UNISEM (036200) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 was ₩100.2 billion, a significant decrease from ₩232.1 billion in the same period last year, reflecting a downturn in the semiconductor equipment market.

• Operating income dropped to ₩4.1 billion from ₩17.4 billion year-over-year, and net income fell to ₩7.6 billion from ₩18.2 billion.

• The company maintains a strong domestic market share: 50% in scrubbers and 40% in chillers.

Financial highlights

• Gross margin for the half-year was 12.4%, down from 18.7% in the prior year.

• Cash and cash equivalents at period-end were ₩72.0 billion, up from ₩47.8 billion at the end of 2023.

• Total assets increased to ₩252.4 billion, with equity at ₩220.1 billion and liabilities at ₩32.3 billion.

• Deterioration in sales was seen across all major product lines, with scrubber and chiller sales both declining sharply year-over-year.

Outlook and guidance

• The global semiconductor market is expected to grow 13.1% in 2024, but the company anticipates only a moderate recovery due to conservative capital expenditures by major customers.

• The company is focusing on cost competitiveness, quality improvement, and expanding its portfolio of eco-friendly equipment to drive future growth.