韩媒 THE ELEC 于9月14日汇总对比六家韩国半导体洁净室工程公司上半年业绩：世宝、新盛、Exa、韩阳营收同比+24%~+52%，但营业利润率全部低于10%，K-ENSOL 转为亏损

THE ELEC compared first-half results for six major listed South Korean companies involved in semiconductor cleanroom construction on September 14. A-driven demand is fueling semiconductor capital spending, significantly improving the performance of domestic cleanroom companies. Among the companies, the five largest increases in revenue were recorded by SEBO MEC, Shinsung E&G, Exa E&C, Hanyang ENG and K-ENSOL.
SEBO MEC posted first-half revenue of about 535.77 billion won, the largest increase among the companies, up 51.88% from 352.77 billion won a year earlier. Operating profit rose 70.15% to 33.86 billion won from 19.9 billion won over the same period.
SEBO MEC builds air ducts and process piping for semiconductor, display and battery-factory cleanrooms. It has worked on Samsung Electronics' Pyeongtaek Campus Plants 1 (P1) and 4 (P4), as well as SK hynix's M12 and M15X plants in Cheongju and M16 plant in Icheon. The company maintains long-term relationships with semiconductor manufacturers including Samsung Electronics and SK hynix, as well as major Korean construction companies including Samsung C&T, SK ecoplant, Hyundai E&C, DL E&C, Doosan Enerbility and Hanwha.
SEBO MEC manufactures duct fittings, perfluorinated resin-coated (PSP) ducts and cross-beading (CB) ducts at its Eumseong Plants 1 and 2 and Pyeongtaek plant, supplying them directly to construction sites. In-house production of materials enables the company to maintain quality and minimize construction costs.
“Demand for AI data-center expansion is driving the semiconductor industry,” SEBO MEC said. “After construction investment declined throughout last year, semiconductor-factory construction began accelerating from the first quarter of this year, putting the industry back on a growth trajectory.” The company added that construction costs have risen and material supplies have been disrupted due to external factors in the second quarter.
Shinsung E&G ranked second, with first-half revenue of about 355.49 billion won, up 38.72% from 256.27 billion won a year earlier. Operating profit was about 830 million won, compared with an operating loss of 1.88 billion won a year earlier, marking a return to profitability.
Shinsung E&G provides engineering, procurement and construction (EPC) services for semiconductor, display and battery cleanrooms and dry rooms. It provides turnkey services for the entire cleanroom process excluding building construction, including heating, ventilation and air conditioning (HVAC), utilities (UT), electrical systems, controls, equipment manufacturing and commissioning. The company also develops and supplies cleanroom HVAC equipment such as fan filter units (FFUs). It holds a 60% share of the domestic FFU market, the industry's largest, and had sold a cumulative 2.4 million units as of the end of last year.
Major customers include semiconductor manufacturers such as Samsung Electronics, SK hynix and Amkor, as well as semiconductor materials, parts and equipment companies including ASE Korea, FST, Wonik IPS, SEMES, Korea Circuit and SamCEM.
“Samsung Electronics' Taylor semiconductor production plant project accounts for the largest portion of current revenue, while investment is expected to expand to projects such as Samsung Electronics' Pyeongtaek Campus P5,” Shinsung E&G said. “As process miniaturization advances, airborne molecular contamination (AMC) and ultra-precise humidity control are emerging as key variables in yields, driving up cleanroom construction prices per unit area.” Shinsung E&G is addressing AMC with its V-Master product line and humidity control for process equipment with equipment dehumidification modules (EDMs).
Profitability deteriorated in the first half as higher raw-material and labor costs caused by external factors coincided with the front-loading of initial setup costs at new sites and delays in settlements for some major projects. Profit margins are expected to recover from the second half as revenue recognition from high-value orders gradually increases. The company also expects its loss-making renewable energy (RE) business to return to profitability.
Exa E&C ranked third, posting first-half revenue of about 106.16 billion won, up 36.17% from about 77.96 billion won a year earlier. Operating profit surged about 469.33% to about 1.709 billion won from about 302 million won.
Exa E&C produces steel gypsum panels (SGP) for semiconductor and display cleanrooms. It also carries out cleanroom interior construction, using the panels as wall and ceiling finishing materials after a building's structural framework has been completed.
Major customers include Samsung C&T, SK ecoplant, Samsung E&A and GS E&C. Samsung C&T accounted for 64.84% of revenue and SK ecoplant about 14.68%. Exa E&C wins projects from construction companies and participates in the construction of semiconductor manufacturers' plants. It is currently working on Samsung Electronics' Pyeongtaek Campus P4 and SK hynix's Yongin cluster projects.
Exa E&C expects its growth in revenue and operating profit to continue as it executes a large backlog in its construction business and begins work on new orders for Samsung Electronics' Pyeongtaek P5. The company won an order in August for interior construction of a complex building at Samsung Electronics' P5, with a contract value of about 19.018 billion won.
Hanyang ENG ranked fourth, posting first-half revenue of about 696.06 billion won, up 24.51% from 559.04 billion won a year earlier. Operating profit rose 59.10% to about 50.8 billion won from 31.93 billion won.
The company builds semiconductor and display cleanrooms and HVAC systems. It also installs ultra-high-purity (UHP) piping and utility systems for gases and chemicals. In the late 1980s, it became the first company in South Korea to localize the entire process for semiconductor UHP piping, from design and manufacturing to installation. It uses a modular construction method in which utility equipment is manufactured in advance as units off-site and assembled and installed at the construction site. The approach shortens construction periods while improving quality.
Its major customers include Samsung Electronics, Samsung C&T, SK hynix and SK ecoplant. Hanyang ENG is currently carrying out hookup work for the supply of gases, water and chemicals to Samsung Electronics' P4 cleanroom, as well as manufacturing and installation of central chemical supply system (CCSS) equipment. It is also handling CCSS manufacturing and installation and hookup work at Samsung Electronics' Taylor plant in the US. In August, it won a 150 billion-won contract for the first phase of main piping work at P5.
K-ENSOL ranked fifth, reporting first-half revenue of about 252.14 billion won and an operating loss of about 4.97 billion won. Revenue rose about 6% from a year earlier, but the company swung to an operating loss from an operating profit of about 1.89 billion won. The deterioration was attributed to a higher cost of sales and weaker performance at major subsidiaries, including its US subsidiary.
K-ENSOL provides integrated solutions for semiconductor and display cleanroom construction, from initial technical consulting, airflow analysis, design, construction, supervision and commissioning. It is particularly strong in outdoor air conditioners (OACs) and system ceilings.
An OAC is a large HVAC unit that first filters outside air before supplying it to the cleanroom. K-ENSOL handles more than 70% of orders from major semiconductor manufacturers in South Korea. A system ceiling is a grid-type ceiling frame that supports and secures FFUs, lighting, sensors and piping. K-ENSOL handles about 50% of orders from its major customers. The company has developed modular equipment in-house to improve work-site stability and shorten construction periods.
Operating profit margins at cleanroom construction companies were all below 10% in the first half of this year. KC posted the highest margin at 7.81%, followed by Hanyang ENG at 7.3%, SEBO MEC at 6.32%, Sungdo Engineering & Construction at 5.65% and Exa E&C at 1.61%.