JUSUNG ENGINEERING (036930) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached KRW 120.8 billion, up 113.6% year-over-year, driven by strong semiconductor equipment sales and increased overseas demand.

• Operating income surged to KRW 33.9 billion, a 382.3% increase year-over-year, with an operating margin of 28.1%.

• Net income for Q1 2025 was KRW 27.7 billion, up 72.3% year-over-year, with a net margin of 22.9%.

• The company continues to focus on advanced ALD technology for semiconductors, high-efficiency HJT solar cells, and OLED display equipment.

Financial highlights

• Gross profit for Q1 2025 was KRW 72.8 billion, with a gross margin of 60.2%.

• SG&A expenses totaled KRW 38.8 billion for the quarter.

• Cash and cash equivalents at quarter-end were KRW 219.9 billion.

• Total assets stood at KRW 949.6 billion, with equity of KRW 581.0 billion.

• Basic and diluted EPS for Q1 2025 were KRW 607.

Outlook and guidance

• The company expects continued growth in semiconductor equipment demand, especially for advanced process nodes and AI-related applications.

• Global semiconductor equipment market projected to grow 2% in 2025, with robust investments in memory and logic fabs.

• Solar equipment demand is expected to rise, with global installations surpassing 650GW in 2025.

• OLED display equipment sales are anticipated to benefit from ongoing LCD-to-OLED transitions and new IT applications.