[Edaily Reporter Shin Ha-yeon ] On the 18th, DaishinSecurities projected that Exicon Co., Ltd.(092870)would surpass 100 billion won in annual revenue for the first time in its history this year, driven by expanded sales of new memory test equipment (CLT) and growth in the next-generation SSD and CXL markets. The firm did not provide a specific investment rating or target price.

Kim Jin-hyung, an analyst at DaishinSecurities, stated, “The number of CLTs supplied—which were launched in 2025—is expected to increase from 10 units this year to 15–20 units next year,” adding, “Demand for Gen6 SSDs and CXL testers will take off in earnest following the release of CPUs supporting PCIe 6.0.”

Exicon Co., Ltd. is a company specializing in back-end inspection equipment for memory semiconductors, primarily supplying memory testers and SSD testers. Recently, its business portfolio has been diversifying as the share of new equipment, such as CLT and CXL testers, has expanded. As of last year, memory testers accounted for 88% of revenue, while SSD testers accounted for 10%.

In particular, the CLT is considered a key product that will drive earnings growth this year. Developed to replace existing foreign-made equipment, this low-frequency memory testing equipment is said to deliver more than 20 times the throughput of existing models, significantly improving space efficiency and productivity.

Researcher Kim explained, “Given that our clients’ back-end production capacity (CAPA) is tight, the CLT’s high processing efficiency is a strong competitive advantage,” adding, “Growth is expected to accelerate further as the range of applicable products expands to include HBM and GDDR in the future.” He continued, “We understand that HBM-compatible board samples have already been supplied; since the equipment can be reused by simply replacing the boards, the solution offers high scalability.”

He also cited the growth of the SSD market driven by the proliferation of AI data centers as a contributing factor. He predicted that the Gen6 SSD and CXL markets will truly take off once AMD releases PCIe 6.0-compatible CPUs by the end of 2026 and Intel follows suit in 2027.

Analyst Kim stated, “As demand for high-performance, high-capacity SSDs structurally increases in the AI era, demand for SSD testers will also rise,” adding, “We understand that joint development of Gen6 SSD testers is underway not only with SamsungElectronics but also with an overseas client, Company K.” He further projected, “Revenue from Gen6 SSD testers for Company K alone could generate up to 20 billion won in additional revenue by 2027.”

He also rated the growth potential of the CXL market highly. Research Analyst Kim explained, “As rising memory prices increase the cost burden of memory within data centers, demand for CXL—which improves memory utilization efficiency—is expected to expand.” He added, “Since Exicon Co., Ltd. has already developed a CXL 2.0 tester based on its SSD tester technology, it is expected to benefit when the market takes off.”

DaishinSecurities projected Exicon Co., Ltd.’s 2026 revenue at 132.1 billion won and operating profit at 16 billion won. These figures represent year-over-year increases of 100.1% and 19,936%, respectively. With revenue from SSD testers and burn-in testers—centered around CLT—adding to the mix, the company is expected to surpass 100 billion won in annual revenue for the first time in its history.

Analyst Kim assessed, “We expect the favorable environment for back-end test equipment manufacturers to continue, driven by strong memory market conditions and tight back-end process capacity,” adding, “Given its low valuation relative to the global industry average and its growth potential, the current valuation is relatively undervalued.”