SEMES Co., Ltd. Overview
SEMES is Korea's largest semiconductor equipment maker and the in-house capital equipment arm of Samsung Electronics. It builds cleaning, photo track, etch, bonding, test-handling and probe tools, along with overhead hoist transport (OHT) systems for wafer logistics and inkjet systems for QD-OLED displays. Founded in 1993 to reduce Samsung's reliance on foreign tools, it has become a broad-line supplier and ranked sixth globally in front-end equipment in 2021. Its defining trait is concentration: Samsung group companies provided 97.4% of FY2025 revenue. That gives SEMES privileged process access and protected demand, but its earnings follow Samsung's capex cycle and margins sit well below those of independent peers. The strategic question is whether HBM bonders, advanced packaging, EUV-class track tools and AI-assisted development can move SEMES from captive supplier to global tier-one vendor.
The company's own description. SEMES's filings describe a business producing semiconductor equipment (clean, photo, etch, assembly, tester), LCD/OLED display equipment and logistics automation equipment. The company says it built its technical base by localizing cleaning tools in its early years. It then extended into photo and etch at the front end and die bonders, saw-and-sorter tools and test equipment at the back end through continuous R&D with Samsung Electronics (Q3 2021 quarterly report). The company reports a single business segment and discloses revenue by product category.
Independent characterization. SEMES is best understood as a captive strategic supplier rather than a merchant equipment vendor. Samsung's rationale is localization, supply security and confidentiality. Keeping process-sensitive tool development inside a subsidiary limits the exposure of Samsung's manufacturing designs to outside vendors, a point Samsung itself made in 2026 press commentary. In return, SEMES's addressable market is largely set by Samsung's capex budget and by how much of each tool category Samsung chooses to allocate to it.
Business and revenue model.
Equipment sales: Description: Made-to-order tools designed to customer specification; prices vary by configuration; Evidence: Domestic terms are typically 90% on delivery and 10% on acceptance (Q3 2021 report)
Parts, retrofit and service: Description: After-sales support, tool upgrades and spare parts; Evidence: KRW 728.9bn, or 23.3% of FY2021 separate revenue
Automation and ancillary: Description: OHT, stocker and related logistics systems, reported within "other" in current filings; Evidence: "Other" was KRW 572.9bn in H1 2026
Real estate leasing: Description: Minor ancillary activity; Evidence: Listed among main businesses in company registry data
SEMES does not operate a subscription or licensing revenue model. It is a net licensee: it pays royalties to Samsung Electronics of 1.5% to 3% of contract-product sales, and its SCREEN licence provides for 1% to 3% (Q3 2021 report). The installed base gives it a counter-cyclical cushion. During the 2023 downturn, rising fab utilization lifted parts and after-sales income ahead of new tool orders.
Value chain position. SEMES sits between component suppliers and chipmakers. Upstream vendors named in its 2021 filing include MKS and Advanced Energy (RF generators), Cymechs (wafer transfer systems) and Konica Minolta (coater components). Downstream, its tools go to Samsung's fabs and packaging sites in Korea, China and the United States, and to Samsung Display.
Customers and end-markets.
Memory and foundry fabs: Named customers: Samsung Electronics (Giheung, Hwaseong, Pyeongtaek); End-market: DRAM, NAND, HBM, logic foundry
Overseas Samsung fabs: Named customers: Samsung (China) Semiconductor, Xi'an; Samsung Austin Semiconductor; End-market: NAND, foundry
Advanced packaging: Named customers: Samsung Cheonan and Onyang sites; End-market: HBM stacking, 2.5D and 3D packaging
Display: Named customers: Samsung Display; End-market: QD-OLED, 8.6-generation IT OLED
Other semiconductor: Named customers: Samsung Electronics Suzhou Semiconductor; End-market: Back-end assembly and test
Strategy
Stated strategy. SEMES's filings set out four sales themes: strengthening its specialist image in core front-end tools, early market entry through joint development, accumulating technology through in-house models, and customer diversification by using its Samsung-proven record to win overseas business. The CEO's website message now frames the goal as entry into the global tier-one group on differentiated in-house technology and manufacturing competitiveness. An earlier stated aim was a top-five global position.
