PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩60 per share · Prices as of the 2026-10-02 close
Proichun, a first-tier supplier of display inspection equipment to Samsung Display and LG Display, is attempting a business transition by expanding into OLEDoS and semiconductor inspection amid earnings volatility.
2025 revenue declined year over year, but operating margin improved from 3.3% to 8.8%.
Owners' net profit summed over the trailing four quarters (2025Q3-2026Q2) exceeded any full prior fiscal year figure.
The 2025 acquisition of an OLEDoS signal-device business is being used to pursue entry into the CIS and SoC inspection equipment markets.
The CEO changed from the founder to a professional manager in March 2026, adjusted to a co-CEO system in July.
The semiconductor inspection equipment revenue share shrank from 10.0% in 2023 to 2.1% in 2025, making new-business execution a key watch item.
Proichun was founded in 2006 and listed on KOSDAQ in 2021 as a specialist in display and semiconductor inspection equipment. The company manufactures OLED and LCD display inspection devices and semiconductor inspection equipment used to test DDI chips, the display driver semiconductors.
Its main customers are Samsung Display and LG Display, while overseas it supplies mainly BOE and CSOT in China. Proichun has secured a distinctive position as a first-tier partner to Samsung Display and LG Display and is expanding overseas through its China unit PTK and Vietnam unit PRO2000.
As of 2025, display inspection equipment accounted for 30.4 billion won of the company's 31.5 billion won total revenue, or 96.4 percent, showing the business is heavily concentrated in the display segment.
In contrast, the semiconductor inspection equipment revenue share has continued to shrink, from 10.0 percent in 2023 to 4.5 percent in 2024 and 2.1 percent in 2025.
To address this concentration, the company acquired an OLEDoS (silicon-based micro-OLED) signal-device business in 2025 to internalize related technology, and is combining it with its existing precision contact technology in a strategy to expand beyond display into the CMOS image sensor (CIS) and system-on-chip (SoC) inspection equipment markets.
The company is also developing MEMS probe cards that replace the core multilayer ceramic component with a ceramic-bar structure, aiming for a cost-competitive, higher-value-added product to expand its share of the semiconductor market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.2B | -₩100M | −1.4% |
| 2025Q3 | ₩6B | -₩300M | −5.8% |
| 2025Q4 | ₩8.2B | ₩1.7B | 20.4% |
| 2026Q1 | ₩6.7B | -₩700M | −11.1% |
| 2026Q2 | ₩9B | ₩1.2B | 13.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩38.2B | ₩3.1B | ₩4.6B | 8.0% | 14.0% | 12.0% |
| 2023 | ₩33.4B | ₩1.5B | ₩3.4B | 4.4% | 9.3% | 18.9% |
| 2024 | ₩36B | ₩1.2B | ₩5.6B | 3.3% | 13.8% | 13.9% |
| 2025 | ₩31.5B | ₩2.8B | ₩3.9B | 8.8% | 9.1% | 12.2% |
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
Consolidated revenue in 2025 was 31.5 billion won, down from 36.0 billion won in 2024, while operating profit rose sharply to 2.77 billion won from 1.18 billion won, lifting the operating margin from 3.3 percent to 8.8 percent.
Net profit attributable to owners, however, fell to 3.92 billion won from 5.60 billion won in 2024, meaning the operating profit gain did not translate into higher net profit.
In fact, a sizable gap between operating profit and net profit recurred across all four years from 2022 to 2025 (for example, 2024 operating profit of 1.18 billion won versus net profit of 5.60 billion won, and 2023 operating profit of 1.47 billion won versus net profit of 3.45 billion won), suggesting non-operating items are a recurring structural feature that sways results each year.
On a quarterly basis, revenue was 8.18 billion won in the second quarter of 2025 with an operating loss of 0.11 billion won; the third quarter saw revenue slip further to 6.0 billion won with an operating loss of 0.35 billion won, yet net profit turned positive at 0.82 billion won.
The fourth quarter showed a clear improvement with revenue of 8.22 billion won and operating profit of 1.67 billion won (a 20.4 percent margin), with net profit expanding to 2.55 billion won.
