[Edaily Reporter PARK MIN ] On the 12th, iM Securities projected that Justem.Co.,Ltd.(417840)would achieve record-breaking earnings this year and next, driven by expanded capital expenditures (CapEx) by global memory semiconductor manufacturers and the full-scale launch of investments to improve yield rates. The firm did not provide a specific investment rating or target price. The closing price on the previous trading day (October 8) was 15,720 won.

Lee Sang-heon, an analyst at iM Securities, stated in a report published that day, “Global memory manufacturers are expanding not only production capacity (Capa) but also process investments aimed at improving yields to meet growing demand for DRAM and High-Bandwidth Memory (HBM).” He added, “Justem.Co.,Ltd.’s humidity-controlled yield improvement solutions are capturing this demand, leading to a sharp expansion in supply.”

Justem.Co.,Ltd.(417840)Justem is a company specializing in semiconductor humidity control solutions, with its main products including Load Port Modules (LPMs) featuring a nitrogen purge (N2 Purge) function to improve yield in the semiconductor manufacturing process, the JFS (Justem Flow Straightener)—a second-generation airflow control system—and the BIP (Built-In Purge) for batch-type evaporators. As of the second quarter of this year, the revenue breakdown by product was 75.9% for LPM, 11.3% for JFS, and 9.3% for BIP.

The upward trend in new orders is also evident. Annual new orders have steadily increased from 31.7 billion won in 2023 to 38.9 billion won in 2024 and 54.4 billion won in 2025; cumulative new orders through the second quarter of this year reached 71.8 billion won, already surpassing last year’s total. This is due to a large-scale order for N2 Purge systems destined for SamsungElectronics(005930) ’s Taylor Fab in the U.S., as well as a significant increase in orders for second-generation JFS systems from Company M for its new subsidiaries in the U.S., Taiwan, and Japan.

The expanding adoption of the second-generation JFS product is seen as an additional growth driver. In existing fabs, the JFS is typically added as an “add-on” after the first-generation LPM is installed; however, the adoption rate of the second-generation product among lines currently equipped with the first-generation model stands at only about 8%. Analysts predict that revenue growth will accelerate further as the adoption of JFS on existing lines gains momentum and supplies to lines currently being set up continue.

iM Securities noted that Justem.Co.,Ltd.(417840) ’s order backlog as of the end of the second quarter exceeded 40 billion won and predicted that this would lead to a marked improvement in earnings in the second half of the year. The firm estimates that in 2026, annual consolidated revenue will reach 113.3 billion won—a 134.6% increase year-over-year—while operating profit will surge 608.7% to 32.6 billion won. Furthermore, it expects the company to continue setting new record highs in 2027, with revenue of 151.6 billion won and operating profit of 50.5 billion won.

Analyst Lee Sang-heon stated, “Not only are new fab orders expanding due to capacity expansions by global memory manufacturers, but orders for existing fabs are also continuing thanks to investments in processes to improve yield rates.” He added, “Based on a robust order backlog, earnings improvement will accelerate in the second half of the year, and the trend of record-breaking performance will continue into next year.”