Operating profit in the first half of the year was 30.5 billion won... Last year's annual sales exceeded 23.1 billion won, the proportion of laser sales increased to 15.1% in 2023 → 87.1% in the first quarter of this year, PER 9.07 times in 2025... 36.7% lower than the semiconductor industry
Small Insight Research analyzed on the 16th that DIT (110990)'s profit-generating ability has significantly improved by shifting its business focus from optical inspection equipment (AOI) to semiconductor laser processing equipment. Attention was also paid to the possibility of receiving follow-up orders due to SK Hynix's expansion of investment in semiconductor facilities and the expansion of the application scope of SiC power semiconductor equipment.
DIT's consolidated sales in the first half of 2026 were KRW 90.1 billion and operating profit was KRW 30.5 billion. It increased by 77.6% and 121.7%, respectively, compared to the same period last year, and the operating profit in the first half alone achieved 132.4% of the annual 23.1 billion won in 2025. Operating profit margin increased from 21.4% per year in 2025 to 33.9% in the first half of 2026.
The reason for the profit improvement is the shift in business structure to focus on laser solutions. Laser solution sales surged from KRW 16.1 billion in 2023 to KRW 72.6 billion in 2024, and recorded KRW 65.4 billion in 2025. The proportion of sales expanded from 15.1% in 2023 to 60.6% in 2025 and 87.1% in the first quarter of 2026. On the other hand, existing AOI sales decreased from KRW 82.6 billion in 2023 to KRW 38.1 billion in 2025.
There is also a clear improvement in profitability. The cost of sales ratio, which was 62.7% in the first half of 2025, decreased by 6.7 percentage points to 56.0% in the first half of 2026, and the operating profit ratio increased from 27.2% to 33.9% during the same period. In the second quarter of 2026, it recorded sales of 41.6 billion won and operating profit of 14.1 billion won, maintaining a quarterly operating profit ratio of about 33.9%.
Expansion of supply to SK Hynix is also a major variable. DIT began joint development of laser annealing equipment in 2019 and began supplying mass production equipment in 2023. From January to March 2026, three semiconductor manufacturing equipment supply contracts to SK Hynix were announced, totaling approximately 68.8 billion won. Small Insight Research determined that there is a possibility of receiving follow-up orders from the fourth quarter of 2026 to the first half of 2027, considering the schedule for expansion of Cheongju M15X and Yongin Y1.
The application field is expanding beyond memory semiconductors to SiC power semiconductors. DIT has been supplying laser annealing equipment for SiC power semiconductors since April 2024, and the equipment supports 6-inch and 8-inch wafers. This year, patents related to wafer dicing, alignment correction, and semiconductor package cleaning were also registered.
The financial structure is also stable. As of the end of the first half of 2026, the total of cash, cash equivalents, and other current financial assets is approximately 195.2 billion won, and the debt ratio is 15.3%. Cash flow from operating activities in the first half of the year also recorded 27.1 billion won, demonstrating stable cash generation.
Small Insight Research analyzed that DIT's corporate value is evaluated as relatively low compared to its increased profitability. As of 2025, DIT's PER is 9.07 times, which is approximately 36.7% lower than the semiconductor industry's PER of 14.33 times (based on FnGuide WI26). The PER of Eotechnics, a competitor in the laser annealing equipment field, is 58.57 times, making the difference even larger. There are limits to simple comparisons as the size, equipment characteristics, profit structure, and customer base of each company are not the same, but considering the current profit level, there is significant room for reevaluation of corporate value.
Researcher Choi Seong-won said, "DIT showed a change in its profit-generating power, with operating profit in the first half of the year exceeding last year's annual performance by shifting to a focus on laser equipment," and added, "Follow-up orders from SK Hynix, expansion of SiC equipment supply, and recovery of the existing AOI business will be key variables in determining the continuation of increased profitability and reevaluation of corporate value."