HBM bonder leadership: Period: 2022 onward; Detail: TC bonders, then D2W and W2W hybrid bonders; Target or status: TC bonder revenue above KRW 500bn since 2022; hybrid bonder in customer evaluation
Photo track substitution: Period: Ongoing; Detail: Company has publicly stated an aim to replace overseas track rivals; Target or status: ArF immersion shipped; next-generation tools under development
Panel-level packaging: Period: January 2026; Detail: TEPAS100 and 100A sorters; Target or status: Line-up completed across legacy, WLP and PLP
AI-led equipment development: Period: July 2026; Detail: AI from design through process optimization and unmanned automation; Target or status: Phased plan with academia, chipmakers and suppliers
R&D consolidation: Period: April 2026; Detail: Dongtan hub; Target or status: Core teams relocated
Yongin technology center: Period: 2024 onward; Detail: KRW 255.6bn project with test fab capability; Target or status: 2026 target under approved plan
Technology protection: Period: 2025 onward; Detail: Supplier rules, access controls, security checks; Target or status: Plans to seek National Advanced Strategic Technology status
Smart factory tools: Period: 2026; Detail: Unmanned automation features in probe stations; Target or status: In production
Supplier support: Period: Ongoing; Detail: Win-win fund, equipment training, ESG consulting, hiring support; Target or status: Continuing
Startup programme: Period: 2024 onward; Detail: Tri Nexus and Nexus Connect innovation challenges; Target or status: Robotics, metrology and AI predictive maintenance reviewed
Medium-term targets. SEMES publishes no quantitative guidance on revenue, margin or capex. The nearest thing to a target is the qualitative tier-one ambition. The company did set a public TC bonder revenue goal of more than KRW 250bn for 2024, up from around KRW 100bn in 2023.
Products & Services
Tools are built to order and list prices are not published. Filings state that price varies by specification even within the same product. Samsung officials have compared the price of one OHT vehicle to that of a fully optioned Hyundai Grandeur sedan.
Front-end: cleaning
Single-wafer cleaning passed 2,500 cumulative units in August 2025, with cumulative revenue above KRW 7tn since first mass production in 2006.
Front-end: photo track
Front-end: etch
Back-end: bonding, singulation, handling and test
SEMES says it has completed its packaging line-up across legacy, wafer-level and panel-level packages. Probe stations reached 5,000 cumulative units in April 2026, having taken 11 years to reach the first 1,000 and adding 1,000 roughly every two years since 2020.
Automation (AMHS)
About 1,850 SEMES OHT units were reported in operation at Samsung's Pyeongtaek P1 line alone in 2022.
Display
Services. SEMES provides spare parts, tool modification, upgrades and after-sales service. In 2021, Samsung-related service revenue contributed almost a quarter of sales. Hwaseong hosts field engineering close to Samsung's lines.
Disclosed production output (units).
Product Portfolio
| Product | Description and capability | Status |
|---|---|---|
IRIS | 300mm single-wafer cleaner for front and back surfaces | Shipped from 2006 |
IRIS PRIME | Combines IRIS and BLUEICE PRIME strengths; addresses 2x-class nodes with back-contamination prevention | Commercialized |
BLUEICE PRIME | Single-wafer clean and dry tool optimized for system LSI at L1x class, with automatic flow control | Commercialized |
BLUEICE SPM | Sulfuric process tool for post-CMP clean, PR strip and metal removal | Commercialized |
LOTUS | Next-generation single-wafer cleaner for 1x-class nodes with a high-productivity layout | Commercialized |
PURESYS | Supercritical CO2 cleaning and drying, minimizing substrate damage at advanced nodes | Mass production from 2014 |
High-temperature single-wafer phosphoric cleaner | Foundry-oriented cleaning tool | Developed 2024, announced January 2025 |
| Product | Description and capability | Status |
|---|---|---|
OMEGA-K PLUS | KrF inline coat and develop track with particle-free robot | Commercialized |
OMEGA-S | Photo equipment for H-SOH processes | Commercialized |
