Seck (CEO Jong-Hyun Kim), a company specializing in electron beam-based inspection equipment, has passed the preliminary examination for listing on KOSDAQ by the Korea Exchange. The company plans to prepare all matters necessary for submitting a securities report and then begin the initial public offering (IPO) process in earnest. The lead manager for the listing is Shinyoung Securities.
Founded in 2000, SEC is a specialized inspection equipment company that develops inspection and analysis equipment based on electron beam source technology. Its main business areas include ▲X-ray inspection equipment for the semiconductor and battery industries ▲Non-destructive inspection equipment using linear accelerators (LINAC) for defense missiles, aircraft, ships, etc. ▲Tabletop SEM for R&D and quality control in the chemical, new material, energy, and bio fields.
SEC sells semiconductor X-ray inspection equipment capable of defect inspection in various fields such as electric and electronic components, semiconductors, autonomous vehicle electrical components, and mobile devices. It has solidified its position in the market by recording accumulated sales of KRW 92.3 billion from 2019 to 2023. In addition, with the development of HBM Semiconductor's TSV (Through-Silicon Via), the demand for ultra-precision X-ray inspection equipment equipped with a Nano Focus X-ray tube is rapidly increasing, and steady sales growth is expected.
In addition, SEC is supplying battery 2D, 3D-CT X-ray inspection equipment worth approximately KRW 26 billion (based on cumulative sales as of the end of 2023) domestically and internationally in response to the growing demand for inspection of pouch, square, and cylindrical batteries for electric vehicles and energy storage systems (ESS). In the case of cylindrical batteries, it is being used to inspect Tesla's 46-pie cylindrical batteries.
SEC produces X-ray tubes, LINACs, etc. based on core original technologies of electron beam generators such as high voltage and control circuits, electron gun control technology, electron beam focusing technology, and vacuum forming technology. In addition, it has secured software (SW) technologies such as mechatronics technology required for designing and manufacturing automated equipment and deep learning-based automatic defect detection technology, thereby gaining unrivaled competitiveness.
As a result, the company's sales have continued to grow steadily, with an average annual growth rate (CAGR) of 30.4% from 2021 to 2023. In particular, sales of industrial X-ray inspection equipment have solidified their position in the market, recording more than 60% of total sales every year during the same period.
In addition, we are focusing on building a network for global market expansion, and have maintained an export ratio of approximately 50% every year for the past three years. The company has 40 overseas agencies including a Shanghai, China corporation, and is actively promoting local sales in each region. In addition, we have secured major domestic and international corporations as our clients and are supplying equipment to various markets such as semiconductors, displays, batteries, and electric vehicles.
CEO Kim Jong-hyun of SEC emphasized, “We will maximize our technological competitiveness and corporate value by focusing the funds raised through this KOSDAQ listing on R&D, facility investment, and business expansion,” and “We will expand our core business based on electron beam source technology and leap forward as a leading company in the inspection equipment market.”
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