JUSUNG ENGINEERING Co. (A036930) Q2 2024 earnings summary

Executive summary

• Revenue for 1Q 2024 was 566 billion KRW, down 17.6% year-over-year, with operating profit at 70 billion KRW (OPM 12.4%).

• Business recovery is expected in 2Q due to deferred China sales and display segment improvements.

• Strategic business split into semiconductor, solar, and display equipment to enhance global competitiveness.

Financial highlights

• 1Q 2024 revenue: 566 billion KRW (down 17.6% YoY); operating profit: 70 billion KRW (OPM 12.4%).

• R&D investment reached 263 billion KRW, with R&D employees making up 67.4% of staff.

• Backlog for 1Q 2024 totaled 2,520 billion KRW.

Outlook and guidance

• 2Q performance expected to recover on deferred China sales and display segment improvement.

• Anticipated order growth in 2H 2024 from domestic and overseas semiconductor customers.

• 2025 outlook boosted by new customer expansion and solar segment revenue recognition.