[Edaily Reporter Shin Ha-yeon ] On the 30th, SKSecurities assessed that Park Systems Corp.(140860)is seeing new growth opportunities in the back-end metrology market driven by the advancement of artificial intelligence (AI) semiconductor packaging. Forecasting that second-half earnings will exceed market expectations based on a record-high order backlog, the firm maintained its “Buy” rating and raised the target price from 350,000 won to 390,000 won.

Lee Dong-ju, an analyst at SKSecurities, stated, “MI (Metrology & Inspection) within the back-end process is a new blue ocean,” adding, “In particular, the metrology segment of MI is a market with significant potential, closely tied to the miniaturization and large-area trends in the back-end process.”

The analysis suggests that as the value of AI semiconductor packaging increases, the importance of precision metrology in the back-end process is also growing. This is because the cost of a single defect is rising as high-end graphics processing units (GPUs) and multiple high-bandwidth memory (HBM) modules are integrated into a single AI package. Furthermore, as existing front-end technologies—such as through-silicon vias (TSVs), redistribution layers (RDLs), and chemical mechanical polishing (CMP)—are being extended into the back-end process, precision management on par with the front-end process is now required.

The researcher explained, “The trend is moving beyond simply detecting defects—such as cracks, shorts, and voids—through inspection to requiring precise measurements,” adding, “When transitioning to D2W hybrid bonding, the required precision for Cu dishing drops from the sub-micrometer to the nanometer level.”

Accordingly, he projected that the growing demand for atomic force microscope (AFM)-based measurement equipment would evolve into a structural trend that transcends mere semiconductor market cycles. He also emphasized that this is an area where Park Systems Corp. holds a competitive edge.

The analyst assessed, “The increase in demand for AFM-based measurement equipment is structural rather than cyclical, and this is an area where the company excels globally,” adding, “While the short-term performance of new equipment lines such as the NX-TSH, NX-Hybrid WLI, and FX-Wafer is significant, expectations for even greater results in the future are high.”

The order backlog is also growing rapidly. Park Systems Corp.’s order backlog surged from 87.1 billion won in the first quarter of this year to 112.5 billion won in the second quarter. While first-half earnings fell short of market expectations due to factors such as incidental costs associated with the office relocation, incentives for major branches, and a decline in the proportion of high-value-added industrial equipment, the order backlog was assessed to have exceeded expectations.

In particular, analysts noted that the quality of the order backlog is also improving. As orders have increased, particularly in the Greater China region, new high-value-added equipment has begun to be included in earnest. They expect orders for new high-value-added equipment to expand in the U.S. as well during the second half of the year.

The analyst stated, “Considering the sales lead time, second-half earnings are expected to exceed market expectations,” adding, “The quality of the order backlog also appears to have improved.” He further explained, “Orders in the second half are expected to be on par with those in the first half, and we anticipate an expansion of new high-value-added equipment orders destined for the U.S.”

SKSecurities projected Park Systems Corp.’s third-quarter revenue at 70 billion won, a 54% increase year-over-year, and operating profit at 19 billion won, up 119%. The operating profit margin is expected to be 27%. For the fourth quarter, the firm forecast revenue of 85 billion won and operating profit of 25 billion won, representing increases of 50% and 193%, respectively.

Accordingly, the firm estimated that this year’s full-year revenue would reach 248 billion won, a 21% increase year-over-year, while operating profit would rise 19% to 50 billion won. For next year, it projected revenue would grow 22% to 302 billion won and operating profit would increase 56% to 78 billion won. The operating profit margin is also expected to rise from 20% this year to 26% next year.

The analyst predicted, “Thanks to the effects of expanded investment across the semiconductor industry and the miniaturization and large-area trends in back-end processes, the order backlog is also expected to follow an upward trend next year.”

Earnings expectations were also raised. SKSecurities revised its 2027 revenue and operating profit forecasts for Park Systems Corp. upward by 9% and 11%, respectively, compared to previous estimates. Reflecting this, the firm raised its target price to 390,000 won by applying a target price-to-earnings ratio (PER) of 41 times—the average over the last three years—to the 2027 estimated earnings per share (EPS) of 9,522 won.

The firm believes the current valuation is not particularly burdensome. The projected P/E ratios for this year and next year are 41.2x and 27.6x, respectively, and the current stock price is near the lower end of the 12-month forward P/E band over the past five years.

The analyst stated, “We expect significant opportunities to emerge in the AFM measurement sector within the back-end process, and collaboration with major tech giants is also on the rise,” adding, “We believe we are entering a phase where the valuation premium should be reflected in the stock price.”