1. What Happened?: JT’s H1 2025 Performance Analysis

JT reported revenue of ₩10.4B (down 73% YoY), an operating loss of ₩0.4B, and a net loss of ₩2.3B for the first half of 2025. While slightly beating expectations, the results represent a significant deterioration compared to the same period last year.

2. Why Did This Happen?: Causes of the Decline

The primary drivers are sharp declines in sales within the semiconductor inspection equipment and LED business segments. Increased R&D expenditure also contributed to the worsening profitability. High dependence on specific customers further exacerbated the earnings volatility.

3. What’s Next?: Outlook and Investment Strategy

Downward pressure on the stock price is expected in the short term. However, a rebound is possible depending on the semiconductor market recovery, the successful launch of new equipment, and the company’s penetration into the Automotive and HBM markets. The current investment recommendation is ‘Neutral’. It is advisable to consider investment only after observing positive signals, such as a turnaround in the semiconductor industry, increased investment from major customers, and tangible results from new businesses.

4. Investor Action Plan: What to Watch Out For

  • Short-term Investors: Cautious approach needed, risk management is crucial.
  • Long-term Investors: Continuous monitoring of industry trends and the company’s progress in securing new growth engines is essential.

Investors should closely monitor the performance of the new Saw Sorter equipment launch, progress in the Automotive and HBM markets, investment plans of major customers, and changes in macroeconomic indicators.