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KREDKRED
036930KOSDAQ

Jusung Engineering

267,500
+20,000 (+8.08%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Jusung Engineering was established on April 13, 1993. The company is listed on the KOSDAQ market.

The company manufactures and supplies equipment for semiconductors, solar cells, and displays. It focuses on deposition process equipment, utilizing ALD technology for semiconductor production and HJT and Tandem technology for solar cells. Its product portfolio also includes equipment for various display panel processes.

Business overview as filed

당사는 현재 반도체 및 태양전지 제조장비, 디스플레이 제조장비 사업을 영위하고 있습니다. 당사는 종속회사를 통해 관련 장비의 해외 판매 및 서비스 업무 등을 영위하고 있으며, 다수 공정 중에서도 증착공정에 필요한 장비를 제조하여 고객사에 주 납품하고 있습니다.당사가 속한 반도체 산업은 초미세공정화를 통한 원가 경쟁력을 확보하기 위해 기술 난이도가 빠르게 진화하고 있습니다. 즉, 선폭이 더욱 좁아지고 패턴의 종횡비가 증가함에 따라 박막 증착 공정의 단차피복성(Step Coverage)을 더욱 향상시켜야 하며, 고품질 박막 구현을 위해서 증착막뿐 아니라 하지막 계면 특성의 미세한 컨트롤도 요구되기 때문에 차별화된 ALD 기술의 중요성이 더욱 강조되고 있습니다.현재 회사는 Tech-Migration이 더욱 가속화되는 반도체 산업에서 차별화된 ALD 기술을 기반으로 메모리뿐 아니라 비메모리의 다양한 Application의 수요를 충족시킬 수 있는 반도체 양산 장비를 지속해서 개발하는 등 세계 최고 수준의 경쟁력을 확보하고 있습니다. 태양광 사업부문의 경우에는 양산 가능한 세계 최고 HJT 태양전지 발전전환효율을 계속해서 기록하고 있으며 향후 반도체 초미세 공정기술과 OLED 디스플레이 대면적 증착기술을 융복합한 기술을 바탕으로 35% 이상 효율 구현이 가능한 차세대 태양전지(Tandem) 장비를 시장에 최초로 선보여 태양전지의 새로운 패러다임을 제시할 것 입니다. 마지막으로 디스플레이 사업부문의 경우에는 TFT Layer 확대 및 Encapsulation,ToE(Touch sensor on thin film Encapsulation), PECVD, ALD 등 중소형과 대형 패널 장비의 다각화를 통하여 디스플레이 사업부문의 매출 확대를 기대하고 있습니다. [주성엔지니어링 제조장비 및 주요 제품 현황]

2025년 당사는 미래성장동력 확보를 위한 R&D 투자 규모 증가에 따라 전년 대비 실적이 감소하였습니다. 당사의 2025년 연결기준 매출액은 약 3,107억 원으로 전년 동기 대비 약 24.1% 감소하였습니다. 영업이익은 약 313억 원으로 전년 대비 약 67.8% 감소하였으며, 영업이익률은 미래 성장동력 확보를 위한 투자 비용을 반영하여 약 10.1%를 기록하였습니다. 2025년 연결 기준 당기순이익은 357억 원(당기순이익률 11.5%)으로 전년 동기 대비 약 66.6% 감소하였습니다. 당사는 R&D 지속 투자 및 차별화된 기술 경쟁력을 바탕으로 차세대 반도체, 디스플레이, 태양광 기술에 선제적으로 대응하고 글로벌 공급망을 확보를 통해 수익성을 개선할 전망입니다.본 사업의 개요에 요약된 내용은 세부사항 및 포함되지 않은 내용 등은 'II. 사업의 내용'의 '2. 주요 제품 및 서비스'부터 '7. 기타 참고사항'까지의 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

