South Korean non-destructive inspection equipment maker SEC Co. is nearing selection as a potential supplier of X-ray inline inspection equipment for detecting internal stacking defects in high-bandwidth memory (HBM), according to a new analysis by independent research firm Researchalum.
Researchalum initiated coverage of SEC on September 16 with a “Positive” rating and a fair value of 10,000 won. The analysis said SEC is currently testing its HBM X-ray inline inspection equipment with a domestic memory manufacturer, with supplier selection considered imminent and potential orders possible as early as the first quarter of 2027 following additional quality certification.
The development places X-ray non-destructive inspection at the centre of efforts to identify internal defects in increasingly complex HBM structures. According to Researchalum, HBM products are moving from 12-layer to 16-layer configurations, while bump pitch is becoming smaller than 22 micrometres, increasing the difficulty of inspecting internal defects.
SEC Advances HBM X-Ray Inspection
SEC has developed X-ray inspection technologies for semiconductor applications and has a history of supplying HBM-related inspection equipment. The company commercialised X-ray tubes in 2006 and developed nano-scale manual inspection equipment in 2012. It supplied eight units to U.S.-based Micron in 2025, according to the research analysis.
SEC is currently testing its Semi-scan H inline inspection equipment with a domestic memory customer. Researchalum said the company received samples from the South Korean memory manufacturer during the second quarter and is conducting testing ahead of supplier selection.
Kim Do-yoon, an analyst at Researchalum, said, “As HBM stack counts increase from 12 to 16 layers and bump pitch shrinks below 22 micrometers (μm), conventional optical and ultrasonic inspection methods have hit their limits. X-ray inline inspection equipment, which can non-destructively identify internal defects after stacking, is emerging as the only viable alternative.”
Researchalum said the company has independently developed a high-output, high-precision hybrid open tube for HBM applications and secured a patent related to reducing X-ray radiation damage. The analysis also identified potential future applications in wafer-level packaging and glass substrate inspection.
X-Ray Inspection Addresses Internal Defect Detection
The research analysis highlighted the limitations of optical and ultrasonic inspection methods as HBM structures become more densely stacked and feature smaller bump pitches. X-ray inspection can examine internal areas of completed stacks without damaging the inspected component.
SEC's current development therefore extends its NDT capabilities from established X-ray inspection applications toward inline inspection of advanced memory structures.
The company's product portfolio includes industrial X-ray inspection systems, while its current HBM inspection development focuses on inline inspection. SEC's exhibitor profile for SEMICON Taiwan 2026 also identifies HBM inspection among its technologies and describes its Semi-Scan-SW as an inline X-ray inspection system for HBM production.
Defense NDT Orders Expand Backlog
Alongside its semiconductor inspection business, SEC has expanded its defense-related NDT equipment orders.
The company signed a 7.4 billion won non-destructive inspection equipment supply contract with Hanwha Aerospace, with the latest order bringing its defense-related order backlog to approximately 34.4 billion won, according to reports published September 16.
The order relates to linear accelerator (LINAC) inspection equipment, adding to SEC's activities in high-energy X-ray-based non-destructive inspection for the defense sector.
Researchalum expects SEC's HBM inline inspection equipment and LINAC businesses to contribute to higher revenue in 2027. Its analysis projects 2027 revenue of 85 billion won and operating profit of 6.8 billion won.
For the NDT industry, SEC's developments highlight the expanding application of X-ray inspection across semiconductor manufacturing and defense equipment, with the company's current focus spanning internal defect detection in HBM stacks and high-energy inspection equipment for defense applications.
Reference: https://finance.biggo.com/news/b2a11c2c-4cc0-4aba-9e95-016f55015e80
