[Edaily Reporter Shin Ha-yeon] On the 8th, NH Investment & Securities assessed that while #Seonik Systems’ OLEDoS deposition equipment for XR (Extended Reality) is driving stable earnings, its deposition technology for perovskite solar cells is emerging as a long-term growth driver.

Baek Jun-ki, an analyst at NH Investment & Securities, stated, “We expect OLEDoS deposition equipment for XR to serve as a cash cow,” adding, “Perovskite ETL (Electron Transport Layer) deposition technology is a key growth driver that can secure a dominant market position in the long term.”

Researcher Baek noted, “The XR market is rapidly shifting from a focus on VR headsets to smart glasses,” adding, “Meta is also showing a trend toward expanding the adoption of OLEDoS rather than the existing LCOS, and investments by major Chinese companies are increasing.”

Seonik Systems has secured orders for three 300mm mass production systems this year and expects to secure orders for an additional two units. The company anticipates supplying five units in the first half of the year and two to three units in the second half.

Researcher Baek explained, “If the smart glasses market expands to hundreds of millions of units, the deposition equipment market will also grow to a scale of tens of trillions of won,” adding, “In particular, tandem OLEDoS equipment for smart glasses has a high unit price.”

The expansion of OLED adoption in laptops was also cited as a factor contributing to improved performance. Following ASUS and Dell, OLED adoption is expected to increase among HP and Lenovo as well. The company explained that recent orders have been coming in steadily due to expanded 6th-generation investments by major OLED clients.

The current order backlog stands at approximately 580 billion won, with new orders in the first half of this year alone reaching about 600 billion won. Annual new orders are projected to approach 1 trillion won.

Perovskite solar cell deposition technology was cited as a long-term growth driver. Researcher Baek stated, “The company possesses a high technological barrier in the perovskite ETL formation process,” adding, “Depositing C60 (fullerene) material within the ETL layer is extremely difficult, and currently, there is virtually no alternative to Sunik Systems’ evaporation method.”

He continued, “We expect the pilot contract with a global client signed in late 2025 to lead to a mass production equipment supply contract in 2027,” adding, “Once validation is complete, the company will be able to secure a dominant position in the perovskite ETL deposition market.”

He also noted, “As the AI on-device market expands, demand for low-power, high-efficiency OLEDs is increasing, driving growth in investment in 8.6-generation OLEDs,” and predicted, “The perovskite solar cell deposition equipment market is expected to enter a phase of full-scale growth starting in 2027.”