Daeduck (008060.KS) Q1 2026: AI Substrates Flip Profit to ₩51.3B
A surge in AI and server-oriented FC-BGA substrate demand lifts Daeduck Electronics from a year-ago operating loss to a 14.8% operating margin in a single quarter, as fixed-cost leverage channels revenue gains directly into record per-quarter earnings.
Source: Q1 2026 Quarterly Report (7th Fiscal Year, January 1 – March 31, 2026) — Filed May 14, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Daeduck Electronics' Q1 2026 results constitute the clearest evidence yet that the semiconductor package substrate cycle has passed its trough and entered a sharp recovery phase. Consolidated revenue reached ₩346.3 billion, a 60.8% year-on-year gain, while operating income swung from a ₩6.2 billion loss in Q1 2025 to a ₩51.3 billion profit — an operating margin of 14.8% against –2.9% twelve months prior. The most telling data point is that this single quarter's operating income of ₩51.3 billion already exceeds the company's full-year FY2025 operating income of ₩49.1 billion, underscoring how powerfully the fixed-cost structure of a high-layer substrate business converts incremental revenue into profit once volumes cross breakeven. The demand force behind the inflection is identifiable: AI- and server-oriented FC-BGA substrate orders, concentrated among U.S. customers, have reaccelerated following the inventory correction that depressed results through 2023 and 2024, while average selling prices per square meter have risen at a double-digit clip for the third consecutive year.
