[Click e-Stock] "Park Systems: Robust Orders for Existing Equipment, Plus Growth in New Equipment"

by Ryu Hyunseok

Published 24 Apr.2025 07:57(KST)

Updated 24 Apr.2025 08:05(KST)

KB Securities analyzed on April 24 that while orders for existing equipment at Park Systems remain robust, sales growth from new equipment is also expected. The firm maintained its "Buy" investment rating and target price of 310,000 won.

[Click e-Stock] "Park Systems: Robust Orders for Existing Equipment, Plus Growth in New Equipment"

KB Securities forecast that Park Systems' first-quarter revenue and operating profit will reach 38.8 billion won and 7.6 billion won, representing year-on-year increases of 51% and 1,385%, respectively. Lee Euijin, a researcher at KB Securities, stated, "In addition to NX-Wafer equipment, we expect to recognize sales from TSH and Hybrid-WLI equipment, particularly among overseas clients." He added, "As of the fourth quarter of last year, Park Systems' order backlog stood at 61.2 billion won, marking an all-time high."

This year, the company's expected revenue and operating profit are 208.5 billion won and 52.9 billion won, up 19% and 37%, respectively, from the previous year. He explained, "Along with NX-Wafer equipment, the sales share of TSH and Hybrid-WLI is projected to increase," and added, "As Adv. Pkg processes become more advanced, demand for TSH equipment is expected to remain strong."

He further emphasized, "Hybrid-WLI equipment has completed testing and is expected to be applied to front-end process lines," and noted, "As a result, the sales share of NX-Wafer is estimated to decrease from the previous level of 80% to 70%."

Additionally, the impact of sanctions against China is expected to be limited. Lee commented, "Investors are concerned about the impact of sanctions on China due to Park Systems' consistently high sales share in the Chinese market. However, Park Systems' equipment is more aligned with research and development (R&D) and review purposes, rather than mass production (inspection). Therefore, the impact from Chinese sanctions or a slowdown in downstream demand is expected to be relatively limited."