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403870KOSDAQ

HPSP

65,500
-3,300 (-4.80%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

HPSP was established on March 14, 2017. The company is headquartered in Hwaseong, Gyeonggi-do and is listed on the KOSDAQ market.

The company specializes in the research, development, and manufacture of high pressure hydrogen annealing equipment for semiconductor front-end processes. It supplies the GENI-SYS equipment to global system and memory semiconductor companies to improve interface characteristics of transistors using high-K dielectric films.

Business overview as filed

당사는 고유전율(High-K) 절연막을 사용하는 트랜지스터의 계면 특성을 개선하는 고압 수소 어닐링(High Pressure Annealing, 이하 "HPA") 장비에 대한 연구·개발 및 제조, 판매를 전문으로 하고 있습니다.

당사의 고압 수소 어닐링 장비는 반도체 소자 계면의 문제점 개선을 목표로 연구개발하여 제품화한 반도체 전공정 장비입니다. 트랜지스터 막을 형성하는 High-K소재(HfO2, 하프늄옥사이드)는 28나노미터(이하 "㎚") 이하 공정에서 발생하는 터널링 현상으로 인한 누설전류를 방지하기 위해 도입되었고, High-K 소재의 유전율은 기존 SiO₂대비 5배 이상 높지만, 채택 시 'Interface Defect' 발생 수준이 기존 SiO₂대비 100배 증가하여 반도체 성능을 저하시키는 문제가 있습니다. 이를 해결하기 위한 새로운 방법이 고압에서 수소(H2)/중수소(D2)의 농도를 높여 저온 공정을 가능하게 하는 고압어닐링(High Pressure Annealing, 이하 "HPA") 공정입니다. 고압어닐링 기술은 수소(H2)/중수소(D2)를 이용한 화학 작용을 통해 Interface Defect에 H-Si(Hydrogen-Silicon) bonding을 형성하여 Interface Defect를 전기적으로 비활성화함으로써, 구동전류 및 집적회로의 속도를 현저히 개선합니다.상기 기술을 활용한 당사의 GENI-SYS 장비는 전 세계 고압 관련 인증을 획득한 유일한 고압 수소 어닐링 장비로, 글로벌 메이저 반도체 업체의 양산 Fabrication(이하 "Fab")에서 가동 중입니다. 특히, 28/32㎚ 이하 공정에 필수적으로 적용이 권장됨에 따라 향후 글로벌 반도체 업체들의 지속적인 공정 미세화로 인한 주요 수혜 업체가 될 것으로 예상됩니다.

Company overview

가. 연결대상 종속회사 개황

당사는 보고서 작성일 기준 현재 해당사항이 없습니다.

나. 연결대상회사의 변동내용당사는 보고서 작성일 기준 현재 해당사항이 없습니다.

다. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 에이치피에스피'라 하고, 영문으로 'HPSP Co., Ltd. '라고표기합니다.

라. 설립일자

당사는 2017년 03월 14일에 설립되었습니다.

마. 본사의 주소, 전화번호, 홈페이지 주소주 소 : 경기도 화성시 삼성1로 1길 26전화번호 : 031-227-9898홈페이지 : http://thehpsp.com

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

당사는 고압 수소 어닐링(Hydrogen Pressure Annealing, HPA) 기술을 기반으로 한 반도체 전공정 장비의 제조 및 판매를 주요 사업으로 영위하고 있습니다. 당사가 독자적으로 보유한 고압 수소 어닐링 기술을 활용하여, 글로벌 시스템 반도체 및 메모리 반도체 기업을 대상으로 전공정 공정 중 수소 어닐링 단계에 사용되는 고압 수소 어닐링 장비를 공급하고 있습니다.

당사의 현행 정관상 주요 목적사업은 다음과 같습니다.

아. 신용평가에 관한 사항

당사는 보고서 제출일 현재 해당사항이 없습니다.