OMEGA PRIME imm | ArF immersion track | Latest publicly named track |
EUV-class track | Company says it has finished developing and evaluating some high-performance tools; press infers EUV work | In development |
| Product | Description and capability | Status |
|---|---|---|
MICHELAN O3 | CCP plasma etcher for HARC and via/damascene etching | Commercialized |
MICHELAN C4 | ICP plasma etcher for WLP, SOH and DPT etching | Commercialized |
| Product | Description and capability | Status |
|---|---|---|
SDB-3000MD PLUS | Die bonder attaching die to substrate | Commercialized |
TC bonder (HBM) | Vertical stacking of TSV chips, with stacking accuracy under 1 micron at high load | First mass-production development 2022 |
SDB-30W | TC bonder for 3D packaging | Commercialized Q3 2025 |
D2W hybrid bonder | Bumpless stacking with position control under 500nm | Development completed; customer evaluation under way |
W2W hybrid bonder | Wafer-to-wafer bonding; industry sources reported good customer test results in February 2026 | Evaluation |
SW9000U | Package singulation, inspection and sorting | Commercialized |
TEPAS100 | Large panel-level package sorter, cutting and tray sorting with vision inspection | Mass-production development January 2026 |
TEPAS100A | PLP sorter variant bonding cut packages to a metal ring | Mass-production development January 2026 |
STH-5800 | Test handler sorting devices by grade in final test | Commercialized |
SEMPRO PRIME | Probe station for wafer-level electrical test | Commercialized |
SEMPRO-H | HBM probe station with precise realignment against TSV positions | Commercialized Q4 2025 |
| Product | Description and capability | Status |
|---|---|---|
OHT System | Ceiling-rail FOUP transport controlled by the OHT Control System (OCS) for dispatch and route finding | 10,000th unit shipped 2024 |
Stocker | FOUP transfer and storage with OHT, OHS, conveyor and AGV interfaces | Commercialized |
Tower Lift | Inter-floor transport with buffer, interfacing with OHT, OHS and conveyor | Commercialized |
| Product | Description and capability | Status |
|---|---|---|
Vincent | 8th-generation (2500×2200) QD-OLED inkjet system, 100+ heads, 220ppi resolution, more than 30% higher than prior tools | First shipped March 2026 |
Z Printing | Inkjet patterning for LCD and OLED, including encapsulation | Commercialized |
8G Etch/Strip | Spray-process wet system for 8th-generation panels | Commercialized |
8G Cleaner | Front, back and double-side cleaning with reduced DI water use | Commercialized |
Coater | Nozzle-only coater without spin step | Commercialized |
| Product group (units) | FY2019 | FY2020 | 9M 2021 |
|---|---|---|---|
Photo and clean | 90 | 231 | 281 |
Etch | 38 | 107 | 116 |
Assembly and test | 196 | 445 | 594 |
Logistics automation | 414 | 1,265 | 1,550 |
FPD | 26 | 22 | 3 |
Financial Narrative
Consolidated figures below are from NICE-sourced DART data unless stated. SEMES reports under K-IFRS. Figures for gross profit and working capital use the separate basis where stated, which is within about 1% of consolidated results.
Income statement.
Revenue CAGR from FY2021 to FY2025 was -5.8%.
Revenue is the least informative line in recent years. It has moved within a narrow KRW 2.4tn to 2.5tn band for three years, while operating income has more than tripled from its FY2023 low. Consolidated cost of sales fell 5.6% to KRW 1,874.2bn in FY2025, taking the cost ratio from 81.2% to 75.8%. Part of that gain was not structural: KRW 28.3bn of inventory write-downs were reversed as tools sold through. That reversal equals about 13% of FY2025 operating income.
The FY2024 tax credit of KRW 12.8bn explains why net income exceeded operating income that year. FY2025's rise in operating profit came despite a KRW 59.5bn increase in R&D. The company attributes the gain to cleaning tool productivity, quality stabilization and cost reduction.
The H1 2026 result shows the next leg of the cycle.
H1 2026 revenue rose 20.9%, operating income 128.1% and net income 107.4%, per the half-year report as summarized by Business Post. H1 2025 figures are derived from those growth rates. The H1 2026 operating margin of 14.0% is above the FY2021 full-year peak of 11.3%.
