Thn

THN was founded in 1986 as Donghae Jeonjang and listed on the Korea Exchange in 1996, and it manufactures wiring harnesses that carry electrical power and data throughout vehicles as its core product.

Its principal customers are Hyundai Motor Group affiliates including Hyundai Motor, Kia, and Hyundai Mobis, and the company operates as one of Hyundai Motor Group's first-tier suppliers.

In 2025 the company acquired the wiring harness business unit of affiliate JSN for roughly KRW 9.89 billion and integrated it as an internal production division; that unit's assets represented about 9.63% of THN's total assets but accounted for around 23.88% of consolidated revenue.

The integration was structured as a business division within the existing legal entity rather than a separate subsidiary, aimed at strengthening competitiveness and securing a more stable earnings base.

More recently, the company has expanded into broader electronic component areas such as integrated control units (ICU), high-voltage junction blocks (HVJB), and high/low-voltage conversion technology.

Production facilities are spread across multiple overseas locations including Brazil, Paraguay, the Philippines, Vietnam, and China, supporting Hyundai Motor Group's local production strategy.

Electric vehicles are reported to require more than 50% more wiring harness content than internal-combustion vehicles, making demand for high-voltage harnesses, junction blocks, and power distribution solutions a key growth driver for the segment.

In February 2026 the company's controlling shareholder group changed to a party led by Lee Gwang-yeon and two others.

THN's consolidated revenue rose for four consecutive years, from KRW 469.7 billion in 2022 to KRW 586.3 billion in 2023, KRW 651.1 billion in 2024, and KRW 989.1 billion in 2025.

Operating profit was minimal at KRW 1.1 billion (a 0.2% margin) in 2022, then swung to KRW 43.1 billion (7.3%) in 2023, dipped to KRW 31.0 billion (4.8%) in 2024 despite higher revenue, and then rebounded sharply to KRW 70.1 billion (7.1%) in 2025.

Net income attributable to owners followed a similar path, moving from a loss of KRW 4.8 billion in 2022 to profits of KRW 28.4 billion in 2023, KRW 31.8 billion in 2024, and KRW 68.7 billion in 2025.

On a quarterly basis, revenue and profit rose together from KRW 252.5 billion in revenue and KRW 20.8 billion in operating profit in the second quarter of 2025 to KRW 276.9 billion and KRW 21.6 billion in the third quarter, and KRW 289.3 billion and KRW 24.3 billion in the fourth quarter.

However, in the first quarter of 2026 revenue was KRW 276.3 billion with operating profit falling to KRW 17.5 billion, and in the second quarter revenue held near KRW 287.7 billion while operating profit slipped further to KRW 15.5 billion and owners' net income to KRW 13.4 billion, marking two consecutive quarters of profit deceleration.

This margin softening occurred even as revenue levels were broadly maintained, suggesting cost or product-mix factors may be weighing on profitability.

Over the trailing four quarters from the third quarter of 2025 through the second quarter of 2026, cumulative owners' net income totaled KRW 75.8 billion, indicating profit levels have remained solid on an annualized basis.

According to corporate data providers, the first-quarter 2026 improvement was attributed to strong sales of new models, the effect of the intra-group business transfer, rising market share among Hyundai Motor Group's first-tier suppliers, and cost savings and productivity gains from overseas production bases.

The automotive electronic components industry that THN operates in is undergoing a structural shift as the transition to electric and hybrid vehicles increases wiring harness content per vehicle.

Electric vehicles require additional components such as high-voltage harnesses, junction blocks, and power distribution solutions to connect high-voltage batteries and motors, meaning that as electrification progresses, the revenue base for related component makers tends to expand.

One research firm estimated that THN's wiring harness supply share within Hyundai Motor Group rose from about 12.8% in 2023 to 13.3% in 2024 and roughly 16.1% in 2025.

Hyundai Motor Group has been expanding both vehicle volumes and local production in emerging markets such as India and Brazil, creating a favorable environment for suppliers with overseas manufacturing footprints.

Hyundai plans to expand annual production capacity at its Chennai and Talegaon plants in India to 1.074 million units by 2028 while raising local parts-sourcing ratios, which could increase the role of suppliers embedded in local supply chains.

That said, because component suppliers' order volumes are closely tied to automakers' new-model launch schedules and sales cycles, quarter-to-quarter volatility in revenue and profit remains a structural feature of the business.

On the competitive front, multiple domestic and international wiring harness specialists participate in Hyundai Motor Group's first-tier supply chain, so competition for share and pressure on costs persist as ongoing industry dynamics.

According to company disclosures and brokerage materials, the 2025 earnings improvement was primarily driven by the affiliate business-unit acquisition and a favorable new-model mix, and these effects are expected to partly continue into 2026.

Hana Securities projected in a report dated March 18, 2026 that 2026 revenue would reach KRW 1.0 trillion with operating profit of KRW 74.1 billion.

However, actual operating profit in the first and second quarters of 2026 came in at KRW 17.5 billion and KRW 15.5 billion respectively, both lower than the preceding quarter, meaning whether the annual target is met will depend on second-half performance.

Research Alium noted in a 2026 report that improving product mix toward electric and hybrid vehicles and rising share within Hyundai Motor Group would support continued earnings growth.

Over the longer term, as Hyundai Motor Group builds out mass production of the humanoid robot "Atlas" through Boston Dynamics, it has been suggested that THN's high-voltage harness, HVJB, and ICU technologies could potentially extend into robot power-distribution, sensor, and battery-connection structures.

On the overseas production side, a key variable to watch is whether volumes rise in line with Hyundai's India expansion strategy, including capacity increases at the Chennai and Talegaon plants and a planned compact electric SUV launch in early 2027.

Margin trends going forward will depend on external variables such as raw material prices, exchange rates, and automaker sales cycles, which will need to be confirmed through upcoming quarterly results.