周星工程扭亏为盈，订单积压达2336亿韩元
半导体与显示设备制造商周星工程（Jusung Engineering）恢复盈利，并积累了2336亿韩元的订单积压，为下半年业绩增长奠定基础。该公司订单积压情况表明其设备需求强劲，与半导体制造设备供应链相关。
原文深度解读
本文报道了韩国半导体与显示设备制造商周星工程（Jusung Engineering）在2024年第二季度恢复盈利，并积累了2336亿韩元订单积压的情况。文章涉及公司2024年第二季度及上半年的财务数据、业务分部表现、订单积压、研发投入、新技术进展及投资动态。该内容与电子元器件供应链中的半导体制造设备供应相关，反映了设备需求强劲及未来收入确认的预期。
- 周星工程2024年第二季度营收为598.81亿韩元，同比下降24%，环比增长9.12%；营业利润为14.23亿韩元，同比下降78.36%，但环比扭亏为盈，营业利润率为2.4%。
- 公司解释上半年营收同比下降的原因是主要客户新半导体工厂的基础设施建设与设备安装之间存在时间差，且按交货基础确认收入存在延迟；随着订单积压开始确认，下半年收入预计将呈上升趋势。
- 第二季度净利润为55亿韩元，同比增长9.15%，环比扭亏为盈；其中包括35.9亿韩元的其他收入（如汇兑收益和租金收入）以及8.18亿韩元的法人税退税。
- 半导体设备业务占上半年总营收的98.1%，第二季度贡献590亿韩元，上半年贡献1125.74亿韩元；显示设备业务第二季度营收为8.9亿韩元，上半年为21.9亿韩元。
- 截至第二季度末，订单积压为2336.35亿韩元，其中半导体设备占2143.58亿韩元，显示设备占192.77亿韩元；订单积压较第一季度末的746.58亿韩元增加约1590亿韩元，预计从下半年开始陆续确认为收入。
- 公司上半年研发投入约452.7亿韩元，占累计营收的39.45%；第二季度研发支出为198.7429亿韩元，较上季度的约254亿韩元减少约55亿韩元，公司通常每季度投入约260亿韩元研发。
供应链影响
- 订单积压的大幅增加可能表明半导体设备需求强劲，但收入确认取决于设备交付、安装和检验的完成进度，可能影响未来供应链中的设备供应节奏。
- 公司研发投入占营收比例较高，可能推动下一代设备技术（如ALG、钙钛矿太阳能设备）的产业化，但市场导入时间取决于技术成熟度和客户采用情况。
- 公司投资于Intel和Sandisk的股份，可能反映其对存储芯片市场的布局，但具体供应链影响取决于这些投资带来的业务协同效应。
- 第二研发中心的建设可能扩大公司研发和制造能力，但完工时间定于2028年，短期内对产能的影响可能有限。
- 显示设备业务占比较小，其供应链影响可能取决于显示面板市场的需求变化和公司在该领域的订单获取情况。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
周星工程位于龙仁的研发中心。（图片来源：周星工程）
半导体与显示设备制造商周星工程（Jusung Engineering）恢复盈利，并积累了大量订单积压，为下半年业绩增长奠定基础。
据周星工程8月20日消息，第二季度营收为598.81亿韩元，同比下降24%，但环比增长9.12%。
营业利润为14.23亿韩元，同比下降78.36%。然而，公司从上季度的亏损转为营业利润。其营业利润率为2.4%。
“主要客户新半导体生产工厂的基础设施建设与设备安装之间存在时间差，同时按交货基础确认收入出现延迟，导致上半年营收同比下降，”周星工程一位官员表示。“随着订单积压开始确认，预计收入将从下半年起呈上升趋势。”在交货基础法下，收入在设备制造、交付、安装和检验完成后确认。
第二季度净利润为55亿韩元，同比增长9.15%，环比扭亏为盈。公司录得35.9亿韩元的其他收入，包括汇兑收益和租金收入。8.18亿韩元的法人税退税也对净利润有所贡献。
半导体设备驱动上半年营收，占比98%
周星工程的Guidance设备系列，能够执行CVD、ALD和ALG工艺。（图片来源：周星工程）
按业务分部划分，半导体设备引领整体营收，第二季度贡献590亿韩元，上半年贡献1125.74亿韩元。该分部占上半年总营收的98.1%。
主要产品线包括Space Divided Plasma (SDP)系统、面向中国市场的ALMO系列、Eureka和Guidance系列。产品组合包括原子层沉积（ALD）、高密度等离子体化学气相沉积（HDPCVD）、金属有机化学气相沉积（MOCVD）、超高真空化学气相沉积（UHVCVD）、干法刻蚀、外延生长和原子层生长（ALG）设备。
周星工程于5月首次交付了用于下一代半导体晶体管制造的全集成ALG系统。该设备专为三维（3D）垂直堆叠晶体管制造而设计，在形成高深宽比垂直结构时能够实现均匀的薄膜生长和沉积。
ALG是周星工程的下一代技术。它克服了传统ALD的一维堆叠限制，允许薄膜在晶格结构中自主三维生长。ALD类似于雪向上堆积，而ALG更接近冰冻结的方式。ALG生产的薄膜比ALD更致密、更坚硬，并且无论底层衬底的材料或类型如何，都能生长薄膜。该技术可应用于非存储半导体、存储电容器、存储晶体管、太阳能电池和显示设备。
显示设备营收第二季度为8.9亿韩元，上半年为21.9亿韩元。该分部包括用于薄膜沉积的化学气相沉积（CVD）、等离子体增强化学气相沉积（PECVD）、ALG和ALD设备。这些设备用于制造液晶显示（LCD）薄膜晶体管（TFT）、有机发光二极管（OLED）低温多晶硅（LTPS）TFT、OLED氧化物TFT和封装层。