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

7.60%
[5.08%, 11.27%] · As of 2026-10-01
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 65.8% (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

1.16
Beta [1.00, 1.33] · KOSDAQ150 · As of 2026-10-07
Intercept
+0.347%[-0.153%, +0.847%]
R squared
0.45
Observations
252
Trading-time corrected beta
1.10[0.77, 1.42]
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

20212022202320242025TTM
RevenueKRW 100M9181,5931,7911,8141,7301,628
Revenue growth%—73.6612.401.29-4.65—
Operating incomeKRW 100M452852952939899870
Operating income growth%—88.3911.78-1.32-4.30—
Net incomeKRW 100M353660804863727857
Net income growth%—86.7521.867.27-15.78—
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%49.2853.4653.1651.7951.9853.45
Net margin%38.5241.4344.9147.5642.0152.66
ROENot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
ROA%38.5825.3025.0826.9719.6521.06
Debt ratio%73.6933.5515.7415.1119.9429.85
Current ratio%239.25386.36663.79580.35475.84341.05
Quick ratio%190.94332.92605.50—449.57295.20
Reserve ratio%————813.37708.25
Free cash flowKRW 100M375727417—979—
FCF margin%40.9145.6123.29—56.59—
OCF conversion%106.88124.3982.5397.16137.91—
Capex to revenue%0.265.9213.78—1.35—
EPSKRW2,1303,6159901,056901—
PERx—14.8044.2924.6737.18—
BPSNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
PBRNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Dividend per shareKRW—150150600500—
Payout ratio%—4.1515.1556.8255.49—

Separate basis

Profit flowKRW 100M

Revenue
1,730
Gross profit
1,263
Cost of sales
467
Operating income
899
SG&A expenses
364
Non-operating income
44
Profit before tax
944
Net income
727
Income tax expense
217

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.

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.

Free cash flow breakdownKRW 100M

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

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

20212022202320242025
9162,6093,2073,1993,697
389656436420615
5271,9542,7712,7793,082

Income statement

20212022202320242025
9181,5931,7911,8141,730
452852952939899
4678691,0421,138944
353660804863727
Basic earnings per shareKRW2,1303,615*9901,056901
Diluted earnings per shareKRW2,0213,406*9551,035894
350663805862727

Cash flow statement

20212022202320242025
Net incomefrom the income statement353660804863727
Total adjustments to operating cash flowcomputed24161-141-25275
3788216648381,002
-3-786-1,479198-192
-202723-42-939-483
Cash at beginning of periodKRW 100M3645421,300433613
5421,300433613939
Net change in cash and cash equivalentsKRW 100M173758-85897Not applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing 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 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 9우리회계법인2025-12-31
2024적정의견Term 8우리회계법인2025-12-31
2023적정의견Term 7우리회계법인2025-12-31
2022적정Term 6우리회계법인2022-12-31
2021적정Term 5정진세림회계법인2022-12-31
2020적정Term 4우리회계법인2022-12-31

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 3Y1.13
%
%
Cost of equity10.05%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate23.0%
Base fiscal year2025
Current priceKRW65,500

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 model6,333-90.3%
Dividend discount model DDM6,333-90.3%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE14,828-77.4%
Residual income model RIMNo book value or return on equity
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% + 1.13 × 5.00% = 10.05%

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 = g_T = 2.00%

Gordon growth model

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

P_0 = 500 × (1 + 2.00%) / (10.05% − 2.00%) = 510 / 0.0805 = 6,333 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 = 500, g_1 = 2.00%, g_T = 2.00%, r = 10.05%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.00%5100.9087463
22.00%5200.8257430
32.00%5310.7502398
42.00%5410.6817369
52.00%5520.6194342
Terminal value2.00%6,9930.61944,332
Total6,333

P_0 = 6,333 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,002.1 − 23.3 + 0.0 (net borrowing) = 978.8 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%998.30.9087907.1
22.00%1,018.30.8257840.8
32.00%1,038.70.7502779.2
42.00%1,059.40.6817722.2
52.00%1,080.60.6194669.4
Terminal value2.00%13,688.20.61948,479.1
Total12,397.8

P_0 = 12,397.8 KRW hundred million ÷ 83,610,568 (shares) = 14,828 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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