Company overview

가. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적·상업적 명칭

다. 설립일자 및 존속기간

당사는 반도체 및 태양전지, 디스플레이, 신재생에너지, LED, OLED 제조장비의 제조 및 판매를 영위할 목적으로 1993년 4월 13일에 설립되었으며, 1995년 4월 13일에 법인 전환하였습니다. 또한, 1999년 12월 22일 코스닥시장 상장을 승인받고, 1999년 12월 24일에 상장되어 매매가 개시되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

주성엔지니어링 중견기업확인서.jpg 주성엔지니어링 중견기업확인서

바. 주요 사업의 내용

당사는 반도체, 태양전지 및 디스플레이 제조장비를 생산, 판매하고 있습니다. 당사는 하나의 제조공장에서 동일한 원자재와 용역, 기계장치를 활용하여 제품을생산하기 때문에 사업부문의 구분이 현실적으로 어려워 단일 사업부문으로 작성을 하되, 생산하는 장비의 특성과 고객사가 속한 산업군 등을 고려하여 총 3개의 장비군으로 나누어 현황을 기재하였습니다.

[주성엔지니어링 제조장비 및 주요 제품 현황]

사. 신용평가에 관한 사항

당사는 ㈜나이스디앤비와 ㈜이크레더블로부터 신용등급 평가를 받고 있습니다. 최근 ㈜나이스디앤비의 당사 신용평가등급은 A-(신용등급 정의: 양호한 상거래 신용도를 보유하며, 상위등급에 비해 경기침체 및 환경변화의 영향을 받기 쉬움)입니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

7.77%
[5.08%, 11.13%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 60.8% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.28
Beta [1.05, 1.51] · KOSDAQ150 · As of 2026-10-08
Intercept
+1.014%[+0.294%, +1.735%]
R squared
0.35
Observations
252
Trading-time corrected beta
1.17[0.72, 1.63]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M1,7562,6802,7272,6402,5911,1853,7734,3792,8474,0943,1072,258
Revenue growth%—52.591.74-3.17-1.88-54.24218.2716.07-34.9843.78-24.11—
Operating incomeKRW 100M153377417414309-2501,0261,239289972313-148
Operating income growth%—146.7510.62-0.72-25.24-180.90—20.73-76.64235.88-67.84—
Net incomeKRW 100M77326420438266-821,4551,0623401,06835772
Net income growth%—323.3428.924.20-39.36-130.95—-27.03-67.98214.15-66.58—
Attributable to ownersKRW 100M77326420437258-821,4551,0623401,06835772
Attributable to minoritiesKRW 100M-0——18———————
Operating margin%8.7014.0615.2915.6811.94-21.1227.2028.2910.1623.7410.06-6.57
Net margin%4.3812.1615.4116.5810.25-6.9338.5624.2411.9426.0911.493.21
ROE%6.7522.0622.3021.3010.61-3.6139.3621.916.6118.856.051.22
ROA%2.509.9513.3312.055.90-1.5020.4412.744.2210.824.020.84
Debt ratio%169.39121.6867.3573.5581.59141.5192.6071.9056.4474.1750.3746.37
Current ratio%92.15143.83221.63219.2686.2286.43170.66228.12388.36207.68361.52420.47
Quick ratio%56.37103.25157.3685.3543.2049.46127.18150.21256.20155.19273.43325.83
Reserve ratio%——633.40713.16798.80746.351,342.461,742.211,841.282,200.092,294.772,197.81
OCF conversion%393.16137.23136.00-79.99220.19—76.0895.132.61210.34-85.95—
Receivable daysdays—43.060.557.0————————
Inventory daysdays—113.2101.3153.2166.0293.2113.4151.3244.7207.0219.7—
Payable daysdays—116.3128.8114.6————————
Cash conversion cycledays—39.933.095.7————————
EPSKRW160676871906534-1703,0162,2117162,272781156
PERx—15.3115.617.1215.17—6.964.7947.7712.9635.471,289.08
BPSKRW—3,0623,9054,2505,0334,7137,66110,04410,66911,98712,49212,735
PBRx—3.383.481.521.611.742.741.063.212.462.2215.78
Dividend per shareKRW——10010070—1551935028753—
Payout ratio%——11.4811.0413.11—5.148.736.9812.636.79—