订单积压达2336亿韩元，下半年开始确认收入
周星工程的GA钙钛矿薄膜沉积设备，可实现超过35%的功率转换效率。（图片来源：周星工程）
截至第二季度末，公司订单积压为2336.35亿韩元。半导体设备占大部分，为2143.58亿韩元，而显示设备占192.77亿韩元。
订单积压较第一季度末的约746.58亿韩元增加了约1590亿韩元。这些订单预计将从下半年开始陆续确认为收入，有助于改善盈利。
周星工程上半年研发投入约452.7亿韩元，相当于累计营收的39.45%。第二季度研发支出为198.7429亿韩元，较上季度的约254亿韩元减少约55亿韩元。公司通常每季度投入约260亿韩元研发。
“第二季度研发投资有所下降，因为我们通过减少不必要的成本（包括重复使用可回收设备和材料）提高了效率，”周星工程一位官员表示。“我们的研发支出占营收的比例仍然是行业最高之一。”
周星工程正在开发下一代串联太阳能电池制造设备，能够实现超过35%的功率转换效率，并计划在全球首次推向市场。第一季度，公司通过结合CVD、ALD、ALG和大面积OLED沉积技术，生产了功率转换效率为33%的异质结（HJT）硅-钙钛矿串联太阳能电池。
公司还在6月获得了铝（Al）封装层形成技术的专利。该技术旨在提高高性能钙钛矿和HJT串联太阳能电池的可靠性，也可应用于显示制造设备。
6月，周星工程还收购了Intel和Sandisk的股份用于投资目的。公司投资111.7亿韩元于Sandisk，38.61亿韩元于Intel，合计150.31亿韩元。
公司还在加速大规模设施投资。自去年以来，公司一直在京畿道龙仁建设第二研发中心，耗资1048亿韩元。该设施将提供额外的研发专用制造空间，以最大化其半导体、显示和太阳能业务之间的协同效应。计划于2028年6月完工。
Jusung Engineering's R&D center in Yongin. (Photo: Jusung Engineering)
Semiconductor and display equipment maker Jusung Engineering returned to profitability and secured a large order backlog, laying the groundwork for earnings growth in the second half.
According to Jusung Engineering on Aug. 20, second-quarter revenue was 59.881 billion won, down 24% from a year earlier but up 9.12% from the previous quarter.
Operating profit was 1.423 billion won, down 78.36% from a year earlier. The company, however, swung to an operating profit from a loss in the previous quarter. Its operating margin was 2.4%.
"A time lag occurred between infrastructure construction at a major customer's new semiconductor production plant and equipment installation, while revenue recognition on a delivery basis was delayed, resulting in a year-on-year decline in first-half revenue," a Jusung Engineering official said. "Revenue is expected to trend upward from the second half as the order backlog begins to be recognized." Under the delivery-basis method, revenue is recognized after equipment manufacturing, delivery, installation and inspection are completed.
Second-quarter net profit was 5.5 billion won, up 9.15% from a year earlier and swinging to a profit from the previous quarter. The company recorded 3.59 billion won in other income, including foreign-exchange gains and rental income. An 818 million won corporate tax refund also contributed to net profit.
