Korea Stock Market Insights

Tag: LINAC

  • SECK (081180) IR Analysis: Unveiling Opportunities Amidst Semiconductor Downturn

    1. SECK’s Q2 2025 Performance: A Glimmer of Hope

    SECK reported a challenging first half of 2025, with revenue down 61.4% year-over-year and both operating and net income turning negative. The decline is primarily attributed to the downturn in the semiconductor market affecting its X-ray system sales. However, a backlog of KRW 52.941 billion suggests potential for future revenue recovery, particularly with increased orders for battery X-ray systems and LINAC.

    2. LINAC Business: SECK’s New Growth Engine

    The growth of the K-Defense industry and increasing global demand are tailwinds for SECK’s LINAC business. Furthermore, potential expansion into security and medical applications brightens the outlook for this segment.

    3. Investor Action Plan: Balancing Risk and Reward

    • Short-Term Investment: Monitor the semiconductor market recovery and closely observe SECK’s performance improvements.
    • Long-Term Investment: Consider the growth potential of the LINAC business, new business strategies, and financial improvement efforts when making investment decisions.

    4. SECK’s Future: Rebound Potential and Challenges

    SECK is leveraging funds from its IPO to strengthen R&D investments and diversify its business, focusing on the LINAC segment. Investors are watching closely to see if SECK can rebound alongside a semiconductor market recovery.

    Frequently Asked Questions

    What is SECK’s main business?

    SECK develops, manufactures, and sells X-ray systems, LINAC systems, and tabletop SEMs based on industrial electron beam technology. Its primary business is X-ray systems for the semiconductor and battery industries.

    How did SECK perform in the first half of 2025?

    Revenue decreased by 61.4% year-over-year, and both operating income and net income turned negative.

    What is the outlook for SECK?

    While there are positive factors like LINAC business growth and a growing order backlog, the semiconductor downturn remains a risk.

  • Sec Co., Ltd. (081180) Stock Forecast: H1 2025 Earnings Analysis & Investment Strategy

    1. What Happened at Sec Co., Ltd. (081180)?

    Sec experienced slight revenue growth in the first half of 2025, but aggressive investments and increased R&D expenses led to an operating and net loss. In particular, the sharp decline in sales of X-ray systems for the battery segment is increasing short-term uncertainty. While the IPO strengthened capital, accumulated losses and large-scale investment burdens remain financial risk factors.

    2. Why These Results?

    • X-ray System (Semiconductor): Sales declined due to shrinking customer investments and a slowdown in the semiconductor industry. However, the growth of the AI semiconductor and HBM markets maintains mid-to-long-term growth potential.
    • X-ray System (Battery): Sales plummeted due to delays in customer plant expansion and a slowdown in the electric vehicle market. Long-term growth potential remains, but recovery of investment is key.
    • LINAC: Sales surged thanks to increased orders in the defense and industrial sectors. Sec secured new growth engines alongside the growth of the K-defense market.
    • Tabletop SEM: Sales decreased due to seasonal factors and an economic slowdown in the R&D and analytical equipment market.

    3. What’s Next for Sec?

    The preliminary Q2 2025 results showed positive signs, with sales and operating profit exceeding market expectations. However, net profit fell short of expectations, presenting a challenge. The growth of the HBM and AI markets is expected to provide mid-to-long-term growth opportunities for the X-ray system business. For the battery segment, the timing of recovery and securing technological competitiveness are crucial, while the LINAC business is expected to continue its growth trajectory, driven by the expansion of the defense market.

    4. What Should Investors Do?

    In the short term, it’s crucial to understand whether the improvement trend in Q2 earnings will continue, particularly focusing on factors improving net profit. Investors should also pay attention to new order trends in the semiconductor and battery segments. In the long term, it’s essential to monitor the growth potential and market share expansion possibilities of the HBM/AI semiconductor, battery, and LINAC businesses. Furthermore, attention should be paid to improvement in financial soundness, recovery of deficit through profitability improvement after facility investment, and debt ratio management capabilities.

    Frequently Asked Questions

    What are Sec’s main businesses?

    Sec develops and manufactures X-ray inspection systems, LINAC (linear accelerators), Tabletop SEM (tabletop scanning electron microscopes), and more. Their main business areas include semiconductors, batteries, defense, and medical.

    How was Sec’s performance in the first half of 2025?

    While sales grew slightly, the company recorded operating and net losses. Aggressive investments and increased R&D expenses are analyzed as the main causes.

    What is Sec’s investment strategy?

    In the short term, it is important to understand whether the improvement trend in Q2 earnings will continue, and the factors improving net profit. In the long term, focus on the growth potential of the HBM/AI semiconductor, battery, and LINAC businesses, and the improvement in financial soundness.

  • Sec Co., Ltd. (081180) IR Analysis: Q2 Earnings Rebound Potential and Investment Strategy

    1. What will be discussed at Sec’s IR?

    Sec is scheduled to announce its Q2 2025 business performance and future business strategies at its IR on August 18, 2025. The market is focusing on whether the increase in SG&A expenses, which was the cause of the operating loss in Q1, has been resolved and on the plan to convert the order backlog into sales. Sec’s business strategy for growth industries such as HBM, electric vehicle batteries, and K-defense, as well as its IPO funding utilization plan, are also key interests.

    2. Why is Sec important?

    Sec develops and manufactures various industrial inspection equipment such as X-ray inspection systems, LINAC systems, and Tabletop SEMs. In particular, it has a high exposure to future growth industries such as semiconductors, batteries, and defense, attracting the attention of investors. However, as the stock price has been declining due to sluggish Q1 earnings, it is important to present improved performance and growth momentum through this IR.

    3. Key Analysis of Sec’s IR

    • Positive factors: Expectations for improved Q2 earnings, exposure to growth industries, post-IPO effects, reaffirmation of technological competitiveness
    • Negative factors: Possibility of continued sluggish Q1 performance, falling short of market expectations, macroeconomic variables (exchange rates, interest rates, inflation), possibility of continued stock price decline

    4. Action Plan for Investors

    Investors should focus on the following points in this IR.

    • Whether Q2 earnings improved and specific figures
    • Plan and feasibility of converting order backlog to sales
    • Measures to manage SG&A expenses such as R&D expenses and stock compensation expenses
    • Specific business strategies for growth industries such as HBM, electric vehicle batteries, and K-defense
    • IPO funding utilization plan and performance
    • Strategies to respond to macroeconomic risks such as exchange rate fluctuations

    Investment strategies should be revised based on the results of the IR, and it is important to evaluate Sec’s growth potential from a long-term perspective.

    Frequently Asked Questions

    What are Sec’s main businesses?

    Sec develops and manufactures various industrial inspection equipment, including X-ray inspection systems, LINAC systems, and Tabletop SEMs.

    What should I pay attention to in this IR?

    Key points include whether the company overcame the sluggish Q1 performance, plans for converting the order backlog to sales, and business strategies for growth industries.

    What should I be aware of when investing in Sec?

    Consider risks such as macroeconomic variables and intensifying market competition.