PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
DH Autonex turned operating profit and net income positive in 2025 after emerging from court-led rehabilitation, but quarterly earnings volatility and large convertible-bond dilution overhang remain live issues.
2025 consolidated revenue reached KRW 40.17bn with operating profit of KRW 3.23bn turning positive, and operating cash flow improved to a KRW 6.03bn inflow
Q2 2026 revenue fell sharply to KRW 6.84bn, with an operating loss of KRW 1.92bn and a KRW 4.74bn net loss attributable to owners, unsettling the recovery trend
The 15th convertible bond (KRW 14.7bn, conversion price of KRW 500, potential dilution of 37.17%) has no repricing floor, raising concern over additional share supply
Since entering court rehabilitation in November 2023, the company joined DH Group and renamed itself DH Autonex in 2025 while restructuring its balance sheet
Eleven correction filings occurred over the past year, drawing external scrutiny over disclosure reliability
Founded in 1967, DH Autonex has a long corporate history; formerly known as Dayou Plus, it entered court-led rehabilitation in November 2023 after being affected by the collapse of its former parent, the Dayou Winia group, before joining DH Group in 2024 and adopting its current name in 2025.
The company operates three segments: an information and communications division covering network solutions and telecom equipment, an energy business division making EV chargers, and an automotive parts division producing LPG vehicle fuel tanks, hydrogen frames, and automotive haptic motors.
It entered the auto parts industry in 1998 with LPG fuel tank design and production, and using welding- and press-based manufacturing technology it supplies parts to Hyundai Motor, Kia, GM, and Hyundai Mobis, among other domestic and overseas automakers.
More recently, it has been expanding into future mobility components through development of ultra-low-temperature liquid hydrogen storage vessels and a product lineup based on carbon nanotube planar heating element technology.
The company's major shareholder group includes DH Global and other DH Group affiliates along with Chairman Lee Jeong-kwon of DH Group as related parties, and it is commercially linked to group affiliates such as steering-wheel maker DH Autolead.
The company has also been raising liquidity by divesting non-core assets, agreeing in early 2026 to sell land and a building in Chungju, North Chungcheong Province for KRW 7.6bn, with proceeds earmarked for future core business investment. This divested asset represented 11.5% of the company's total assets.
The rehabilitation process included the suspension of its Gwangju division's operations, but after the rehabilitation plan was approved the company retained its three-pillar business structure of communications, energy, and automotive parts.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩6.9B | -₩1.7B | −24.9% |
| 2025Q3 | ₩10.3B | ₩4.2B | 41.2% |
| 2025Q4 | ₩13.2B | ₩500M | 4.0% |
| 2026Q1 | ₩14.4B | ₩300M | 2.0% |
| 2026Q2 | ₩6.8B | -₩1.9B | −28.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩536.7B | ₩22.2B | -₩24.3B | 4.1% | −39.9% | 388.3% |
| 2023 | ₩32.8B | -₩29.9B | -₩177.2B | −91.3% | — | −158.0% |
| 2024 | ₩32.4B | -₩8.6B | ₩113.5B | −26.4% | 350.7% | 152.5% |
| 2025 | ₩40.2B | ₩3.2B | ₩5.8B | 8.0% | 15.9% | 59.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Under the confirmed financial data, 2025 consolidated revenue was KRW 40.17bn and operating profit was KRW 3.23bn, a clear turnaround from a KRW 8.56bn operating loss (operating margin of -26.4%) in 2024, with the operating margin improving to 8.0%.
Net income attributable to owners was KRW 5.76bn in 2025, lower than the KRW 113.53bn recorded in 2024 (which likely reflected a large one-off item), but a world apart from the KRW 177.16bn net loss posted in 2023.
Operating cash flow improved markedly from a KRW 2.46bn outflow in 2024 to a KRW 6.03bn inflow in 2025, showing a genuine recovery in cash generation.
On a quarterly basis, revenue of KRW 6.86bn and an operating loss of KRW 1.71bn in Q2 2025 gave way to a clear rebound in Q3 2025, with revenue of KRW 10.30bn and operating profit of KRW 4.25bn, and owners' net income reaching its highest level in the window at KRW 2.89bn.
Revenue held up in Q4 2025 (KRW 13.24bn, operating profit KRW 0.53bn) and Q1 2026 (KRW 14.36bn, operating profit KRW 0.28bn), but operating margin trended lower again.
In Q2 2026, revenue dropped sharply to KRW 6.84bn, with an operating loss of KRW 1.92bn and a net loss attributable to owners of KRW 4.74bn, the weakest quarter in the recent four-quarter window.