Consolidated basis

Profit flowKRW 100M

Revenue
3,107
Gross profit
1,773
Cost of sales
1,334
SG&A expenses
1,461
Operating income
313
Non-operating income
100
Profit before tax
412
Net income
357
Income tax expense
55

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
3,0773,2753,1533,6334,500*5,4927,1198,3318,0539,8688,879
1,9351,7981,2691,5402,022*3,2183,4233,4852,9054,2022,974
1,1421,4771,8842,0932,478*2,2743,6964,8465,1475,6665,905

Income statement

20152016201720182019202020212022202320242025
1,7562,6802,7272,6402,591*1,1853,7734,3792,8474,0943,107
153377417414309*-2501,0261,239289972313
78253440444298*-411,7431,3514471,275412
77326420438266*-821,4551,0623401,068357
Basic earnings per shareKRW160676871906534*-1703,0162,2117162,272781
Diluted earnings per shareKRW160676871906534*-1703,0162,2117162,272781
71336407428434*-821,4221,3004871,037370

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement77326420438266-821,4551,0623401,068357
Total adjustments to operating cash flowcomputed226121151-78831998-348-52-3311,179-664
303447571-350585*161,1071,01092,247-307
-54-45-152-480-939*-84669-484-12-403-539
-104-381-240455393876-180-484-102-507-8
Cash at beginning of periodKRW 100M147296315492116*1371851,1921,2101,1062,507
296315492116154*1851,1921,2101,1062,5071,644
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable178-37637*481,00718Not applicableNot applicableNot applicable

In the latest fiscal year all three activities were net cash outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 31한영회계법인2025-12-31
2024적정의견Term 30한영회계법인2025-12-31
2023적정의견Term 29한영회계법인2025-12-31
2022적정Term 28안진회계법인2022-12-31
2021적정Term 27안진회계법인2022-12-31
2020적정Term 26안진회계법인2022-12-31
2019적정Term 25한영회계법인2019-12-31
2018적정Term 24한영회계법인2019-12-31
2017적정Term 23한영회계법인2019-12-31
2016적정Term 22한영회계법인2016-12-31
2015적정Term 21한영회계법인2016-12-31
2014적정Term 20한영회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y1.10
%
%
Cost of equity9.87%
Weighted average cost of capital—
Initial growth5.6%
Effective tax rate13.4%
Base fiscal year2025
Current priceKRW267,500

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model687-99.7%
Dividend discount model DDM745-99.7%
Discounted cash flow FCFFNo cash flow lines
Discounted cash flow FCFENo cash flow lines
Residual income model RIM5,660-97.9%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.10 × 5.00% = 9.87%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(6.05% × (1 − 6.79%), 0) = 5.63%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 53 × (1 + 2.00%) / (9.87% − 2.00%) = 54 / 0.0787 = 687 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 53, g_1 = 5.63%, g_T = 2.00%, r = 9.87%

YearGrowthDividend KRWDiscount factorPresent value KRW
15.63%560.910151
24.73%590.828449
33.82%610.753946
42.91%630.686243
52.00%640.624540
Terminal value2.00%8280.6245517
Total745

P_0 = 745 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 12,492 KRW, ROE = 6.05%, payout ratio = 6.79%, r = 9.87%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
112,4927551,233-4780.9101-435
213,1957981,303-5050.8284-418
313,9398431,376-5340.7539-402
414,7248901,454-5640.6862-387
515,5549401,536-5950.6245-372
Terminal value-7,7140.6245-4,818

P_0 = 12,492 + -2,015 + -4,818 = 5,660 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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