 to roughly $975 billion, with the memory segment growing faster than the overall market at over 30%.
In the HBM market, Counterpoint Research found that SK hynix maintained a dominant 57% share by Q3 2025 revenue, with HBM3E expected to account for about two-thirds of 2026 shipment volume while HBM4 gradually expands its share.
TechInsights forecast that the MEMS probe card market would continue growing through 2027, as chips with higher integration and precision requirements, such as HBM, drive greater need for MEMS probe cards.
Ceramic STF is described as an oligopolistic market with high entry barriers dominated by a small number of domestic and overseas players, and SEMCNS is seen as holding a near-monopoly position domestically in NAND and DRAM ceramic STF supply.
That said, in the HBM probe card segment some leading global probe card makers have not yet adopted SEMCNS's ceramic STF, making the pace of cooperation with specific probe card partners a key variable for the growth path.
Because probe card and STF demand tends to contract alongside any downturn at upstream memory makers, cyclicality remains a structural risk inherent to the industry itself.
The growth axis emphasized both by the company and by market analysts is the expansion of DRAM/HBM-related revenue.
In an August 21, 2026 note, Meritz Securities said Q2 DRAM-related revenue again set a quarterly record, surpassing the Q4 2025 high, driven by shipments to a North American customer via JEM and growing volumes to China's CXMT through domestic probe card makers.
The same note said NAND demand also continued to be supported by replacement demand tied to layer-count transitions, alongside rising volumes to China's YMTC through a domestic unlisted partner and to Japan's Kioxia via JEM.
Over the medium term, the qualification test result for DRAM ceramic STF with European probe card maker Technoprobe is a focal point; market commentary suggests this result could arrive as early as the end of 2026, and a pass could bring revenue contribution from a higher-ASP product line.
In the non-memory area, SEMCNS is reportedly working with a U.S. semiconductor test equipment company to supply ceramic STF for logic chip testing, with qualification expected sometime in 2026 and revenue contribution becoming visible thereafter, according to analyst commentary.
Additional line investment is underway at the Osong plant, and the timing of revenue recognition from that line is flagged as a variable that could shape future upward revisions to earnings estimates.
Meritz Securities said in a January 21, 2026 note that it had raised its standalone 2026 revenue and operating profit estimates for SEMCNS to KRW 100.3 billion and KRW 27.8 billion respectively, though as this was a forecast made at that point in time, it should be checked against subsequent confirmed disclosures.
SEMCNS is in an earnings recovery phase that runs from a 2023 loss through expanding 2025 profitability to a series of quarterly record results in the first half of 2026, and this earnings trajectory is being reflected in how the market values the stock.
Shares tend to trade at a notable premium to net asset value, which can be read as partly reflecting expectations of a return to an earnings structure similar to the high-profitability period of 2022.
The company does not pay a dividend, so the stock's appeal rests more on its earnings growth trajectory than on dividend yield.
That said, because the company's annual results have swung between the high-profitability period of 2022 and the loss-making year of 2023, its valuation range itself has historically moved widely along with the earnings cycle, which is worth keeping in mind.
Based on combined profit over the most recent four quarters (Q3 2025 through Q2 2026), earnings scale is now clearly larger than in past low-profitability periods, a point cited as part of the backdrop for the stock's recent price behavior.
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 2026-08-21
DRAM ceramic STF revenue share rose from 9% in 2023 to 26% in the first half of 2025, establishing itself as a structural growth axis. Analyst commentary noting that Q2 2026 DRAM revenue again set a quarterly record supports this trend. Continued growth in HBM and server DRAM demand could provide further room for expansion in this segment.
The operating margin rose from 9.8% in 2024 to 18.8% in 2025, then to 28.3% and 30.5% in Q1 and Q2 2026 respectively. A clear operating leverage effect is visible as revenue growth reduces the relative burden of fixed costs. This trajectory is approaching the high-profitability period of 2022, when the operating margin stood at 29.7%.
Multiple new revenue sources are in progress, including a DRAM ceramic STF qualification test with Technoprobe and a non-memory STF project with a new U.S. customer. Analysts have noted that a successful qualification could bring revenue contribution from higher-ASP product lines. There is potential for the customer base to broaden from NAND/DRAM into non-memory applications.
In 2023, amid inventory buildup and reduced investment across the semiconductor industry, revenue plunged to KRW 30.93 billion and the company posted an operating loss of KRW 2.91 billion. Probe card and STF demand can contract together with any downturn at upstream memory makers. This remains a structural risk inherent to the industry itself.
SEMCNS's direct customers are probe card manufacturers, so ultimate demand hinges on IDM investment decisions. Some leading global probe card makers have not yet adopted the company's ceramic STF, making the pace of cooperation with specific partners an important variable for the growth path.
As reliance on particular channels, such as JEM, grows, changes in those partnership relationships could affect results.
The Technoprobe qualification test and the non-memory STF project with the new U.S. customer are both still at an early validation stage, with the timing and scale of any revenue contribution not yet confirmed.
Non-memory ceramic STF revenue currently runs at only a few hundred million won annually, making a meaningful near-term contribution unlikely. The possibility of delays or failure in these new pipelines cannot be ruled out.
Results are directly tied to the memory chip investment cycle, as illustrated by the 2023 swing into a loss. Some views suggest HBM pricing could enter an adjustment phase going forward amid intensifying competition and capacity expansion. A renewed contraction in probe card and STF demand could recur if the industry enters a downcycle.
Revenue is concentrated among a small number of probe card makers and, behind them, a small number of large IDM customers. Volume fluctuations tied to a specific channel, such as JEM, or a specific overseas customer could directly affect results. Analyst notes have also referenced rising raw material procurement costs weighing on margins.
Multiple new projects are proceeding in parallel, including additional line investment at the Osong plant, non-memory STF development, and securing new overseas customers. The timing of qualification test passes and revenue recognition for these projects has not yet been finalized. Any delay relative to plan could create a gap between market expectations and actual results.
Check whether Q3 revenue and operating profit continue the Q2 record-setting trend and whether the rising DRAM revenue share persists.
The market expects the Technoprobe DRAM ceramic STF qualification test result around this time, and the outcome will determine whether higher-ASP product revenue becomes viable.
Watch for confirmation of a qualification pass for the non-memory (logic chip test) STF project with the new U.S. customer, which if achieved would be a first signal of non-memory revenue diversification.
Track the start-up and revenue recognition timing of the additional production line investment at the Osong plant to gauge how quickly the capacity expansion translates into actual revenue.
SEMCNS, the sole domestic supplier of ceramic STF, shows a clear earnings recovery trajectory running from a 2023 loss through expanding 2025 profitability to record quarterly results in the first half of 2026.
The shift in revenue mix from NAND-centric to DRAM/HBM-oriented business is the key driver behind recent margin improvement, with the operating margin rising from 9.8% in 2024 to 30.5% in Q2 2026.
Several new growth triggers are progressing in parallel—including the Technoprobe qualification test, a non-memory STF project with a new U.S. customer, and capacity expansion at the Osong plant—but most remain in validation or early stages.
Conversely, as the 2023 loss illustrates, sensitivity to the memory industry cycle remains a structural risk, and the indirect supply structure means heavy reliance on a small number of probe card makers and IDMs.
The ownership structure, with largest shareholder YC Co., Ltd. holding roughly 59.2% of shares, is another factor worth noting.
Before forming any investment judgment, a sequential check of concrete events—Q3 results, progress on the Technoprobe and U.S. customer qualification tests, and the Osong line start-up timing—appears to be a reasonable approach.
Report written 2026-09-05 · Data as of 2026-09-04
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