Balance sheet.
Implied borrowings are derived from NICE's borrowing dependence ratios of 2.11%, 0.05% and 0.21%. Inventory fell 26% to KRW 499.6bn at end-2025 from KRW 675.4bn a year earlier.
Liquidity management changed materially after 2022. Year-end 2022 cash equivalents were just KRW 13.6bn against KRW 133.0bn of short-term borrowings. By Q3 2023, cash was KRW 114.2bn and short-term debt KRW 45.2bn (IB Tomato, December 2023). Total borrowings have since become negligible. The company has relied on short-dated instruments rather than bonds: it issued KRW 640bn of private commercial paper across seven tranches in the first nine months of 2021, and it had no bonds outstanding at that date. Goodwill is not a feature of the balance sheet. Intangibles were KRW 26.6bn at 30 September 2021, mostly software and industrial property.
Cash flow.
Cash generation has run well ahead of net income as inventory unwound. Capital expenditure peaked around the 2021 expansion, when the company spent KRW 93.7bn on property, plant and equipment and KRW 5.9bn on intangibles in nine months. Annual capex and free cash flow are reported in the cash-flow statements of the DART business reports. The next large project is the Yongin technology center, with a KRW 255.6bn budget. SEMES has no reported buyback programme.
Dividends have been minimal. The last dividend confirmed in the filings reviewed was KRW 200 per share for FY2019, a total of KRW 468m and a payout of 1.5%. No cash dividend was paid for FY2020. The retained cash has been used for growth and working capital, and retained earnings reached KRW 1,493.6bn at end-2023.
Ratios.
Three trends stand out. First, inventory discipline has shortened the operating cycle by more than 30 inventory days since FY2023. Second, SEMES is effectively debt-free, so net debt/EBITDA is not a meaningful constraint. Third, asset turnover has fallen every year as the equity base has grown faster than sales, which is why ROE remains below its FY2021 level even though FY2025 net margin is back above it.
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View Subscription PlansFinancial Detail
Revenue by Segment
| Filing category (KRW Bn, separate basis) | FY2019 | FY2020 | FY2021 |
|---|---|---|---|
Semiconductor equipment | 686.3 | 1,351.9 | 2,346.2 |
FPD equipment | 92.3 | 218.5 | 53.0 |
Services, retrofit and parts | 347.2 | 637.2 | 728.9 |
Total | 1,125.7 | 2,207.6 | 3,128.1 |
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View Subscription PlansRevenue by Segment (%)
| Mix (% of separate revenue) | FY2019 | FY2020 | FY2021 |
|---|---|---|---|
Semiconductor equipment | 61.0 | 61.2 | 75.0 |
FPD equipment | 8.2 | 9.9 | 1.7 |
Services, retrofit and parts | 30.8 | 28.9 | 23.3 |
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View Subscription PlansRevenue by Segment (Half-Yearly)
| Reported line (KRW Bn) | H1 2025 | H1 2026 |
|---|---|---|
Semiconductor and display equipment | 617.8 | 756.8 |
Other (automation and ancillary) | 482.2 | 572.9 |
Revenue by Segment (FY2024–FY2025)
| Process group (KRW Bn) | FY2024 | FY2025 |
|---|---|---|
Front-end equipment | 683 | 792 |
Back-end equipment | 573 | 396 |
Income Statement
| Consolidated (KRW Bn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 3,136.2 | 2,897.0 | 2,515.5 | 2,445.0 | 2,471.3 |
Operating income | 353.4 | 219.4 | 66.8 | 121.3 | 215.8 |
Net income | 264.3 | 185.8 | 60.5 | 145.2 | 212.0 |
Margins and growth (%)
| Margins and growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue growth | 41.6 | -7.6 | -13.2 | -2.8 | 1.1 |
Operating margin | 11.3 | 7.6 | 2.7 | 5.0 | 8.7 |
Net margin | 8.4 | 6.4 | 2.4 | 5.9 | 8.6 |
EPS (KRW, derived on 2,342,033 voting shares)
