[Edaily Reporter PARK MIN ] On the 20th, IBK Investment & Securities maintained its “Buy” rating and target price of 141,000 won for SUNIC SYSTEM Co., Ltd.(171090), forecasting a rebound in second-half earnings based on a record-high order backlog. Compared to the closing price of 65,000 won on the 19th, the stock has upside potential of 117% to reach the target price.

Kang Min-gu, an analyst at IBK Investment & Securities, stated in a report published that day, “We forecast a strong recovery in second-half earnings as equipment shipments resume,” adding, “The order backlog is the basis for our expectation of strong earnings.” He continued, “Since the majority of orders will be recognized as revenue within one year, we believe earnings visibility is high.”

SUNIC SYSTEM Co., Ltd.’s order backlog surged to 532.9 billion won in the first quarter of last year (a 433% increase year-over-year), and its 2025 earnings reached an all-time high. In the second quarter of this year, the order backlog stood at 642.0 billion won, a 109% increase year-over-year, marking yet another record high.

IBK Investment & Securities estimated SUNIC SYSTEM Co., Ltd.’s third-quarter revenue at 125.3 billion won and operating profit at 30 billion won. These figures represent year-over-year increases of 41.2% and 51.5%, respectively. The firm explained that numerous shipments of microdisplay equipment are scheduled, including orders deferred from the previous quarter.

In the fourth quarter, shipments of large-format OLED equipment are expected to resume for the first time in a year. Accordingly, fourth-quarter revenue is projected to reach 258.8 billion won, marking a record high on a quarterly basis. Operating profit is estimated at 74.8 billion won, with an operating profit margin of 28.9%.

IBK Investment & Securities expects SUNIC SYSTEM Co., Ltd.’s annual performance to decline temporarily this year before returning to a growth trajectory starting next year.

The firm projected SUNIC SYSTEM Co., Ltd.’s revenue for this year at 420.5 billion won and operating profit at 96.1 billion won. These figures represent decreases of 18.5% and 13.8%, respectively, compared to last year. However, by 2027, revenue is estimated to reach 634.2 billion won and operating profit 148.9 billion won, representing increases of 50.8% and 54.9%, respectively.

Analyst Kang Min-gu emphasized, “Although this year’s earnings contraction and doubts about securing additional orders have been obstacles to a rise in the stock price, the record-high order backlog is expected to dispel these concerns.” He added, “With the commercialization of perovskite evaporators now less than a year away, this will serve as a catalyst for a reevaluation of the company’s valuation multiples.”