KOSDAQ · HBM test equipment · Solar EPC side-business
Uni Test
A Korean leader in memory component/module testers that won all of SK hynix's next-generation HBM4 wafer-tester orders (KRW 29.2B, 26.5% of prior-year revenue) and also counts Samsung as a customer. HBM burn-in and wafer-test equipment is tied directly to HBM capacity additions, so the HBM4 volume cycle is the key driver of earnings. Alongside this it runs a separate solar-EPC revenue axis — a Guam solar plant EPC (KRW 60.1B, 54.5% of prior-year revenue) and Solar One No.4 (KRW 26.9B) — leaving the business split in two.
086390.KQ Updated Jul 12, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Uni Test is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 9 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 consolidated revenue KRW 110.2bn, operating loss KRW 21.1bn (parent revenue KRW 100.7bn, operating loss KRW 16.7bn). Single reported segment, but the business splits into semiconductor testers and solar EPC
- Segments · Semiconductor testers (memory, HBM) · Solar EPC & perovskite
Revenue from
- PRU 계열 태양광 법인 (괌) High confidence· contract 60,080,432,051원 · 계약금액 · DART single supply contract
Solar power plant construction contract in Guam (PRU Tamuning/Barrigada/Malojloj/Pulantat LLC), about KRW 60.1bn or 54.5% of prior-year revenue. A solar EPC revenue axis separate from semiconductor testers, following the KRW 26.9bn Solar One No.4 contract in 2025.Confirms KO DART (Korea FSS) Published Jun 12, 2026: Unitest single sales/supply contract (solar plant construction) - SK hynix High confidence· contract 29,160,000,000원 · 2026 계약 · DART contract - HBM4 wafer tester
Supplies HBM burn-in and wafer testers to SK hynix — a sole HBM4 wafer-tester win of KRW 29.2B (26.5% of revenue), a direct beneficiary of HBM capacity additions.Confirms KO DART (Korea FSS) Published May 12, 2026: Unitest single supply contract (HBM4 wafer tester) - Samsung Electronics Medium confidence
Supplies HBM burn-in and wafer testers to Samsung — a second memory customer to ease SK concentration.
Pays to
- equipment & infrastructure (undisclosed) Low confidence
Equipment and infrastructure (undisclosed). - components & materials (undisclosed) Low confidence
Parts, materials and R&D (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 |
|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Uni Test | node | +23.4 | -57.8 | +11.3 | -1.6 | +6.8 | -24.8 |
YTD as of 2026-07-10 · source: Yahoo Finance
A Korean leader in memory component/module testers whose growth axis is winning all of SK hynix's next-gen HBM4 wafer-tester orders (KRW 29.2B, 26.5% of prior-year revenue). Demand for HBM burn-in and wafer-test tools ties directly to HBM capacity additions at SK hynix and Samsung, so the HBM4 volume cycle drives earnings. Unusually, it also runs a semiconductor-unrelated solar EPC business — a Guam solar plant (KRW 60.1B, 54.5% of revenue) and Solar One No.4 (KRW 26.9B) — splitting revenue in two, a source of volatility and resource-allocation risk. Upstream on the graph the trigger is HBM test investment at SK hynix and Samsung, and this node is the equipment beneficiary of that capex.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩23,625 · Price ₩10,840 (07-10) · Upside +118%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Hanwha Investment & Securities | Buy | ₩25,000 | May 26, 2026 | Report ↗ |
| Shinhan Securities | Buy | ₩25,000 | Apr 6, 2026 | Report ↗ |
| Shinhan Securities | Buy | ₩27,000 | Sep 30, 2025 | Report ↗ |
| Hyundai Motor Securities | Buy | ₩17,500 | Jul 22, 2025 | Report ↗ |
HBM4 burn-in tester shipments to SK Hynix add high-margin revenue; Chinese capex and a solar turnaround strengthen growth. Buy, KRW25,000 target.