[Click e-Stock] "SEC: Growth Expected in HBM and Defense... A Small but Technologically Advanced Multiple Expansion Company"

On April 21, Daishin Securities analyzed that expectations for a revaluation of SEC are rising, driven by the expansion of the high-bandwidth memory (HBM) market and increased demand in the defense sector. The firm noted that, based on its technological competitiveness and successful business diversification, SEC is drawing attention as a company with the potential to transition from a simple equipment manufacturer to a multiple expansion-type enterprise.

Kim Ahyoung, a researcher at Daishin Securities, explained, "SEC is a company specializing in electron beam-based inspection equipment, which was listed on KOSDAQ in April 2025 through the technology exception program," adding, "SEC has secured competitiveness across the entire industrial inspection equipment sector based on its proprietary electron beam technology."

SEC independently develops and manufactures X-ray tubes (a core component), X-ray inspection equipment for semiconductors and batteries, linear accelerators (LINAC) for defense applications, and tabletop SEM devices. As of last year, revenue composition was 36% from semiconductors, 24% from batteries, 23% from defense, and 17% from other sectors, indicating a shift from a semiconductor-centric portfolio to broader industrial coverage. Major clients include global memory companies, semiconductor back-end process firms, and battery manufacturers, and recently, the customer base has expanded to include defense sector clients.

The expansion of the HBM market is considered a key growth driver for SEC. Researcher Kim stated, "Due to the stacked structure of HBM, internal defect inspection is essential, and there is a rapid shift from manual inspection to in-line automated inspection," adding, "SEC has completed the development of in-line equipment based on its experience in supplying manual inspection equipment to Micron." Furthermore, she noted, "If adopted for mass production, both the unit price of equipment and the scale of repeat orders are expected to increase significantly."

In particular, SEC distinguishes itself with its unique competitiveness as the first company in Korea to successfully localize industrial X-ray tube production. Kim emphasized, "SEC is rare as a company that produces X-ray tubes in-house," evaluating that "it has structural advantages in terms of cost reduction, customized design for clients, and supply stability." She also explained, "Mid- to long-term profitability improvement is anticipated through revenue from component replacement and after-sales service." There is also potential for expansion into new markets such as medical, security, and glass substrate processing by leveraging electron beam technology.

From a business performance perspective, a full-fledged turnaround is anticipated. Kim said, "Sales in 2026 are projected to reach 70.7 billion won, up 19.4% from the previous year, with operating profit forecast to turn positive at 2.7 billion won," adding, "This marks a phase where both topline growth and profit improvement occur simultaneously." Growth is expected to be led by the semiconductor segment through the expansion of HBM and SMT inspection equipment, the battery business via capacity expansion by global clients, and the defense business through repeat orders for LINAC.

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