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 | +163.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Uni Test | node | +23.4 | -57.8 | +11.3 | -1.6 | +6.8 | -21.4 |
YTD as of 2026-09-04 · source: Yahoo Finance
Uni Test operates across KOSDAQ, HBM test equipment, Solar EPC side-business. It is -21.4% in 2026. The demand side (avg +70.7%) leads the stock (-21.4%), so customer moves come first here. Among connected nodes the furthest ahead is SK hynix (+81.6%) and the furthest behind is Samsung Electronics (+59.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩23,625 · Price ₩11,330 (09-04) · Upside +109%
| 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.