Jnb

JNB was established in 2005 and manufactures and sells semiconductor equipment, LCD equipment, and industrial vacuum systems, listing on KOSDAQ in 2023.

Its core products are the stacker system, a utility platform linked to vacuum pumps at semiconductor fabs, and precision parts for ultra-high vacuum pumps, along with on-tool setting kits. The company supplies vacuum pump components reliably through precision machining and three-dimensional measurement equipment.

Its main customer is Samsung Electronics, and one securities industry source stated that JNB's stacker system has been recognized as a standard piece of equipment in Samsung Electronics production lines for more than 20 years.

Since 2022, the company has been developing a stacker for the S6 Line vacuum pumps to be applied at Samsung Electronics' new foundry plant in Taylor, Texas, designed to meet SEMI-S2 certification, UL certification, and Texas state regulatory requirements.

Prior to that, it had already completed design and manufacturing of a stacker system for Samsung Electronics' Austin, Texas facility, which produces power and communication semiconductors on 14nm and 28nm processes.

Detailed segment revenue breakdowns are not disclosed in public materials, and revenue is centered on vacuum stacker equipment and precision machined parts. With roughly 9.62 million shares outstanding, the company is a smaller-cap name within the KOSDAQ semiconductor equipment sector in terms of float.

Annual results show revenue of KRW 16.55 billion, operating profit of KRW 5.03 billion (operating margin 30.4%), and controlling-interest net profit of KRW 5.22 billion in 2022, a strong year.

In 2023, revenue fell to KRW 15.31 billion, operating margin declined to 21.5%, and the company posted a controlling-interest net loss of KRW 2.54 billion, swinging into deficit.

In 2024, revenue rose to KRW 16.03 billion (up 4.7% year over year), operating profit was KRW 3.36 billion (operating margin 21.0%), and controlling-interest net profit reached KRW 1.99 billion, marking a return to profit.

However, 2025 revenue fell again to KRW 14.90 billion, operating profit dropped to KRW 0.175 billion (operating margin 1.2%), and the company posted a controlling-interest net loss of KRW 0.35 billion, reverting to deficit.

On a quarterly basis, operating losses of KRW 0.653 billion in Q3 2025, KRW 0.473 billion in Q4 2025, and KRW 0.369 billion in Q1 2026 marked three consecutive quarters of operating losses.

In Q2 2026, revenue reached KRW 4.93 billion, the largest of the last five quarters, and operating profit turned positive at KRW 0.265 billion, though the controlling-interest net loss of KRW 0.106 billion meant losses persisted at the bottom line.

As a result, the cumulative controlling-interest net loss over the most recent four quarters (Q3 2025 through Q2 2026) reached KRW 2.43 billion. The sharp drop in operating margin from the 21-30% range in 2022-2024 to roughly 1% in 2025 suggests rising fixed-cost burden amid declining revenue.

The semiconductor manufacturing equipment market moves in a cycle similar to the broader semiconductor market and is heavily influenced by changes in supply-demand balance and the scale of capital investment.

The global dry vacuum pump market for semiconductor manufacturing is forecast to grow at a compound annual rate of 10.67%, reaching USD 2.04 billion by 2028, suggesting mid-to-long-term growth potential.

On a cumulative basis through Q3 2025, consolidated revenue fell 2.6% year over year while operating profit and net profit dropped 72.6% and 63.7%, respectively, confirming earnings pressure amid a slowdown in equipment investment.

In 2026, expectations grew that Samsung Electronics' foundry business could expand its client base beyond Tesla, Nvidia, and Apple to include Anthropic, which brought renewed attention to JNB as a supplier of vacuum stackers to Samsung's production lines.

Samsung Electronics reported that its Device Solutions division posted record quarterly results in Q1 2026, driven by expanded sales of high-value-added AI products and rising memory prices, while its foundry business continued to win orders centered on high-performance computing.

This illustrates an industry structure in which utilization rates and capacity investment at upstream chipmakers directly affect the revenue of equipment and component partners.

Since 2022, the company has been developing a vacuum pump stacker for Samsung Electronics' new foundry plant in Taylor, Texas, a line reportedly about four times the size of Samsung's A2 line and targeting advanced 4-nanometer-class process capability.

JNB has stated that it continues research toward stacker commercialization and, having already completed samples and drawings under an order-made approach, can respond once the initial customer places a request.

An industry source noted that once the Samsung Taylor fab is fully operational, demand for vacuum stackers and semiconductor automation equipment is expected to rise quickly alongside the expansion of advanced production lines for AI chips.

The prospect of the global dry vacuum pump market growing at roughly a 10% annual rate through 2028 is also cited as a mid-to-long-term demand driver.

However, the company has not separately disclosed specific order volumes or revenue guidance, and stacker orders are confirmed to follow an order-based structure that depends on the timing of customer requests.

Accordingly, the pace of any earnings recovery is likely to be tied to the timing of renewed foundry and memory investment by major customers such as Samsung Electronics.