1. What Happened? Mirae Industry’s Q2 2025 Earnings Release

Mirae Industry announced its Q2 2025 earnings, showing a significant improvement compared to Q1. However, year-over-year revenue growth has slowed, and the SMT division continues to underperform. Furthermore, increasing inventory levels remain a key challenge.

2. Why These Results? Analyzing the Drivers of Performance

The ATE division maintains strong performance, driven by growth in the semiconductor market. Conversely, the SMT division faces headwinds due to a slowdown in the downstream industry and increased competition. Rising inventory levels are linked to the SMT division’s weak sales, highlighting the need for efficient inventory management. While operating and net income improved significantly compared to Q1 2025, overall profitability has declined compared to 2024.

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

Continued growth is expected in the ATE division, but the turnaround of the SMT division will be crucial for Mirae Industry’s future performance. Successful inventory management and the development of new business ventures will be key to building positive momentum.

4. What Should Investors Do? Key Investment Considerations

  • Monitor the SMT division’s turnaround strategy
  • Track inventory turnover and accounts receivable collection trends
  • Analyze the impact of interest rate and exchange rate fluctuations
  • Consider the investment efficiency and depreciation burden of large-scale investments
  • Pay attention to new business development trends and performance

The investment outlook is ‘Neutral’. While the ATE division’s growth and high cash reserves are positive factors, the SMT division’s struggles and rising inventory levels pose risks. Investors should carefully consider the key investment considerations outlined above before making any investment decisions.