As a result, the sum of owners' net income across the four quarters from Q3 2025 to Q2 2026 was roughly KRW 213 million, showing very large quarter-to-quarter swings and suggesting the annual result was driven disproportionately by the strong single quarter of Q3 2025.
The 2022 revenue figure of KRW 536.68bn reflects a period before rehabilitation when the scope of consolidation was far larger, and should be understood against the subsequent business downsizing and restructuring that shrank revenue to its current scale.
In the domestic LPG vehicle market, demand growth in the commercial vehicle segment has been driven by restrictions on diesel vehicle use, creating replacement demand for LPG-powered trucks.
Industry forecasts have also pointed to the EV charging infrastructure market growing at roughly 30% per year, with the global market projected to reach USD 325 billion by 2030.
However, this is a market-wide growth outlook, and how much of this growth DH Autonex's energy business segment is capturing cannot be confirmed without separately disclosed segment revenue, so this should be treated cautiously.
In hydrogen mobility, the company is still at the development stage for ultra-low-temperature liquid hydrogen storage vessels, and the timing of any commercialization or revenue contribution has not been specifically confirmed.
Competitively, DH Autonex operates alongside a range of small and mid-sized domestic parts suppliers that also serve Hyundai Motor and Kia as key customers, with its LPG fuel tank, welding, and press manufacturing technology representing its relatively long-standing core competency in the automotive parts segment.
Since joining DH Group, the company has formed part of a broader group automotive-parts ecosystem alongside affiliates such as steering-wheel maker DH Autolead, meaning group-level financial stability and investment capacity, rather than the standalone entity, underpin much of its capacity for business expansion.
From a cycle standpoint, the company remains in the early stages of financial normalization following rehabilitation, positioning it differently from larger, more established automotive parts peers.
In early 2026, the company disclosed a plan to sell land and a building in Chungju for KRW 7.6bn, with the proceeds earmarked for investment in future core businesses; the contract was signed on February 6, 2026, with the transfer date and registration set for March 31, 2026, making the actual fund inflow and investment execution items to verify going forward.
According to a notice posted on the DH Autonex website, DH Group announced in March 2026 a plan to invest KRW 150bn in an AI, defense, and hydrogen-related advanced manufacturing base in Buan, North Jeolla Province, a move consistent with the group's broader push into hydrogen and future mobility investment, and one worth watching for potential links to DH Autonex's hydrogen frame and cryogenic storage vessel business.
However, how much of this investment, and in what form, would be allocated specifically to the DH Autonex entity has not yet been officially confirmed.
On a nine-month cumulative basis through Q3 2025, continued orders for new-model LPG fuel tanks and stable mass production of tanks for small trucks appear to have contributed to the earnings improvement.
Credit rating commentary previously indicated that affiliate DH Autolead planned to help repay DH Autonex's residual rehabilitation debt through the sale of its Hwaseong plant, leaving the completion of that sale and debt repayment as the next milestone in the company's balance sheet normalization.
Taken together, the company's future results appear likely to hinge both on maintaining stable order flow in its established automotive parts business and on the pace at which its still-early-stage new businesses in hydrogen, heating elements, and EV chargers convert into revenue.
Having gone through full capital impairment in 2023 when total equity turned negative, and having since rebuilt its balance sheet through rehabilitation, debt-to-equity conversion, and a capital reduction, the company's current share price trades at a level that reflects a substantial premium to net asset value.
Given that the sum of owners' net income across the most recent four quarters (Q3 2025 through Q2 2026) is very small and highly volatile quarter to quarter, the price multiple calculated on recent earnings sits at a level higher than what is typical among automotive parts peers.
This can be read as reflecting both the fact that the company returned to profitability after rehabilitation and the fact that its new businesses in hydrogen, heating elements, and EV chargers have not yet demonstrated a confirmed profit contribution.
The company currently pays no dividend, so there is no comparable shareholder-return metric to reference. Given the existence of potential convertible bond dilution, it is also worth keeping in mind that per-share metrics could change depending on future changes in share count.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-05
Consolidated operating profit turned positive at KRW 3.23bn in 2025, and operating cash flow improved markedly to a KRW 6.03bn inflow. Q3 2025 delivered the strongest results in the window, with revenue of KRW 10.30bn and operating profit of KRW 4.25bn.
This suggests that post-rehabilitation balance sheet normalization is translating into an actual operating recovery.
Since joining DH Group, the company has become part of a broader group automotive parts ecosystem alongside affiliates such as DH Autolead.
DH Group announced in March 2026 a plan to invest KRW 150bn in an AI, defense, and hydrogen manufacturing base in Buan, raising the possibility that the group's expanded hydrogen and future-mobility investment could connect with DH Autonex's hydrogen frame and storage vessel business.
