YC (232140) Q2 2024 earnings summary

Executive summary

• Specializes in manufacturing and selling automatic test equipment (ATE) for DRAM and NAND memory semiconductors, with a focus on wafer-level testing and repair functions.

• Main customers are major memory manufacturers, with a high dependency on a single client for revenue.

• Company has a strong R&D focus, with significant investment in new tester models and technology upgrades.

Financial highlights

• 2024 H1 consolidated revenue: ₩98.98 billion, down from ₩255.18 billion in FY2023.

• Operating profit for H1 2024: ₩10.05 billion; net profit attributable to controlling interest: ₩8.38 billion.

• Gross margin for H1 2024: ₩31.61 billion.

• Basic EPS for H1 2024: ₩104, compared to ₩169 in FY2023.

• Cash and cash equivalents at June 2024: ₩9.17 billion.

Outlook and guidance

• Anticipates continued growth in memory tester demand, especially for DDR5, HBM, and SSD applications.

• Plans to expand customer base beyond Samsung and SK Hynix, with a focus on China and global markets.

• Ongoing R&D for next-generation testers to address evolving semiconductor trends.