| EPS (KRW, derived on 2,342,033 voting shares) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Basic EPS | 112,850 | 79,332 | 25,831 | 61,998 | 90,526 |
Separate income statement (KRW Bn)
| Separate income statement (KRW Bn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Revenue | 2,502.1 | 2,432.7 | 2,457.5 |
Gross profit | 418.7 | 448.8 | 584.4 |
Operating income | 65.0 | 120.7 | 214.3 |
Pre-tax income | 61.8 | 131.8 | 223.1 |
Income tax | 3.0 | -12.8 | 12.5 |
Net income | 58.8 | 144.7 | 210.6 |
Separate margins (%)
| Separate margins (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Gross margin | 16.7 | 18.4 | 23.8 |
Operating margin | 2.6 | 5.0 | 8.7 |
Income Statement (Half-Yearly)
| Consolidated (KRW Bn) | H1 2025 | H1 2026 |
|---|---|---|
Revenue | 1,105.5 | 1,336.6 |
Operating income | 82.2 | 187.5 |
Net income | 76.8 | 159.2 |
Balance Sheet
| Consolidated (KRW Bn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 1,934.1 | 2,068.2 | 2,193.1 | 2,371.8 | 2,644.9 |
Total liabilities | 661.5 | 602.8 | 660.9 | 706.8 | 769.2 |
Total equity | 1,272.6 | 1,465.3 | 1,532.2 | 1,665.0 | 1,875.7 |
Balance Sheet (FY2023–FY2025)
| Separate balance sheet (KRW Bn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Current assets | 1,644.1 | 1,794.3 | 1,960.7 |
Non-current assets | 543.8 | 571.4 | 676.5 |
Current liabilities | 644.1 | 689.5 | 748.0 |
Non-current liabilities | 15.5 | 16.3 | 20.1 |
Working capital | 1,000.0 | 1,104.8 | 1,212.7 |
Implied borrowings | 46.2 | 1.2 | 5.5 |
Cash generation (KRW Bn, NICE basis, separate)
| Cash generation (KRW Bn, NICE basis, separate) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Cash flow from ordinary activities | 175.0 | 412.0 | 338.9 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on closing equity (%) | 20.8 | 12.7 | 4.0 | 8.7 | 11.3 |
ROA on closing assets (%) | 13.7 | 9.0 | 2.8 | 6.1 | 8.0 |
Debt-to-equity, total liabilities (%) | 52.0 | 41.1 | 43.1 | 42.4 | 41.0 |
Asset turnover on closing assets (x) | 1.62 | 1.40 | 1.15 | 1.03 | 0.93 |
Separate ratios (NICE)
| Separate ratios (NICE) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROIC (%) | 2.76 | 6.35 | 8.42 |
Current ratio (%) | 255.3 | 260.2 | 262.1 |
Quick ratio (%) | 146.5 | 162.3 | 195.3 |
Interest coverage (x) | 10.34 | 117.63 | 550.27 |
Equity ratio (%) | 69.9 | 70.2 | 70.9 |
Receivable turnover (x) | 3.30 | 2.90 | 3.01 |
Inventory turnover (x) | 3.04 | 3.54 | 4.18 |
Receivable days | 110.6 | 125.9 | 121.3 |
Inventory days | 120.1 | 103.1 | 87.3 |
Sales by destination (KRW Bn, separate)
| Sales by destination (KRW Bn, separate) | FY2019 | FY2020 | 9M 2021 |
|---|---|---|---|
Domestic | 744.2 | 1,832.6 | 1,935.0 |
Export | 381.5 | 375.0 | 524.6 |
Export share (%)
| Export share (%) | FY2019 | FY2020 | 9M 2021 |
|---|---|---|---|
Export share of revenue | 33.9 | 17.0 | 21.3 |
Revenue by Samsung counterparty (KRW Bn)
| Revenue by Samsung counterparty (KRW Bn) | H1 2025 | H1 2026 |
|---|---|---|
Samsung Electronics (Korea) | 901.7 | 840.4 |
Samsung (China) Semiconductor | 103.7 | 158.6 |
Samsung Austin Semiconductor | 4.1 | 166.0 |
Samsung Electronics Suzhou Semiconductor | 19.5 | 33.2 |
Samsung Display and other affiliates | 60.4 | 94.7 |
Capital Markets
| Measure | Value | Date |
|---|---|---|
Shares issued | 2,373,264 | 30 June 2026 |
Book value per voting share (KRW) | 800,876 | FY2025, derived |
Last reported market capitalization (KRW Bn) | About 1300 | April 2021 |
P/E at that value (x) | 6.4 | On FY2020 earnings |
P/B at that value (x) | Just above 1 | April 2021 |
Reference (market data) | Multiple | — |
Hanmi Semiconductor price/sales, February 2026 (x) | 28.5 | — |
Analyst Conclusions
Management guidance. No numerical guidance is published. Management has pointed to AI-based development, HBM bonders, advanced packaging and tier-one global status.
