Cumulative Q3 revenue up 123.1%, operating profit up 359.5%… Operating margin reaches 27.2%
2026 projections: 28.5 billion KRW in revenue and 7 billion KRW in operating profit… Expected to surpass all-time performance records
Expansion of HBM and EUV equipment supply… New fabs in Yongin and Pyeongtaek and overseas markets serve as growth engines
On the 9th, Small Insight Research analyzed that WRT (396470) is experiencing a rapid earnings recovery fueled by increased capital expenditures from Samsung Electronics and SK hynix. The company is also expanding its equipment supply scope into advanced semiconductor processes, including HBM and EUV, as well as to overseas clients.
WRT’s cumulative consolidated revenue for the first three quarters of 2026 reached 20.68 billion KRW, a 123.1% increase year-on-year, while operating profit surged 359.5% to 5.63 billion KRW. The operating margin more than doubled from 13.2% in the same period last year to 27.2%. Standalone revenue for the third quarter also rose 257.9% year-on-year to 8.64 billion KRW, with an operating margin of 30.1%.
Small Insight Research projects full-year consolidated revenue to reach 28.5 billion KRW, an 87.2% increase, and operating profit to hit 7 billion KRW, up 182.0%. These figures would surpass the company's previous records of 26.7 billion KRW in revenue (2021) and 6.7 billion KRW in operating profit (2022). Increased equipment supply to Samsung Electronics' Pyeongtaek P4 and SK hynix's Cheongju M15X facilities is driving this recovery.
WRT specializes in ultra-precision environmental control equipment for semiconductor and display manufacturing. Its flagship products include THC (Temperature and Humidity Control) units, FFU (Fan Filter Units), and TCU (Temperature Control Units). THC is a critical component installed in track equipment for photolithography, precisely controlling temperature, humidity, particles, and trace gases.
Notably, the application of THC is expanding from traditional photolithography to HBM back-end and EUV processes. WRT continues to supply HBM back-end THC units to SK hynix and has secured certifications and orders for EUV process equipment. For Samsung Electronics, the company has completed evaluations for THC units used in Tokyo Electron (TEL) track equipment and is pursuing mass production orders.
The revenue structure by product is also shifting. In the first three quarters of 2026, THC accounted for 61.2% of revenue, followed by FFU at 26.6% and TCU at 5.0%. The FFU revenue share has doubled from 13.3% in 2025. TCU for precision PCB processing is currently under evaluation by clients, and the company is working to apply its technology to next-generation packaging fields, such as hybrid bonders and glass substrate bonding.
Key growth drivers for 2027 include SK hynix’s Yongin Fab 1 and Samsung Electronics’ Pyeongtaek P5. The company has reportedly already secured and is manufacturing some equipment for the Yongin facility, with installation scheduled for March 2027. While the scale of Pyeongtaek P5 remains unconfirmed, additional orders are expected as equipment installation is slated for July 2027.
Overseas expansion is another critical variable. Cumulative revenue from China in the first three quarters of 2026 reached 1.6 billion KRW, an 88.2% increase year-on-year. WRT is expanding its supply base to local Chinese track equipment manufacturers while pursuing THC supply for the back-end lines of a major global semiconductor manufacturer in Taiwan. Performance evaluation of the first unit is complete, with further verification underway and expected to conclude in the first quarter of 2027.
The company’s financial structure remains stable. As of the end of September 2026, consolidated cash, cash equivalents, and short-term financial instruments totaled 54.93 billion KRW, with a debt-to-equity ratio of 6.1%. Current production facilities can support annual revenue of 350–400 billion KRW, and the company is considering capacity expansion in line with future order growth.
Choi Sung-won, a researcher at Small Insight Research, stated, "Driven by the resumption of capital expenditures by major clients, WRT is moving beyond mere recovery and is on the verge of breaking its all-time performance records. The key to a revaluation of the company’s value will be whether investments in new Yongin and Pyeongtaek fabs, the expansion of HBM and EUV processes, and the conversion of overseas client evaluations into mass production orders translate into actual revenue growth."
