[Click e-Stock] "Mico Expected to Grow Through Localization of Key TC Bonding Components and Expansion of Data Center Distributed Power"

On January 27, independent research firm GL Research analyzed that Mico is entering a phase of simultaneous growth in its semiconductor and energy businesses, driven by the localization of key TC bonding components due to the advancement of High Bandwidth Memory (HBM) technology and the expanding demand for distributed power centered on data centers.

Mico is restructuring its business portfolio around two main pillars: semiconductors and energy, strengthening its strategy of selection and concentration. In the semiconductor segment, the company succeeded in localizing the pulse heater, a key TC bonding component experiencing surging demand due to the advancement of HBM stacking processes.

The pulse heater is a core component within TC bonder equipment, determining bonding quality and yield, and has traditionally been an area with high dependence on Japanese suppliers. Mico has secured technological competitiveness by commercializing both upper and lower ceramic pulse heaters, and is expected to expand adoption based on its supply references to domestic and international semiconductor equipment makers as well as OSAT companies in Greater China.

In the energy business, increasing demand for data centers and urban distributed power is the key driver. Its subsidiary, Mico Power, has enhanced business visibility by being selected as the preferred bidder for the CHPS fuel cell power generation project, leveraging its unique domestic full-cycle SOFC manufacturing capabilities.

Participation in distributed power projects centered on data centers and public facilities in the Seoul metropolitan area is expected to serve as a mid- to long-term revenue base. At the same time, the company is working to expand the hydrogen value chain from SOFC to SOEC, securing future growth opportunities in the hydrogen production and utilization markets as well.

Its subsidiary, Hyundai Heavy Industries Power Systems, has also entered a phase of order expansion by increasing HRSG production capacity. Amid rising demand due to the replacement of aging power facilities and increased plant investment in emerging markets, the expansion of production capacity is expected to drive both top-line growth and improved profitability.

Park Changyun, a researcher at GL Research, stated, "Mico is simultaneously pursuing the localization of core semiconductor post-processing components and the expansion of its energy and distributed power businesses," adding, "It is a company that encompasses both HBM and data center long-term growth themes, making it a candidate for revaluation."

This content was produced with the assistance of AI translation services.