In the first quarter of 2026, revenue fell to 6.68 billion won with an operating loss of 0.74 billion won, though net profit remained positive at 0.97 billion won, and the second quarter improved again with revenue of 8.96 billion won and operating profit of 1.23 billion won (a 13.7 percent margin), with net profit rising to 5.12 billion won.
As a result, the sum of owners' net profit over the trailing four quarters (third quarter of 2025 through second quarter of 2026) reached roughly 9.46 billion won, larger than any single full-year net profit figure from 2022 to 2025.
Because this figure was produced within a pattern of recurring gaps between operating and net profit, whether this level can be sustained in coming quarters remains something to confirm.
The display and semiconductor inspection equipment industry Proichun operates in is closely tied to the capital investment cycles of upstream panel makers.
According to FnGuide, the global display market is expected to grow to a size of 131.2 billion dollars in 2024, with OLED expected to expand into diverse applications given its light and thin form factor.
The probe card market the company is pushing into as a new business, a core component for wafer-level semiconductor testing, was valued at 2.68 billion dollars in 2025 and is projected to grow to 3.00 billion dollars in 2026 and reach 6.72 billion dollars by 2034, reflecting a compound annual growth rate of 10.61 percent.
This market is a competitive landscape of global leaders such as FormFactor, MPI, and Technoprobe alongside domestic inspection and socket specialists, and Proichun is a relative latecomer trying to extend its display inspection expertise into semiconductor testing.
In the display segment, the company's competitive edge rests on its first-tier supplier status to Samsung Display and LG Display combined with exports to China's BOE and CSOT, meaning expansion or contraction of Chinese panel makers' investment directly affects results.
In the semiconductor segment, the company is in the process of broadening from DDI chip inspection equipment into CIS and SoC inspection equipment, but the revenue contribution remains small, so its competitive position there has not yet been fully established.
In its value-up plan disclosed in March 2026, Proichun set a target of 20 percent revenue growth for the year, citing entry into new businesses, expanded market share, and profitability maximization through localizing raw material supply chains and optimizing procurement.
In the same plan, the company disclosed that it was collaborating on supplying inspection jigs for pre-launch products to an overseas big-tech company, an unusual disclosure given that the company had previously named only Samsung Display, LG Display, BOE, CSOT, Samsung Electronics, and SK Hynix as customers.
The company said it plans to combine the OLEDoS signal-device business it acquired in 2025 with its existing precision contact technology to expand into the global market as well as with its key customer Samsung Display.
It is also pursuing entry into and expanded share of the CMOS image sensor and system-on-chip markets in step with Samsung Electronics' expanding non-memory investment, and the company expects the MEMS probe card it is developing to become a high-value-added product with maximized cost competitiveness.
On the governance side, founder and former CEO Lim Yi-bin resigned in March 2026 and Kim Young-sun, a former Samsung Display executive, took over as CEO to establish a professional management system; in July the structure was adjusted again to a co-CEO system with Kim Young-sun and Lim Yi-bin for operational efficiency.
How these governance changes affect execution of the new businesses will need to be confirmed through future disclosures and results.
Overall, the company's outlook hinges on maintaining the existing display business while expanding revenue contribution from new businesses in OLEDoS, CIS, and SoC, both of which remain at an early stage.
The market's current price-to-book multiple, though it differs slightly depending on the calculation basis, generally sits around one time book value, suggesting neither a pronounced premium nor discount to net assets.
The earnings-based multiple, calculated using the trailing four quarters of results, sits at a low level, but as the earnings analysis above showed, this reflects a structure in which a gap between operating profit and net profit recurs each quarter, so whether this level can be sustained going forward warrants further observation.
Dividends have been maintained at a small scale each year despite earnings swings, and whether the new businesses' revenue contribution actually materializes appears to be a more important variable for valuation discussions than the dividend yield itself.
Ultimately, valuing this stock requires weighing both the stability of the core display inspection business and the pace at which the OLEDoS and semiconductor inspection new businesses show visible results.
