KOSDAQ · Semi equipment · Sole global high-pressure annealing
HPSP
The world’s only supplier of high-pressure hydrogen annealing tools (no competing product; 30+ patents). FY2025 revenue ₩173B. About 20 global chipmakers — TSMC, Intel, Samsung, SK hynix — rely on it for 2nm/GAA/HBM processes; it raises device drive current by up to 15%. Also developing annealing tools for hybrid bonding.
403870.KQ Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, HPSP is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 30 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue ₩173B
- Customer concentration · World’s only high-pressure annealing. Customers TSMC, Intel, Samsung, SK and 20+ others. No competing product.
- Segments · High-pressure annealing tools · Parts & service
Revenue from
- TSMC High confidence· Revenue ₩173B · FY2025 · annual total revenue
Supplies high-pressure hydrogen annealing tools to leading-edge TSMC — the world's sole supplier and a bottleneck for 2nm/GAA defect control.Confirms KO Korea Economic Daily Published Jul 13, 2025: HPSP holds a monopoly in high-pressure hydrogen annealingConfirms KO Bloter Accessed Jun 21, 2026: Samsung and SK queue for HPSP as it accelerates into memoryConfirms EN Komachine Accessed Jun 21, 2026: HPSP — world’s sole high-pressure hydrogen annealing supplier - SK hynix High confidence
Supplies high-pressure hydrogen annealing tools for SK hynix's 2nm/GAA/HBM processes — with no competing product, defect-cure steps depend on HPSP.Confirms KO Korea Economic Daily Published Jul 13, 2025: HPSP holds a monopoly in high-pressure hydrogen annealingConfirms KO Bloter Accessed Jun 21, 2026: Samsung and SK queue for HPSP as it accelerates into memory - Intel High confidence
Supplies high-pressure hydrogen annealing tools to Intel's leading-edge logic — an essential step raising device drive current by up to 15%.Confirms KO Korea Economic Daily Published Jul 13, 2025: HPSP holds a monopoly in high-pressure hydrogen annealingConfirms KO Bloter Accessed Jun 21, 2026: Samsung and SK queue for HPSP as it accelerates into memory - Samsung Electronics High confidence
Supplies high-pressure hydrogen annealing tools to Samsung's leading-edge foundry/memory — a monopoly relationship with no alternative tool.Confirms KO Korea Economic Daily Published Jul 13, 2025: HPSP holds a monopoly in high-pressure hydrogen annealingConfirms KO Bloter Accessed Jun 21, 2026: Samsung and SK queue for HPSP as it accelerates into memory
Pays to
- precision machining & metrology (undisclosed) Low confidence
Buys precision machining and metrology modules (undisclosed). - components & chambers (undisclosed) Low confidence
Outsources high-pressure chambers and parts (suppliers undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| HPSP | node | · | · | +216.5 | -30.4 | +54.7 | -4.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a monopoly as the world's only supplier of high-pressure hydrogen annealing tools and their irreplaceability. There is no competing product and 30+ patents protect it, and about 20 global chipmakers — TSMC, Intel, Samsung, SK hynix — must use these tools to raise device drive current by up to 15% in 2nm/GAA/HBM processes; adoption widens as leading-edge nodes make defect control harder. Revenue (FY2025 KRW 173bn) tracks a few large fabs' leading-edge capex and swings with fab-investment timing, but the monopoly gives high pricing power and margins. It is broadening into back-end with hybrid-bonding annealing tools; the risk is that customers are concentrated in a few leading-edge fabs, so any fab's investment delay becomes a revenue gap.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ₩59,000 · Price ₩44,400 (07-10) · Upside +33%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Samsung Securities | Buy | ₩65,000 | May 15, 2026 | Report ↗ |
| Daishin Securities | Buy | ₩58,000 | Apr 22, 2026 | Report ↗ |
| Korea Investment & Securities | Buy | ₩54,000 | Apr 16, 2026 | Report ↗ |
Q1 50.5% margin in line with encouraging new-customer revenue; HPA adoption broadens across leading-edge foundry, DRAM and NAND in H2. Target raised KRW55,000 to 65,000, BUY maintained.