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공정에서 소자 구동전류를 최대 15% 높이는 데 이 장비를 필수로 쓴다 — 선단 공정으로 갈수록 결함 제어 난도가 올라가 채택이 넓어지는 구조다. 매출(FY2025 1,730억원)이 소수 대형 팹의 선단 capex에 연동돼 팹 투자 타이밍에 따라 출렁이지만, 독점이라 가격결정력과 이익률이 높다. 하이브리드 본딩용 어닐링 장비 개발로 후공정까지 적용을 넓히는 중이며, 위험은 고객이 소수 선단 팹에 집중돼 특정 팹의 투자 연기가 곧 매출 공백으로 이어진다는 점이다.","analysis_en":"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_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":{"type":"revenue","unit":"KRW","basis":"연간 총매출","value":173000000000,"period":"FY2025","basis_en":"annual total revenue"},"note":"파운드리 1위 TSMC 선단 공정에 고압 수소 어닐링 장비 공급 — 세계 유일 공급사로 2nm·GAA 결함 제어의 병목.","note_en":"Supplies high-pressure hydrogen annealing tools to leading-edge TSMC — the world's sole supplier and a bottleneck for 2nm/GAA defect control.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Korea FSS)","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=01288827","title":"HPSP 사업보고서 (DART, 2025)","title_en":"HPSP annual report (DART, 2025)","excerpt":"FY2025 매출 1,730억원.","excerpt_en":"FY2025 revenue ₩173B."},{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-07-13","url":"https://www.hankyung.com/article/2025071351421","title":"초미세 공정 판 바꾼 K기술…HPSP 고압수소장비 독점","title_en":"HPSP holds a monopoly in high-pressure hydrogen annealing","excerpt":"HPSP가 고압 수소 어닐링 장비를 세계 유일 공급(경쟁 제품 없음).","excerpt_en":"HPSP is the sole global supplier of high-pressure hydrogen annealing tools."},{"stance":"confirms","publisher":"블로터","publisher_en":"Bloter","kind":"news","lang":"ko","published_at":null,"url":"https://www.bloter.net/news/articleView.html?idxno=615151","title":"삼성·SK도 줄서는 HPSP, 메모리로 성장 가속","title_en":"Samsung and SK queue for HPSP as it accelerates into memory","excerpt":"삼성·SK가 HPSP 장비 도입에 줄을 섬.","excerpt_en":"Samsung and SK queue to adopt HPSP tools."},{"stance":"confirms","publisher":"Komachine","publisher_en":"Komachine","kind":"reference","lang":"en","published_at":null,"url":"https://www.komachine.com/en/companies/hpsp","title":"HPSP — 고압 수소 어닐링 세계 유일 공급사","title_en":"HPSP — world’s sole high-pressure hydrogen annealing supplier","excerpt":"HPSP는 고압 수소 어닐링(HPA)·산화(HPO) 장비를 세계 유일 공급(GENI-SYS).","excerpt_en":"HPSP is the world’s sole supplier of high-pressure hydrogen annealing (HPA) and oxidation (HPO) tools (GENI-SYS)."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":null,"note":"SK하이닉스 2nm·GAA·HBM 공정에 고압 수소 어닐링 장비 공급 — 경쟁 제품이 없어 결함 제거 공정을 HPSP 장비에 의존.","note_en":"Supplies high-pressure hydrogen annealing tools for SK hynix's 2nm/GAA/HBM processes — with no competing product, defect-cure steps depend on HPSP.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-07-13","url":"https://www.hankyung.com/article/2025071351421","title":"초미세 공정 판 바꾼 K기술…HPSP 고압수소장비 독점","title_en":"HPSP holds a monopoly in high-pressure hydrogen annealing","excerpt":"HPSP가 고압 수소 어닐링 장비를 세계 유일 공급(경쟁 제품 없음).","excerpt_en":"HPSP is the sole global supplier of high-pressure hydrogen annealing tools."},{"stance":"confirms","publisher":"블로터","publisher_en":"Bloter","kind":"news","lang":"ko","published_at":null,"url":"https://www.bloter.net/news/articleView.html?idxno=615151","title":"삼성·SK도 줄서는 HPSP, 메모리로 성장 가속","title_en":"Samsung and SK queue for HPSP as it accelerates into memory","excerpt":"삼성·SK가 HPSP 장비 도입에 줄을 섬.","excerpt_en":"Samsung and SK queue to adopt HPSP tools."