[Click eStock] "SEC Rides HBM Yield Race with X-ray Inspection Equipment"

As the number of high-bandwidth memory (HBM) stacks in the artificial intelligence (AI) semiconductor market increases and miniaturization progresses, there are expectations that inspection methods for semiconductors will also change. Analysts predict that demand for X-ray inspections may increase, as it becomes more difficult to identify internal defects within the stacks using optical or ultrasonic methods. SEC, which possesses proprietary electron beam technology, is receiving attention as a potential supplier of this equipment.

According to ResearchAlarm on September 16, SEC is the only company in Korea that designs and manufactures X-ray tubes—the core component that generates X-rays—entirely in-house. SEC commercialized X-ray tubes in Korea for the first time in 2006 and has since expanded its business portfolio to include inspection equipment for semiconductors, secondary batteries, and linear accelerators (LINAC) for the defense industry.

In particular, the HBM inspection equipment business is being cited as a new growth driver. Currently, 12-stack HBM products are being mass-produced, and 16-stack products have entered the customer certification stage. The bump pitch is also trending toward becoming finer, from 25 micrometers (μm) to less than 22 μm. The more stacks there are, the harder it becomes to detect internal defects.

Do Yoon Kim, a researcher at ResearchAlarm, stated, "Optical methods cannot penetrate silicon, and with ultrasound, increasing the frequency to detect micro-defects reduces the penetration depth. After stacking is complete, X-ray is essentially the only non-destructive method available to inspect the internal structure," he analyzed.

SEC has already secured references for supplying manual X-ray inspection equipment for HBM. Since 2012, it has commercialized manual inspection devices with micrometer-level resolution, and has expanded applications to the HBM sector. In 2025, SEC sold eight units of related equipment to Micron, establishing a track record of practical use.

Currently, SEC is validating its HBM inline X-ray inspection equipment, 'Semi-scan H,' with domestic memory customers. It is understood that sample units were received and testing began in the second quarter of this year. ResearchAlarm assessed that selection of the supplier is imminent. After the selection, SEC is expected to go through additional qualification tests and then receive formal orders.

Researcher Kim commented, "As HBM manufacturers are making all-out efforts to secure semiconductor yields, orders could be placed as early as the first quarter of next year." He further noted that SEC's development of a high-power, high-precision hybrid open tube for HBM, as well as the acquisition of an X-ray damage reduction patent, are also factors increasing the likelihood of market entry.

LINAC orders for the defense sector are also expected to expand. LINAC is equipment used to inspect the internal structure of thick metal objects that are difficult to penetrate with ordinary X-rays. Its main applications are for defense products such as missile propulsion systems and ammunition, where internal defects could lead to serious accidents. As of the first half of 2026, SEC’s new LINAC orders reached KRW 17.2 billion, already surpassing its total order amount of KRW 8.9 billion in 2025. On September 15, SEC also announced a KRW 7.4 billion supply contract with Hanwha Aerospace.

Though SEC’s performance is expected to remain weak through this year, it is projected to improve from next year. ResearchAlarm estimates SEC’s 2026 revenue at KRW 60 billion and its operating loss at KRW 4 billion. In 2027, the company is projected to shift to profitability with KRW 85 billion in revenue and KRW 6.8 billion in operating profit. Market entry into HBM inline inspection equipment and expansion of LINAC revenues are expected to drive this performance improvement.

Meanwhile, ResearchAlarm set SEC's appropriate share price target at KRW 10,000, applying a 17x target price-earnings ratio (PER) to the forecasted 2027 earnings per share (EPS) of KRW 589. As of today, the share price is KRW 5,210.

This content was produced with the assistance of AI translation services.