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
Despite lower revenue in 2025, operating margin improved from 3.3 percent to 8.8 percent, and it recovered further to 13.7 percent in the second quarter of 2026.
A profitability improvement trend independent of revenue scale could support the case for structural efficiency gains, though the pattern has fluctuated quarter to quarter, making persistence the key question.
Following the 2025 acquisition of the OLEDoS signal-device business, the company continues efforts to reduce its display concentration through CIS/SoC inspection equipment and jig-supply collaboration with an overseas big-tech firm.
Given the currently small semiconductor inspection revenue base, successful execution could offer relatively large growth headroom compared with the existing business, though this remains an early-stage effort not yet confirmed in revenue.
The company's retained first-tier supplier status with Samsung Display and LG Display, alongside its customer base at China's BOE and CSOT, could serve as a platform for pursuing new business.
The emphasis on precision contact technology synergy with key customers suggests potential to leverage existing relationships for new product supply.
The structure in which 96.4 percent of 2025 revenue came from display inspection equipment persists, meaning any reduction in upstream panel makers' investment feeds directly into results.
Revenue itself declined in 2025 versus the prior year, and it fell again in the first quarter of 2026 alongside an operating loss, underscoring the core business's volatility.
The semiconductor inspection equipment revenue share has actually shrunk, from 10.0 percent in 2023 to 2.1 percent in 2025, meaning the OLEDoS, CIS, and SoC new businesses have not yet shown up meaningfully in revenue.
The jig-supply collaboration with an overseas big-tech firm also remains at the disclosure stage, with no confirmed contract terms or revenue scale.
A large gap between operating profit and net profit has repeatedly appeared throughout 2022-2025, meaning net profit is not fully explained by core operating performance.
The second quarter of 2026, where net profit exceeded four times operating profit, extends this same pattern, and whether such a gap is sustainable needs further confirmation.
Revenue is concentrated among a small number of panel makers including Samsung Display, LG Display, BOE, and CSOT, so changes in their investment plans or order reductions could directly affect results. Customer diversification is underway but remains at an early stage.
The OLEDoS, CIS, and SoC new businesses and the collaboration with an overseas big-tech firm remain at a planning stage with no confirmed revenue contribution, and delays in technology development or customer approval could postpone the expected diversification benefits.
The CEO structure changed twice: from founder to professional manager in March 2026, then to a co-CEO system again in July. How this management transition affects the consistency of new-business execution or decision-making speed will need to be confirmed through future results.
The 2026 third-quarter earnings disclosure (based on the statutory filing deadline) will be a point to check whether the second quarter's margin improvement and net profit surge continue.
It is worth watching for further disclosures on whether the jig-supply collaboration for pre-launch products with the overseas big-tech firm results in a specific contract or revenue recognition.
Disclosures related to supply contracts or revenue recognition tied to MEMS probe card development and entry into the CMOS image sensor and system-on-chip inspection equipment markets should be checked.
The 2026 annual business report will show whether the company's stated target of 20 percent annual revenue growth was achieved and how the semiconductor inspection equipment revenue share has changed.
Proichun is at an early stage of trying to diversify its business structure into OLEDoS, CIS, and SoC new businesses while maintaining its core display inspection equipment business, underpinned by its stable status as a first-tier supplier to Samsung Display and LG Display.
The improvement in operating margin from 3.3 percent to 8.8 percent in 2025 and the surge in net profit in the second quarter of 2026 are positive signals, but because these improvements are tied to recurring swings in non-operating items, it is too early to conclude they will persist.
As shown by the semiconductor inspection equipment revenue share shrinking from 10.0 percent in 2023 to 2.1 percent in 2025, the new businesses' revenue contribution has not yet become visible, and both the overseas big-tech collaboration and MEMS probe card commercialization remain at the announcement stage.
The two changes in CEO structure in March and July 2026 are also a variable to watch in terms of their effect on new-business execution.
Ultimately, any assessment of this stock should start from tracking both the recovery of core business revenue stability and the pace at which new businesses actually convert into revenue. This report does not present an investment opinion or target price and is prepared for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.