[Edaily Reporter Shin Ha-yeon ] On the 1st, DaishinSecurities projected that Justem.Co.,Ltd.(417840)will continue its growth momentum next year, driven by the expanding adoption of its second-generation yield improvement solution, “JFS”—particularly at SamsungElectronics and Micron—combined with the launch of new fabs and high-value-added new products. The firm did not provide an investment rating or target price.

Kim A-young, an analyst at DaishinSecurities, stated, “While 2026 is expected to be a period of expanding penetration rates in existing fabs centered on N₂ Purge and JFS, 2027 can be viewed as a time when the increase in the number of new fab installations, the further spread of JFS, and the potential for new JDM revenue converge.”

Justem.Co.,Ltd. is a specialist in N₂ Purge-based environmental control systems that improve yield by controlling humidity and atomic molecular contamination (AMC) in the FOUP and EFEM stages of the semiconductor manufacturing process. As of the first half of this year, the semiconductor division accounted for 95.8% of total revenue, with major customers being global integrated device manufacturers (IDMs).

The first pillar of growth is the expansion of the penetration rate of JFS, the company’s second-generation product. JFS is a solution that, when retrofitted to existing N₂ Purge LPMs, controls the high-humidity airflow entering the FOUP from the EFEM and reduces the humidity inside the FOUP to 1% or less.

Researcher Kim explained, “JFS has now moved beyond the simple evaluation stage and entered a phase where its actual mass production application is expanding at Micron and SamsungElectronics.” He added, “Following the securing of mass production references at major overseas fabs through supplies to Micron, full-scale supply to SamsungElectronics has also begun, marking the start of a phase where the scope of application within these customer companies is expanding.”

In fact, JFS’s revenue increased from 2.89 billion won in the first quarter of this year to 3.21 billion won in the second quarter. It accounted for 11.3% of the semiconductor division’s second-quarter revenue of 28.42 billion won. Following the supply of 50 ports to the Pyeongtaek fab last year, SamsungElectronics is supplying an additional 310 ports this year, while Micron is also expanding the application of the system within its existing fabs.

He noted that JFS installations could increase even without new fab investments. He explained that since particles, humidity, and changes in micro-airflow directly affect yield in HBM and leading-edge DRAM, there is a strong incentive to install additional JFS units while maintaining existing equipment.

Researcher Kim stated, “The growth of JFS is driven by: △ a mass-production reference verified by Micron; △ rapid adoption within SamsungElectronics; △ SK hynix becoming a new customer; △increasing installation density within existing fabs,” noting, “Given its low dependence on new fab cycles and the fact that volume growth is possible simply through the transition to HBM and leading-edge processes on existing lines, we view it as a product with high earnings visibility for 2026–2027.”

Starting next year, JDM—a third-generation product with a high average selling price (ASP)—is expected to emerge as an additional growth driver alongside new fab investments. JDM is a product that directly dehumidifies the entire interior of an EFEM, creating a low-humidity environment with humidity levels of 5% or less inside the EFEM and 1% or less inside the FOUP. SamsungElectronics and Micron are currently evaluating the product, while it is in the proposal stage with SK hynix.

Analyst Kim explained, “Rather than being a product that replaces existing solutions like N₂ Purge or JFS, JDM is selectively applied to critical processes where humidity control is particularly important, such as those involving exposed metal or foundry operations.” He added, “The structure is closer to one where ASP and revenue per customer increase, rather than one where product switching leads to revenue cannibalization.”

He continued, “As a product expected to command significantly higher prices and margins compared to existing first- and second-generation ports, it is anticipated to make a significant contribution to improving the revenue mix once full-scale mass production begins.”

The impact of new fabs is also expected to take full effect starting next year. SK hynix’s Yongin Y1 fab is scheduled to open in February of next year, Micron’s ID1 fab in the first half of next year, and SamsungElectronics’ Pyeongtaek P5 fab in July of next year. Since Justem.Co.,Ltd.’s products are implemented sequentially following equipment installation, supply is expected to ramp up in earnest starting in the second half of next year.

Analyst Kim noted, “If JDM passes the evaluation by SamsungElectronics or Micron, it could lead not only to an increase in sales volume but also to a simultaneous rise in ASP driven by the product mix,” adding, “JDM is considered a key factor that will determine Justem.Co.,Ltd.’s revenue growth and profitability improvement starting in 2027.”

This growth trend is also evident in Justem.Co.,Ltd.’s financial results. Justem.Co.,Ltd.’s second-quarter revenue reached 29.3 billion won, a 159.8% increase year-over-year, while operating profit rose 350.6% to 9.3 billion won. Sales of the N₂ Purge System reached 21.6 billion won, a 64% increase from the previous quarter, and JFS supply also expanded. Driven by rising revenue and reduced fixed-cost burdens, the operating profit margin rose to 31.7%.

Analyst Kim emphasized, “With major clients scheduled to begin operations at new fabs in 2027, the installed base itself is expected to expand.” He added, “If we factor in the possibility of purchase orders (POs) for high-ASP third-generation JDM in 2027, we can expect not only an increase in existing N₂ Purge and JFS volumes but also a further improvement in earnings driven by an optimized product mix.”