Expectations. No consensus exists. Industry forecasts, including SEMI's 9% growth for 2026 and 7.6% for 2027, imply a favourable backdrop. The H1 2026 run rate implies FY2026 revenue well above FY2025, though SEMES's revenue is usually weighted by Samsung's tool move-in timing.
Bull case.
-
P5 and Yongin-era demand extends the cycle through 2028, with Samsung able to self-fund from record DS profits.
-
Hybrid bonding gives SEMES a higher-value tool at Samsung just as HBM4E adopts the technology, and the company's bonder revenue steps up.
-
Margins keep expanding from H1 2026's 14.0% as mix, utilization and cost discipline hold.
Bear case.
-
Samsung diversifies bonder supply to ASMPT, Applied–Besi or others, leaving SEMES with lower-value allocations, as the 31% FY2025 back-end decline shows can happen.
-
Memory capex normalizes abruptly, repeating the 69.6% profit fall of FY2023.
-
Union demands, higher R&D and Samsung's pricing power cap margins well below peers, while repeated leaks erode its technology edge.
Key catalysts and monitorables (next 12 months).
Mid-Nov 2026: Catalyst: Q3 2026 report; Why it matters: Tests H1 margin durability and order backlog
Late 2026: Catalyst: Samsung leadership reshuffle; Why it matters: Influences affiliate oversight
Late 2026 – 2027: Catalyst: P5 equipment orders; Why it matters: Largest single demand driver
2026–2027: Catalyst: Hybrid bonder evaluation results; Why it matters: Determines HBM4E share
2026–2027: Catalyst: OHT leak case trial and further indictments; Why it matters: Legal and customer-trust signal
2027: Catalyst: First union pay and bonus negotiation; Why it matters: Sets labor cost path
Mar 2027: Catalyst: FY2026 business report; Why it matters: R&D, dividend and customer mix
2027: Catalyst: Yongin center completion; Why it matters: Evaluation capacity
Analyst verdict. SEMES is a strategically important asset with an unusual financial profile. It is one of the few non-US, non-Japanese equipment makers with real breadth, and Samsung's localization strategy gives it demand visibility that few peers can match. FY2025 and H1 2026 show earnings power well above the FY2023 trough: operating income has recovered sharply on cleaning tools, cost control and renewed Samsung investment, while the balance sheet has moved to effectively net cash.
That said, reported profits understate strategic value and overstate independence. Samsung controls nearly all of its demand, sets the terms of much of its licensed technology, staffs its board and rotates its CEO. An investor or partner should therefore assess SEMES mainly as a function of Samsung's capex and allocation decisions, then ask where it can truly differentiate. Cleaning and OHT are defensible. Bonders are the decisive battleground. Hybrid bonding is where SEMES can move from second source to strategic owner of a critical HBM step, but it faces well-funded specialists, and Samsung has shown it will buy the best tool regardless of ownership.
