[Edaily Reporter Kim Hyung-il ] DOOSAN and HansolTechnics, both of which are seeing growing expectations for growth in their artificial intelligence (AI) semiconductor-related businesses, are posting double-digit declines in tandem amid the fallout from the sharp drop in the domestic stock market. DOOSAN(000150)Positive factors for Doosan include the supply of high-value-added copper-clad laminates (CCL) to NVIDIA and the expansion of production capacity, while HansolTechnics(004710)benefits from improved profitability in the probe card business of its subsidiary, Hansol Willtech. However, as concerns about the sustainability of AI investments overwhelm the market, even growth expectations for individual companies appear unable to stem the decline in stock prices.

According to MP Doctor on the 6th, as of 10:33 a.m. that day, DOOSAN was trading at 612,000 won, down 77,000 won (14.88%) from the previous trading day. DOOSAN(1P) is down 36,000 won (13.64%) to 228,000 won, while HansolTechnics is down 870 won (12.38%) to 6,160 won.

Through its Electronics Business Group, DOOSAN supplies high-value-added CCL used in AI accelerators and other applications. As the performance of AI accelerators improves, characteristics such as heat resistance and reduced signal loss become increasingly important, driving a trend of rising demand for high-specification CCL. DOOSAN supplies CCL for NVIDIA’s Blackwell compute trays and is expected to maintain its supply position for the next-generation Rubin as well. CCL for optical modules is another sector where demand is expected to grow alongside the expansion of AI data centers.

In terms of financial performance, DOOSAN’s Electronics Business Group (BG) is showing particularly strong growth. In the second quarter of this year, the Electronics BG posted an operating profit margin of 29.8%. Sales of CCL for optical modules are also expected to expand from approximately 30 billion won last year to around 300 billion won this year. Along with the expansion of the Changshu plant in China, the company is also increasing production capacity focused on high-value-added products. This is the backdrop against which expectations continue to grow that the company will benefit from increased investment in AI infrastructure.

For HansolTechnics, the probe card business of its subsidiary, Hansol Willtech, is cited as a key growth driver. Probe cards are components used to test the electrical characteristics of semiconductor chips at the wafer stage. Hansol Willtech is estimated to have recorded a preliminary operating profit of 5 billion won in the third quarter, driven by increased demand for vertical probe cards for mobile application processors (APs). Its operating profit margin is also understood to have exceeded 20% for the first time.

Furthermore, HansolTechnics is expected to expand its supply of probe cards for image sensors (CIS) to North American smartphone customers and for graphics processing units (GPUs) to a local Chinese AI system-on-chip (SoC) customer in the fourth quarter. There are also forecasts that Hansol Willtech’s revenue next year will increase significantly compared to this year. However, HansolTechnics’ existing TV and automotive electronics businesses are showing sluggish performance. On a consolidated basis, preliminary third-quarter operating profit was 14.8 billion won, a 16% decrease from the same period last year.

While individual companies continue to demonstrate growth momentum, investment sentiment across the electrical and electronics sector as a whole remains subdued. This is because concerns are growing about whether companies can sustain investments while bearing the massive costs involved, rather than expectations for expanded AI capital expenditures. In fact, as of 10:33 a.m. today, the electrical and electronics sector was down 8.65%, and major sectors across the board showed weakness, with the medical and precision equipment and securities sectors falling 9.01% and 9.26%, respectively.

Park Hee-cheol, a senior analyst at KYOBOSECURITIESCO.,LTD., said, “Concerns about the costs involved in sustaining investment are overwhelming the market, rather than expectations for AI demand,” adding, “Most companies in the domestic electrical and electronics sector reported strong earnings and provided positive guidance for the third quarter.” He continued, “While I share the concerns regarding the sustainability of AI investments, it is necessary to take a selective view of the electrical and electronics sector,” adding, “Even if the pace of volume growth slows, the rate of price improvement driven by performance enhancements and supply constraints remains significant.”