The company is also raising new-business investment funds by selling non-core assets, including land and a building in Chungju for KRW 7.6bn.
The company holds three business pillars—communications, energy, and automotive parts—providing some buffer against weakness in any single business.
It counts Hyundai Motor, Kia, GM, and Hyundai Mobis among its domestic and overseas OEM customers, and appears to be securing continued orders for new-model LPG fuel tanks.
Replacement demand for LPG commercial vehicles driven by diesel-use restrictions is also cited as a favorable condition for the automotive parts segment.
Q2 2026 revenue plunged to KRW 6.84bn from KRW 14.36bn in the prior quarter, with an operating loss of KRW 1.92bn and a net loss attributable to owners of KRW 4.74bn recorded simultaneously.
This was the weakest quarter in the recent four-quarter window, suggesting the strong Q3 2025 rebound may have been closer to a one-off than a sustained improvement. Given the high degree of quarter-to-quarter volatility, it is difficult to draw firm conclusions about the future trajectory of earnings.
The company has issued a total of KRW 42.2bn in convertible bonds across three tranches, including a 15th-round convertible bond of KRW 14.7bn with a conversion price of KRW 500 and potential dilution of 37.17%.
This bond has no specified repricing floor, meaning the volume of convertible shares could increase further if the share price falls. Questions have also been raised about the specific use of proceeds from the 15th-round bond, since its stated purpose is listed entirely as 'other.'
Over the past year, the company filed 11 disclosure corrections, and accounting issues have reportedly been flagged repeatedly in audit reports. This has been cited as a factor offsetting the positive signal from earnings improvement, with calls for the company to restore disclosure reliability.
There is also a history of financial statement restatements, underscoring the need for more transparent communication to rebuild investor confidence.
A total of KRW 42.2bn in convertible bonds outstanding, particularly the 15th-round bond with no repricing floor (conversion price of KRW 500, dilution of 37.17%), remains a factor that could increase share count going forward.
The company has a history of full capital impairment in 2023, making the market highly sensitive to its financial stability. Whether and when conversion requests are exercised needs ongoing monitoring.
New businesses such as hydrogen storage vessels and carbon nanotube heating elements remain at the development stage, with uncertain timing for revenue contribution.
The automotive parts segment is heavily dependent on a small number of OEM customers such as Hyundai Motor and Kia, making it sensitive to the demand cycle of the automaker industry. High quarter-to-quarter earnings volatility, which lowers predictability, can also be viewed as a business risk.
Eleven disclosure corrections over the past year and repeated accounting issues flagged in audit reports have raised concerns over disclosure reliability.
Given the company's history of entering rehabilitation as a result of trouble at its former Dayou Winia group affiliates, the potential for risk transmission from group affiliates also warrants monitoring.
As shareholding among the major shareholder and related parties has changed frequently, ongoing verification of ownership structure changes is also needed.
Filing and review of the Q3 2026 quarterly report — a key data point for judging whether the Q2 2026 earnings weakness was temporary or part of an ongoing trend.
Monitor DART filings for conversion requests on the 15th-round convertible bond (conversion price of KRW 500, potential dilution of 37.17%) — actual conversion would realize an increase in share count and dilution.
Confirm whether the previously announced sale of the Hwaseong plant, reportedly being pursued by DH Autolead, has completed the repayment of roughly KRW 19.7bn in residual rehabilitation debt — the next step in balance sheet normalization.
Check whether DH Group's plan to invest KRW 150bn in an AI, defense, and hydrogen manufacturing base in Buan, North Jeolla, is formalized to include a specific role and scale of participation by DH Autonex.
DH Autonex has moved onto a path of financial normalization following rehabilitation and its integration into DH Group, turning operating profit and net income positive in 2025 while improving operating cash flow.
However, the return to an operating loss and a large net loss in Q2 2026 leaves open the question of whether the strong Q3 2025 rebound represented a sustained improvement or a temporary event.
The company maintains three business pillars in communications, energy, and automotive parts, along with an established customer base including Hyundai Motor and Kia, and there is potential for linkage with DH Group's expanded hydrogen and future-mobility investment.
At the same time, a total of KRW 42.2bn in outstanding convertible bonds—including a 15th-round bond with no repricing floor and potential dilution of 37.17%—along with 11 disclosure corrections over the past year, remain structural risks that investors need to continue monitoring.
On valuation, given the still-small and volatile recent earnings base, the share price multiple appears to sit at a level higher than other parts makers in the sector.
Key points to watch going forward include confirmation of sustained profitability through the Q3 earnings release, the status of convertible bond conversion requests, and the concretization of group-level financial and investment events such as the Hwaseong plant sale and the Buan investment.
Report written 2026-09-05 · Data as of 2026-09-04
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