[Edaily Reporter KIM YOON-JEONG ] KIWOOM Securities assessed that while short-term earnings at COXEM CO.,LTD(360350)are slowing due to a slump in the research-grade electron microscope market, attention should be paid to the company’s achievements in developing new equipment, such as the Ion Miller electron microscope (IP-SEM) and the atmospheric-pressure scanning electron microscope (SEM) “Eirtron.”

On the 22nd, Oh Hyun-jin, an analyst at KIWOOM Securities, stated, “It appears the company has steadily increased its market share in the oligopolistic scanning electron microscope (SEM) market by developing and commercializing innovative products that meet market demand.” He added, “In addition to the IP-SEM, which is expected to drive sales growth in the industrial sector, the company is also leading the development of the ‘Eirtron’ electron microscope, which is attracting attention for its high growth potential as it allows for the observation of samples in air.”
COXEM CO.,LTD’s first-quarter revenue was 2.5 billion won, a 20% decrease from the same period last year, and the company continued to post a loss, recording an operating loss of 1.1 billion won.
The company’s flagship product is the tabletop scanning electron microscope (SEM). Based on first-quarter sales, the breakdown by product was as follows: tabletop SEMs (EM Series) accounted for 77%, standard SEMs (CX Series) for 3%, and other segments—including fluorescence microscopes—for 20%.
Researcher Oh explained, “Since tabletop SEMs are primarily used for research, the company’s poor performance continues due to the recent contraction in the research market,” adding, “We understand that growth is slowing not only in China—one of our major export markets—but also in the European and North American markets.”
He continued, “Increased research costs, among other factors, as the development of new equipment progresses, have also widened the deficit,” but added, “Given the nature of research-use products, we expect performance this year to follow a pattern of a strong first half and a weak second half.”
KIWOOM Securities projected that COXEM CO.,LTD’s revenue this year would reach 14.5 billion won, a 9% increase from the previous year, but that the company would continue to post a loss of 1.3 billion won.
The firm cited IP-SEM and Eirtron as growth drivers. Analyst Oh explained, “In the IP-SEM sector, we have supplied ion beam modules for Advanced Process Systems Corporation, and we expect the company’s ion beam modules to see increased adoption in next-generation semiconductor equipment and other applications in the future,” adding, “Ion beam modules help verify the internal structure of microscopic particles, thereby enhancing process precision.”
He continued, “Since these modules are also used in the R&D of components that require cross-sectional observation—such as multilayer ceramic capacitors (MLCCs)—we believe this will enable the company to expand its customer base into various industries in the future.”
Research and development is currently underway for Eirtron, an atmospheric-pressure scanning electron microscope (SEM), with the goal of beginning trial production in 2026 and moving to full-scale mass production in 2027, as originally planned.
Researcher Oh explained, “The ability to observe samples in air is recently drawing attention as it allows us to expand the target market beyond semiconductor back-end process inspection to the life sciences sector,” adding, “A recent analytical paper co-authored with a research team at a U.S. university highlighted the competitiveness of our technology in TGV inspection within next-generation packaging processes.”
He assessed, “Given the high growth potential of the Chonbang market, we anticipate an increase in corporate value based on future commercialization results.”