DEEP RESEARCH · SUNIC SYSTEM/BACKLOG
[Sunic System] 4Q24 Backlog Update and Meaning of Order History
Reframing the KRW 528.0 billion backlog and the 2020-2024 OLED evaporator order history
0. Bottom line first
Sunic System’s backlog at the end of 4Q24 was updated to KRW 528.0 billion. That is a sharp jump versus KRW 86.93 billion at end-3Q24 and KRW 70.95 billion at end-4Q23. From a share-price perspective, the recent steep rise means a sell-on-news move is possible. I remain a former/current shareholder holding the position, but that is separate from investment judgment.
Official fact: Meritz Securities analyst Seung-soo Yang summarized Sunic System’s 4Q24-end backlog at KRW 528.0 billion, up 644.3% YoY. The Dart link is https://buly.kr/2Jnkr4z and the Telegram source is Meritz Tech 11808.
1. Five-year order history
| Timing | Customer | Equipment type | Order size |
|---|---|---|---|
| May 2020 | BOE Kunming, China | Micro OLED/OLEDoS mass-production evaporator | About $22.6mn, about KRW 27.6bn · Newswire |
| June 2023 | SeeYA Display, China | Micro OLED/OLEDoS mass-production evaporator | $25.15mn, about KRW 32.2bn · Newsis |
| Feb. 2024 | Lakeside Lightning, China | Micro OLED/OLEDoS mass-production evaporator | KRW 33.3bn · Digital Daily |
| June 2024 | BOE Chengdu 8.6G, China | 8.6-generation IT OLED mass-production evaporator, four-tool contract | Estimated KRW 400-500bn scale, with the original author noting it may be for two tools · Daily Invest · ETNews |
| Sept. 2024 | Samsung Display, Korea | OLED display R&D evaporator for XR/MR devices | KRW 12.8bn · The Elec |
| Dec. 2024 | Merck Performance Materials, Germany | OLED display R&D evaporator | KRW 9.75bn · Daum News |
| Dec. 2024 | Shanxi Light, China | OLED display R&D evaporator | KRW 8.0bn · ETNews |
2. What the equipment portfolio means
Micro OLED mass-production tools
Orders came from Chinese customers including BOE, SeeYA, and Lakeside. Key references are BOE Kunming at about KRW 27.6bn in 2020, SeeYA at about KRW 32.2bn in 2023, and Lakeside at KRW 33.3bn in 2024.
Large IT OLED mass-production tools
In 2024 Sunic won BOE Chengdu 8.6G IT OLED evaporator orders. The original post estimates a mid-KRW 400bn-scale large contract and views it as breaking Canon Tokki’s monopoly structure.
Research evaporators
R&D equipment orders also continued: Samsung Display KRW 12.8bn, Merck about KRW 9.8bn, and Shanxi Light KRW 8.0bn. The portfolio has expanded into material, set, and panel-company R&D demand.
Interpretation: The tool supplied to Shanxi Light, a Chinese materials company invested in by BOE, appears tied to OLED emissive-material optimization. Because additional supply is reportedly under discussion, BOE may be working hard to optimize Sunic’s equipment. Equipment makers level up when customers give them real experience, so this is a meaningful opportunity for Sunic.
3. Composition of the KRW 528.0bn backlog
The KRW 528.0bn backlog at end-2024 is an all-time high. Compared with the KRW 79.1bn backlog at end-3Q23 mentioned in the original post, this is explosive growth. It appears to reflect the large mass-production order plus multiple R&D equipment contracts.
Official fact: The original post states that the 8.6G OLED mass-production tools for BOE’s Chengdu IT OLED project will be recognized as revenue sequentially over about three years. The company is summarized as expecting “stable revenue sources for the next 3-4 years.”
Interpretation: OLEDoS microdisplay evaporators appear to make up the remaining 10-20% of backlog. Contracts such as Lakeside KRW 33.3bn, Samsung Display KRW 12.8bn, Merck KRW 9.75bn, and Shanxi Light KRW 8.0bn are quantities that should convert to revenue in 2025-2026.
4. Prior analysis and recent order links
The prior analysis post is [Sunic System] OLED evaporators, OLEDoS market status, and Sunic’s role.
The related recent-order post is [Sunic System] Additional R&D evaporator order disclosure and speculation.
Sources
- Original post: Naver Blog original
- Dart/Meritz shared links: https://buly.kr/2Jnkr4z · https://t.me/merITz_tech/11808
- Newswire: BOE Kunming order
- Newsis: SeeYA order
- Digital Daily: Lakeside order
- BOE 8.6G articles: Daily Invest · ETNews
- R&D equipment articles: The Elec · Daum · ETNews
- Related blog posts: https://m.blog.naver.com/star_of_self/223751840650 · https://m.blog.naver.com/star_of_self/223802629714