Jusung Engineering’s name comes up in Korean market wrap-ups next to other semiconductor stocks. That does not mean its chips are inside your phone. The company does not make chips.
It makes the machines that chipmakers use to produce them. The company trades on KOSDAQ, ticker 036930. KOSDAQ is the Korea Exchange’s market for growth and technology companies, and KOSPI is its main board.
That one difference explains most of what follows, including why its revenue can swing sharply from one year to the next.
JUSUNG ENGINEERING Co.,Ltd. (주성엔지니어링) · KRX: 036930 · KOSDAQ
Won amounts are converted at ₩1,345.3 per US dollar (Bank of Korea ECOS, KRW/USD base rate, 2026-09-15) for scale only.
Chips, or the machines that make chips
Think of a bakery. One business bakes and sells bread. A different business supplies its ovens and mixers. Jusung Engineering is the second kind.
The company’s annual report describes a business in semiconductor and solar cell manufacturing equipment. It reports three segments: semiconductor equipment, solar cell equipment and display equipment.
Its core product is deposition equipment. Deposition means laying down a film, too thin to see, on the wafer that will become chips.
So the company earns money when a chipmaker installs new equipment in a factory, not when chips are sold. A bakery that sells a lot of bread still does not buy a new oven every month.
In Korea the company is grouped with materials, parts and equipment suppliers. These are companies whose products go into making finished goods rather than being finished goods themselves.
Where the machine sits in the supply chain
The next question is usually where the company ranks in its field. The sources cited here include no market share figure for the company, so this article uses three other measures: who buys the equipment, what it takes to sell it, and how large the company is.
- Buyers are device makers, the companies that manufacture chips and run the factories. Consumers do not buy this equipment.
- The equipment has to be developed to fit each buyer’s system. The annual report lists this as one of the competitive factors for entering the semiconductor market.
- On size, Korean media reports place the company among the largest KOSDAQ stocks by market value, and some put it in the top 10.
Built to the buyer’s specification
This is where the bakery analogy stops working. An oven can be picked from a catalogue, but this equipment has to be designed around the buyer’s own production process.
The seller does not build machines ahead of time and wait for orders. It builds them to conditions the buyer sets.
That requirement also explains the next point: not every company can make this equipment and sell it.
Why only a few companies make the same equipment
This number comes from the company, not from an outside count. Its annual report says competition in the semiconductor equipment industry narrows down to two to four companies.
The same report gives three competitive factors for entering the semiconductor market:
- Developing equipment that fits the device maker’s system
- Sustained investment in research and development
- A range of products broad enough to cope with the business cycle
Domestic sales tripled while total revenue fell
Korean filings number fiscal years in sequence. For this company, the 30th fiscal period is FY2024 and the 31st is FY2025. The annual reports covering both were filed in March 2026 on DART, Korea’s electronic disclosure system run by the Financial Supervisory Service.
The annual report splits semiconductor equipment revenue into domestic and export sales, and reading one without the other gives the opposite impression.
- Domestic — KRW 34.2 billion (about $25 million) in FY2023, KRW 44.2 billion (about $33 million) in FY2024, KRW 103.9 billion (about $77 million) in FY2025
- Export — KRW 180.6 billion (about $134 million), then KRW 305.5 billion (about $227 million), then KRW 199.8 billion (about $149 million)
- Total — KRW 214.8 billion (about $160 million), then KRW 349.7 billion (about $260 million), then KRW 303.7 billion (about $226 million)
Domestic sales more than doubled in the latest year and are about three times what they were two years earlier. Total semiconductor equipment revenue fell over the same year, because exports gave back more than the domestic gain added. The figures are consolidated, meaning they include subsidiaries, not separate (standalone) figures for the parent company alone.
Both movements come from how the business works rather than from a one-off event. When equipment is built to each buyer’s process, sales bunch up in the years a customer adds capacity and thin out in the years it does not — and customers in different places add capacity at different times.
So neither figure is a trend on its own. A doubling does not mean the company doubles every year, and a lower total does not by itself mean decline. One period’s figure describes that period.
These figures also leave something out: solar cell and display equipment are counted separately.
Where demand for new equipment comes from
If revenue arrives when customers install equipment, the open question is whether customers will keep installing it. The sources cited here contain no research firm estimate of this market’s size or growth, so this article reports none.
What the annual report does give is the company’s own description of the industry. It calls semiconductors a technology-intensive industry with a short product life cycle, used in advanced fields such as artificial intelligence, quantum computing, fintech, autonomous vehicles and humanoid robots.
The report also calls it a high-value-added industry with large spillover effects on core industries such as electronics, information and communications, machinery and automobiles.
The short life cycle matters most here. When the products change, the processes that make them have to change too, and that is when manufacturers buy new equipment. The filings cited here do not show how large that demand will be or when it will come.
Frequently asked questions
Q. Does Jusung Engineering make chips?
A. No. It makes the equipment used to manufacture semiconductors, solar cells and displays. Its buyers are chip manufacturers that run factories, not consumers.
Q. Who are Jusung Engineering’s competitors?
A. The annual report says competition in the semiconductor equipment industry narrows down to two to four companies. The filings cited here do not name them.
Q. Domestic revenue more than doubled. Does that mean steady growth?
A. Domestic semiconductor equipment revenue rose to KRW 103.9 billion (about $77 million) in FY2025 from KRW 44.2 billion (about $33 million) in FY2024. Total semiconductor equipment revenue fell over the same year, from KRW 349.7 billion (about $260 million) to KRW 303.7 billion (about $226 million), because export sales fell. The equipment is built for each customer’s process, so sales depend on when customers invest in new capacity — and customers in different places invest at different times. A single period’s figure should not be read as a trend.
Q. What do the 30th and 31st fiscal periods mean in the filings?
A. Korean filings number fiscal years in sequence. For this company, the 30th period is FY2024 and the 31st is FY2025. The annual reports are available on DART, Korea’s electronic disclosure system run by the Financial Supervisory Service.
Q. Is there a forecast for the market this company sells into?
A. The sources cited here include no research firm estimate of the market’s size or growth. The annual report describes semiconductors as a technology-intensive industry with a short product life cycle, used in fields such as artificial intelligence, autonomous vehicles and humanoid robots.
Sources
- https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000323
- http://www.choicenews.co.kr/news/articleView.html?idxno=170819
- http://www.inews24.com/view/2000699
- https://www.news2day.co.kr/article/20260901500211
- https://www.namdonews.com/news/articleView.html?idxno=921905
This article explains company filings and published figures for information only. It is not investment advice or a recommendation to buy or sell any security. Figures can change after publication — check the original filings before making decisions.