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"high","metric":null,"note":"인텔 선단 로직 공정에 고압 수소 어닐링 장비 공급 — 소자 구동전류를 최대 15% 개선하는 필수 공정.","note_en":"Supplies high-pressure hydrogen annealing tools to Intel's leading-edge logic — an essential step raising device drive current by up to 15%.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-07-13","url":"https://www.hankyung.com/article/2025071351421","title":"초미세 공정 판 바꾼 K기술…HPSP 고압수소장비 독점","title_en":"HPSP holds a monopoly in high-pressure hydrogen annealing","excerpt":"HPSP가 고압 수소 어닐링 장비를 세계 유일 공급(경쟁 제품 없음).","excerpt_en":"HPSP is the sole global supplier of high-pressure hydrogen annealing tools."},{"stance":"confirms","publisher":"블로터","publisher_en":"Bloter","kind":"news","lang":"ko","published_at":null,"url":"https://www.bloter.net/news/articleView.html?idxno=615151","title":"삼성·SK도 줄서는 HPSP, 메모리로 성장 가속","title_en":"Samsung and SK queue for HPSP as it accelerates into memory","excerpt":"삼성·SK가 HPSP 장비 도입에 줄을 섬.","excerpt_en":"Samsung and SK queue to adopt HPSP tools."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":null,"note":"삼성전자 파운드리·메모리 선단 공정에 고압 수소 어닐링 장비 공급 — 대체 장비가 없어 채택이 넓어지는 독점 관계.","note_en":"Supplies high-pressure hydrogen annealing tools to Samsung's leading-edge foundry/memory — a monopoly relationship with no alternative tool.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-07-13","url":"https://www.hankyung.com/article/2025071351421","title":"초미세 공정 판 바꾼 K기술…HPSP 고압수소장비 독점","title_en":"HPSP holds a monopoly in high-pressure hydrogen annealing","excerpt":"HPSP가 고압 수소 어닐링 장비를 세계 유일 공급(경쟁 제품 없음).","excerpt_en":"HPSP is the sole global supplier of high-pressure hydrogen annealing tools."},{"stance":"confirms","publisher":"블로터","publisher_en":"Bloter","kind":"news","lang":"ko","published_at":null,"url":"https://www.bloter.net/news/articleView.html?idxno=615151","title":"삼성·SK도 줄서는 HPSP, 메모리로 성장 가속","title_en":"Samsung and SK queue for HPSP as it accelerates into memory","excerpt":"삼성·SK가 HPSP 장비 도입에 줄을 섬.","excerpt_en":"Samsung and SK queue to adopt HPSP tools."}]},{"direction":"cost","counterparty":"정밀 가공·계측 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"정밀 가공·계측 모듈 매입(비공개).","note_en":"Buys precision machining and metrology modules (undisclosed).","sources":[{"stance":"mentions","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Korea FSS)","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=01288827","title":"HPSP 사업보고서 (DART, 2025)","title_en":"HPSP annual report (DART, 2025)","excerpt":"사업보고서: 설비.","excerpt_en":"Annual report: equipment."}]},{"direction":"cost","counterparty":"부품·챔버 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"고압 챔버·부품 외주(공급사 비공개).","note_en":"Outsources high-pressure chambers and parts (suppliers undisclosed).","sources":[{"stance":"mentions","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Korea FSS)","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=01288827","title":"HPSP 사업보고서 (DART, 2025)","title_en":"HPSP annual report (DART, 2025)","excerpt":"사업보고서: 부품 조달.","excerpt_en":"Annual report: parts procurement."}]}]}