Semiconductor Equipment Drives First-Half Revenue, Accounts for 98%
Jusung Engineering's Guidance equipment series, capable of performing CVD, ALD and ALG processes. (Photo: Jusung Engineering)
By business segment, semiconductor equipment led overall revenue, generating 59 billion won in the second quarter and 112.574 billion won in the first half. The segment accounted for 98.1% of total first-half revenue.
Key product lines include the Space Divided Plasma (SDP) system, the ALMO series for the Chinese market, Eureka and the Guidance series. The portfolio includes equipment for atomic layer deposition (ALD), high-density plasma chemical vapor deposition (HDPCVD), metal-organic chemical vapor deposition (MOCVD), ultra-high-vacuum chemical vapor deposition (UHVCVD), dry etching, epitaxial growth and atomic layer growth (ALG).
Jusung Engineering made its first shipment of a fully integrated ALG system for next-generation semiconductor transistor manufacturing in May. The equipment is designed for three-dimensional (3D) vertically stacked transistor manufacturing and enables uniform thin-film growth and deposition when forming high-aspect-ratio vertical structures.
ALG is Jusung Engineering's next-generation technology. It overcomes the one-dimensional stacking limitations of conventional ALD by allowing films to grow autonomously in three dimensions in a lattice structure. While ALD resembles snow accumulating upward, ALG is closer to the way ice freezes. ALG produces denser and harder films than ALD and can grow films regardless of the material or type of the underlying substrate. The technology can be applied to non-memory semiconductors, memory capacitors, memory transistors, solar cells and display equipment.
Display equipment revenue was 890 million won in the second quarter and 2.19 billion won in the first half. The segment includes chemical vapor deposition (CVD), plasma-enhanced chemical vapor deposition (PECVD), ALG and ALD equipment for thin-film deposition. The equipment is used to manufacture liquid crystal display (LCD) thin-film transistors (TFTs), organic light-emitting diode (OLED) low-temperature polycrystalline silicon (LTPS) TFTs, OLED oxide TFTs and encapsulation layers.
Order Backlog Reaches 233.6 Billion Won, Revenue Recognition to Begin in Second Half
Jusung Engineering's GA perovskite thin-film deposition equipment, capable of achieving power conversion efficiency of more than 35%. (Photo: Jusung Engineering)
The company's order backlog stood at 233.635 billion won at the end of the second quarter. Semiconductor equipment accounted for most of the total at 214.358 billion won, while display equipment accounted for 19.277 billion won.
The backlog increased by about 159 billion won from approximately 74.658 billion won at the end of the first quarter. The orders are expected to be recognized as revenue sequentially beginning in the second half, contributing to improved earnings.
Jusung Engineering invested about 45.27 billion won in research and development (R&D) through the first half, equivalent to 39.45% of cumulative first-half revenue. Second-quarter R&D spending was 19.87429 billion won, down about 5.5 billion won from approximately 25.4 billion won in the previous quarter. The company typically invests around 26 billion won in R&D each quarter.
"R&D investment declined somewhat in the second quarter as we improved efficiency by reducing unnecessary costs, including reusing recyclable equipment and materials," a Jusung Engineering official said. "Our R&D spending as a percentage of revenue remains among the highest in the industry."
Jusung Engineering is developing next-generation tandem solar-cell manufacturing equipment capable of achieving power conversion efficiency of more than 35%, which it plans to introduce to the market for the first time globally. In the first quarter, the company produced a heterojunction (HJT) silicon-perovskite tandem solar cell with 33% power conversion efficiency by combining CVD, ALD, ALG and large-area OLED deposition technologies.
The company also obtained a patent in June for aluminum (Al) encapsulation layer formation technology. The technology is designed to improve the reliability of high-performance perovskite and HJT tandem solar cells and can also be applied to display manufacturing equipment.
In June, Jusung Engineering also acquired stakes in Intel and Sandisk for investment purposes. It invested 11.17 billion won in Sandisk and 3.861 billion won in Intel, for a combined 15.031 billion won.
The company is also accelerating large-scale facility investment. Since last year, it has been building a second research center in Yongin, Gyeonggi Province, at a cost of 104.8 billion won. The facility will provide additional manufacturing space dedicated to R&D to maximize synergies among its semiconductor, display and solar businesses. Completion is scheduled for June 2028.