The key driving force behind the rise in Jusung Engineering’s stock price is its ‘technological superiority’. As semiconductor microprocessing has evolved to the nanoscale, atomic layer thin film deposition (ALD) technology has become a necessity rather than an option, and Jusung Engineering has attracted market attention with next-generation equipment that combines atomic layer growth (ALG) technology. In particular, their deposition technology is playing a decisive role in solving leakage current problems and signal transmission errors that occur as global big tech companies adopt three-dimensional semiconductor structures. These technologies have become the foundation for strengthening our cooperative relationships with global customers such as Micron, and we are also opening up the possibility of expansion into the display and solar energy fields as well as semiconductors in the future. Market experts note that this company's deposition equipment has become an essential core infrastructure for high-performance semiconductor production, and evaluate it as having high mid- to long-term growth visibility.

However, behind the spectacular growth lies the realistic challenge of the gap between performance and stock price. Jusung Engineering's price-to-earnings ratio (PER) is dozens of times higher than the industry average, which is evidence that the market is overly reflecting the company's future explosive growth value rather than its current profits. In fact, the recent quarterly performance recorded an operating loss, revealing the time lag in order receipt and sales recognition unique to equipment companies, stimulating investors' anxiety. Although the securities market predicts that a full-fledged surplus and performance improvement will occur starting in the second half of the year, the fatigue caused by the short-term surge in stock prices is reflected in the amount of profit taking. In areas where stock price volatility is increasing, foreign investors are adjusting their proportions and 'picking the good' for each stock, suggesting that the market has passed the stage of moving only on expectations and has entered the stage of trying to confirm specific performance.

In terms of supply and demand, the recent KOSDAQ market trend is rapidly reorganizing around AI infrastructure and semiconductor equipment stocks. Foreign investors are taking aggressive positions in stocks directly related to the data center and AI server investment cycle, while boldly taking profits and reducing their exposure to stocks whose stock prices have already risen sharply in a short period of time. Jusung Engineering is also at the center of this supply and demand adjustment, and there is ample room for the phenomenon of some selling prices to be interpreted as a healthy adjustment process. Rather than simply purchasing the entire industry, foreigners' actions of selecting companies with a high possibility of receiving actual orders amid supply chain reorganization will be an important variable in determining future stock price trends. In the end, how quickly Jusung Engineering's technological moat is proven in actual sales and operating profits will be the key to future supply and demand.

The overall recovery of the semiconductor industry and the facility investment plans of customers are both an opportunity and a source of tension for Jusung Engineering. Large-scale investments by major customers, including SK Hynix, are becoming visible, and the expected investment of listing funds by Chinese memory companies is a factor that increases the possibility of Jusung Engineering receiving additional orders. However, due to the nature of the equipment industry, the fact that performance volatility is bound to be large depending on the investment cycle of the downstream industry is a risk that must always be kept in mind. There is no disagreement that demand for semiconductor equipment will trend upward in the mid- to long-term amid the huge paradigm shift called the AI ​​era, but the market volatility and differentiation by stock that will be experienced in the process require more detailed analysis from investors. Rather than being swayed by thematic movements with low performance visibility, it is time to cool-headedly observe the company's order backlog and quarterly performance improvement trends.