Dongwon Parts will enter the stock market on the 10th. Its finalized offering price is 26,500 won. If the stock records a so-called 'quadrupling' — rising as much as four times the offering price on its first day of trading — the share price would reach 106,000 won. Attention is focused on what kind of valuation Dongwon Parts, which has secured global semiconductor equipment makers such as Lam Research and Applied Materials as customers, will receive in the early days of listing. The lead underwriter is Samsung Securities.

■ Lam Research and Applied Materials among customers... Domestic and overseas revenues split 'half and half'

Dongwon Parts supplies components to global companies and domestic equipment manufacturers, centered on the semiconductor equipment industry. Its major overseas customers include Lam Research, Applied Materials, Axcelis, and Mattson. Domestic customers include SEMES, PSK, and Wonik IPS.

Overseas customers account for a significant share of revenue. Based on the 2025 fiscal year-end, revenue from global equipment makers accounts for about 51%, while revenue from domestic equipment makers accounts for about 49%. Domestic and overseas revenues are relatively balanced, giving the company a structure that diversifies its dependence on investment conditions in specific regions. However, a variable is that if global semiconductor capital investment contracts across the board, supplies to both domestic and overseas customers could be affected simultaneously.

■ Supply base built through quality qualification and AVL registration... Also participating in next-generation equipment development

A notable aspect of the business structure is its long-term trading relationships with global semiconductor equipment companies. Components used in semiconductor equipment must go through customers' quality verification and supplier approval processes. Dongwon Parts has built its supply base through quality qualification and registration on global customers' Approved Vendor Lists (AVL). After qualification, the structure involves repeat orders for existing supply items and expansion into newly applied items.

In particular, beyond simple component delivery, the company participates in the next-generation equipment development processes of global equipment makers. The sales organization consists of two teams handling domestic and overseas sales and business, with technical support and machining departments participating in customers' R&D processes, centered on the sales team. Key areas of cooperation include R&D meetings, design reviews, machinability reviews, material and process proposals, and prototype production. The company has a business structure in which it reviews the design and manufacturability of components from the stage when customers develop new equipment, and then converts products that pass quality tests into mass-production components.

Through this joint development approach, Dongwon Parts is increasing the supply stability of existing products while pursuing the development of next-generation product lines centered on complex assembly products. Since new products that pass customers' quality tests can expand supply items once they enter mass production, the connection between technology development results and actual orders is important.

■ Sales and financial risk management system

Product sales are principally conducted either through direct delivery to customers or supply to consignment warehouses designated by customers. Based on this sales system, Dongwon Parts responds to customers' production schedules and component demands.

In terms of financial risk management, the company has set market risk, credit risk, and liquidity risk as its main management targets. Cash and cash equivalents, trade receivables, and other financial assets, as well as trade payables, other financial liabilities, and lease liabilities, are included in risk management targets. As revenue from global customers exceeds half of the total, financial volatility factors that may arise in the process of expanding overseas transactions in the future also need to be examined.

■ Post-listing focus: 'results of transition to mass production'

After listing, the main points of interest are expected to be whether transactions with global semiconductor equipment makers expand and the results of next-generation equipment development projects transitioning to mass production. In particular, the capital investment and equipment production plans of major customers such as Lam Research and Applied Materials are cited as important variables in assessing Dongwon Parts' future performance.

[Some AI assistance was used in preparing this article. This does not recommend the purchase or sale of any specific stock, and investment decisions and responsibilities rest with the investor.]