The company's higher R&D intensity, Dongtan consolidation and AI programme are the right responses, but they will lift the cost base before they lift revenue. Labor organization and repeated leak cases add non-cyclical risks that management has only begun to address. Our overall view is constructive through the P4 and P5 investment window, with earnings likely to exceed the FY2021 peak if Samsung's plans hold. Long-term re-rating requires evidence that is not yet available: non-Samsung revenue above its 2.8% share, independent governance, and a commercial win in hybrid bonding or EUV-class track.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Background | Age / education |
|---|---|---|---|---|
Sim Sang-pil | CEO, President and Board Chair | Since December 2024 (registered March 2025) | Joined Samsung Electronics in 1988; Samsung Austin Semiconductor; head of Foundry Manufacturing Technology Center; head of Foundry strategic marketing and corporate planning | Born 15 May 1965; BS Seoul National University; MS and PhD KAIST |
Choi Gil-hyun | Chief Technology Officer | Named as CTO in 2025 | Leads technical strategy and startup collaboration | — |
Choi Byung-gab | Head of Test & Package | Executive since at least 2020 | Formerly Samsung Electronics | Born August 1969; PhD Seoul National University |
Han Seok-gu | Head of Display Team | Named 2026 | Leads QD inkjet programme | — |
Kim Kyung-hyun | Head of Clean Team | Named 2025 | Leads single-wafer cleaning | — |
“—” = not publicly disclosed.
Directors' Remuneration
| Name | Salary (KRW Mn) | Bonus (KRW Mn) | Other (KRW Mn) | Total (KRW Mn) |
|---|---|---|---|---|
Sim Sang-pil, FY2025 | 608 | 338 | 24 | 970 |
Board & Management Changes
| Period | CEO |
|---|---|
Feb 2015 – Mar 2019 | Kim Yong-sik |
Mar 2019 – Mar 2022 | Kang Chang-jin |
Mar 2022 – Dec 2024 | Jung Tae-kyung |
Dec 2024 – present | Sim Sang-pil |
Major Shareholders
| Holder | Shares | Stake (%) |
|---|---|---|
Samsung Electronics Co., Ltd. | 2,172,543 | 91.54 |
Minority shareholders (600 holders) | 169,490 | 7.14 |
Treasury shares | 31,231 | 1.32 |
Competitive Landscape
Key Competitors
| Competitor | Area of competition | Revenue | Relative position |
|---|---|---|---|
Tokyo Electron | Track, clean, etch | JPY 2,443.5bn (FY to March 2026) | Claims 100% of EUV coater-developer market |
SCREEN Holdings | Cleaning | JPY 605.7bn (FY to March 2026) | Global wet-clean leader; lost Samsung volume after 2010 |
Lam Research | Etch, clean | Larger global leader | Etch incumbent at Samsung |
Applied Materials | Etch, hybrid bonding with Besi | About USD 27bn | Broad-line leader |
Hanmi Semiconductor | TC and hybrid bonders | KRW 576.7bn (FY2025) | 71.2% claimed HBM TC bonder share |
Hanwha Semitech | TC and hybrid bonders | — | SK hynix supplier; TC bonder sales above KRW 90bn in 2025 |
Shinkawa | TC bonders | — | Core Samsung supplier alongside SEMES |
Toray Engineering | TC bonders | — | Samsung supplier |
ASMPT | TC bonders, packaging | HKD 14.52bn (FY2025) | Advanced packaging 30% of sales; in talks with Samsung |
Besi | Hybrid bonders | Not stated here | Hybrid bonding leader with Applied alliance |
Daifuku | OHT, stockers | JPY 660bn (FY2025) | Cleanroom AMHS leader |
Murata Machinery | OHT, stockers | — | Second in AMHS; private |
SFA Engineering | OHT, stockers | Not stated here | Korean AMHS rival; supplies SK hynix |
SYNUS Tech, Mirle, Semitys | AMHS components and systems | Semitys H1 2026 revenue KRW 15.2bn | Chinese, Taiwanese and Korean challengers |
Wonik IPS | Korean deposition supplier | KRW 909.8bn (FY2025) | Korean peer in Samsung supply chain |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Company | Latest fiscal year | Revenue growth (%) | Operating margin (%) |
|---|---|---|---|
SEMES | FY2025 | 1.1 | 8.7 |
Tokyo Electron | FY to March 2026 | 0.5 | 25.6 |
SCREEN Holdings | FY to March 2026 | -3.1 | 20.2 |
Hanmi Semiconductor | FY2025 | 3.2 | 43.6 |
Daifuku | FY2025 | 8.0 | 15.3 |
