KOL推荐韩国HBM设备商Auros，以SIVE和AEHR作为业务类比

Samsung/SK Hynix Supplier Korean Stock Idea:

It's kinda like $SIVE + CPO mixed with $AEHR but for memory (and less TAM).

Auros (322310): ~$210m MC.

It's the SK Hynix and Samsung supplier for next-gen HBM.

This is a direct play for HBM4e hybrid bonding (every memory maker) + HBM4 (samsung) / metrology.

A comparison is $SIVE for CPO, where they weren't really around for HBM3 (photonics equivalent is like 800g) and have been developing the past many years. But with next-gen it's there for volume ramp.

It's the only Korean Domestic company for IR metrology. And product #1 is used for hybrid bonding.

So Samsung HBM4 lines use hybrid copper bonding in 2026, so they're trying to push overlay tool through qualification H2?

Sk Hynix actually just used MR-MUF (no hybrid bonding) for HBM4. But Trendforce reported today SK Hynix has completed 12-high hybrid bonding HBM validation and is raising yields for mass production?

So maybe SK Hynix are adopters too soon, which is bullish.

But at least for short-term it's probably Samsung first for volume if qualifications pass.

$KLA is a pure monopoly over this sort of IR metrology overlay that Korea (SK Hynix/Samsung) wants to break.

So Samsung they are likely using Auros to customize IR tools and keep domestic secrets.

Think of it as the Korean $INTC where they will use their domestic champion as much as possible if it actually works. And both will ramp up HBM4E -> HBM5 with this technology, so multiple years capex.

For product #2 (this is why I mention $AEHR, similar):

There's also the "AUROS Technology Inc. is conducting qualification testing of its ultra-precision thin-film thickness measurement equipment with a major domestic chipmaker".

This was dominated by $KLA and $AMAT before.

"Development began at its research center, followed by pilot manufacturing at a new facility from 2021, with about four years required to reach the current qualification stage"

Basically they've been developing many years