[Click e-Stock] "ITEC Expected to Grow Alongside Rising Demand for Autonomous Driving and AI Semiconductors"

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On May 2, Hana Securities analyzed that ITEC is expected to achieve simultaneous growth in line with the expansion of the autonomous driving and AI semiconductor markets.

Founded in 2005, ITEC provides comprehensive services in the semiconductor testing sector, which is part of the post-processing stage of semiconductor manufacturing. Their services cover wafer testing, package testing, and system level testing (SLT). The testing process is a critical procedure for determining the quality of chips before mass production, with fabless companies and design houses as its main clients.

Choi Jaeho, a researcher at Hana Securities, stated, "For autonomous driving and AI semiconductors, reliability is crucial. These are high-specification chips that generate significant heat, making precise temperature control for performance verification essential." He added, "As a result, demand for burn-in testing, which verifies these factors, is on the rise." In response, since 2024, ITEC has been strengthening its competitiveness in the next-generation semiconductor market by introducing ATC handler burn-in test equipment equipped with active thermal control functions.

Currently, ITEC has secured more than 176 clients cumulatively. The company is also responding to global customers through overseas sales offices in the United States, Taiwan, and Japan, in addition to its domestic operations. Notably, ITEC's test portfolio is rapidly diversifying from a traditional focus on legacy products and mobile semiconductors to AI and autonomous driving semiconductors.

ITEC collaborated with DEEPX, an AI semiconductor specialist, from the MPW (Multi-Project Wafer) stage to develop the test program for DEEPX's first AI semiconductor, the DX-M1, and is currently conducting system level testing. In addition, ITEC is testing the main NPU products for a domestic company referred to as R, and is also performing autonomous driving semiconductor tests for multiple clients.

Researcher Choi explained, "While internal combustion engine vehicles require about 200 to 300 semiconductors, autonomous vehicles are estimated to use approximately 1,000 to 3,000 semiconductors." He noted, "Accordingly, the proportion of ITEC’s testing for automotive semiconductors increased from about 37% in 2023 to about 45% in 2024, and is expected to continue growing." In fact, ITEC's market share in testing for major domestic automotive semiconductor fabless companies, referred to as T and N, is estimated to exceed 90%.

The unit price for semiconductor testing is calculated as 'equipment-specific hourly rate x test time per wafer or per chip,' and the higher the specification of the semiconductor, the longer the test time required. Regarding this, researcher Choi stated, "The increased complexity of testing for AI and autonomous driving semiconductors is leading to longer test times," and added, "Both Q (volume) and P (unit price) are experiencing growth."

Meanwhile, ITEC is enhancing its competitiveness by securing financial stability and advanced testing equipment. By selling major subsidiaries, the company has secured approximately 110 billion KRW in cash-equivalent assets. In 2022, ITEC became the first in Korea to introduce two units of the high-specification semiconductor test equipment 'V93K-PS5000,' both of which are currently in operation. To meet increasing demand, the company plans to secure more than five additional units by 2026.

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