PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩90 per share · Prices as of the 2026-10-02 close
Samjin, a Samsung Electronics remote control and IoT module ODM/OEM specialist, saw earnings improve in 2024 before slowing again in 2025, with notable quarter-to-quarter volatility.
2025 revenue fell to KRW 148.3bn from KRW 159.2bn a year earlier, with operating margin slipping from 4.6% to 3.9%
Owners' net profit swung from a loss in Q4 2025 to a rebound in Q1 2026, underscoring quarterly volatility
The debt ratio steadily improved from 26.5% in 2023 to 16.1% in 2025
Amid intensifying price competition in remote controls, the company is expanding its smart-home lineup with the WiFi SmartThings V4 Hub and Matter/Zigbee4.0 development
The company operates diversified overseas production bases in China, Indonesia, and Thailand
Samjin was founded in 1976 and listed on KOSDAQ in 1997, with headquarters in Anyang, Gyeonggi Province. Its core business is manufacturing digital TV remote controls and IoT communication modules on an ODM or OEM basis, primarily supplying Samsung Electronics, which has designated Samjin as one of its partner SMEs.
Beyond its domestic headquarters, the company operates production subsidiaries in China (Qingdao), Indonesia, and Thailand, and a sales subsidiary in Singapore, alongside domestic affiliate Samjin C&I.
The company maintains an in-house, vertically integrated process covering mechanical, circuit, and software design through injection molding, PCB assembly, and final product assembly, allowing rapid response to customers' new product changes.
More recently, Samjin has been expanding beyond traditional remote controls into IoT smart-home products, launching the WiFi SmartThings V4 Hub and a location tracker, while developing new products compliant with the Zigbee4.0 and Matter standards.
In response to environmental regulation trends, the company also maintains an eco-friendly product line, including energy-harvesting remote controls charged by sunlight or indoor lighting.
However, the core remote control business faces intensifying price competition from later entrants, creating a structure where demand for higher-quality products coexists with pricing pressure. Given the nature of the ODM/OEM model, revenue is naturally concentrated toward its main customer, Samsung Electronics.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩36.2B | ₩1.5B | 4.3% |
| 2025Q3 | ₩27.7B | ₩1B | 3.7% |
| 2025Q4 | ₩43.8B | ₩600M | 1.5% |
| 2026Q1 | ₩35.5B | ₩1.4B | 3.8% |
| 2026Q2 | ₩29.1B | ₩800M | 2.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩155.1B | ₩1.7B | ₩1.9B | 1.1% | 2.0% | 24.3% |
| 2023 | ₩156.4B | ₩1.9B | ₩100M | 1.2% | 0.1% | 26.5% |
| 2024 | ₩159.2B | ₩7.2B | ₩9B | 4.6% | 8.5% | 18.3% |
| 2025 | ₩148.3B | ₩5.8B | ₩3.9B | 3.9% | 3.5% | 16.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue in 2025 came in at KRW 148.3 billion, down 6.8% from KRW 159.2 billion in 2024, while operating profit fell from KRW 7.25 billion to KRW 5.82 billion and owners' net profit dropped sharply from KRW 9.05 billion to KRW 3.89 billion.
Operating margin edged down from 4.6% in 2024 to 3.9% in 2025, which can be read as a partial retracement after the company moved out of the low single-digit margin range seen in 2022-2023.
Indeed, in 2022 (revenue KRW 155.1 billion, operating margin 1.1%) and 2023 (revenue KRW 156.4 billion, operating margin 1.2%), net profit shrank to roughly KRW 1.9 billion and KRW 0.12 billion respectively, marking a period of stagnant earnings before a recovery in 2024 that then softened again in 2025.
Quarterly results show pronounced volatility: revenue of KRW 27.7 billion and net profit of KRW 1.53 billion in Q3 2025 gave way to Q4 2025 revenue of KRW 43.8 billion alongside a net loss of KRW 0.56 billion, illustrating that revenue scale and profitability did not always move in the same direction.
Subsequently, Q1 2026 posted revenue of KRW 35.5 billion and the highest net profit in this window at KRW 2.21 billion, while Q2 2026 recorded revenue of KRW 29.1 billion and net profit of KRW 1.05 billion.
As a result, the sum of net profit over the most recent four quarters (Q3 2025 through Q2 2026) reached KRW 4.22 billion, slightly above the full-year 2025 figure of KRW 3.89 billion.
On the cash flow side, operating cash flow turned from negative KRW 8.0 billion in 2022 to positive KRW 19.3 billion in 2023, KRW 12.7 billion in 2024, and KRW 8.0 billion in 2025, three consecutive years of stable cash generation, while the debt ratio trended down from 24.3% in 2022 and 26.5% in 2023 to 18.3% in 2024 and 16.1% in 2025.
The IoT and smart-home end market that Samjin serves is broadly in an expansion phase, with various research firms citing double-digit average annual growth rates, and Korea's domestic smart-home market is also projected to grow at a high-teens percentage rate annually.
However, the benefits of this market growth tend to accrue mainly to large players that own brands and platforms; globally, the top five companies—Haier, Samsung Electronics, LG Electronics, Amazon, and Xiaomi—account for a substantial share of the smart-home market.
Samjin operates as an ODM/OEM partner supplying these brand owners, meaning its performance is tied more closely to customers' product strategies and order volumes than to direct market growth.
The traditional TV remote control market has matured, with intensifying price competition from later entrants, prompting the company to shift its portfolio toward higher value-added smart-home peripherals such as hubs, sensors, and trackers.
The spread of the Matter and Zigbee4.0 connectivity standards enhances interoperability across manufacturers, potentially creating new entry opportunities for smaller component and module makers, but large platform owners such as Google, Amazon, and Samsung continue to lead standard-setting, leaving smaller suppliers with limited bargaining power.
No numerical revenue or profit guidance disclosed directly by the company was identified.
According to a summary compiled by financial data provider FnGuide, consolidated Q1 2026 revenue fell 12.6% year-on-year, operating profit fell 47.8%, and net profit fell 15.5%; this reflects a summary of recently disclosed figures and should be treated as provisional pending any subsequent corrective filings.
The same source noted that while demand for higher-quality products such as energy-harvesting remote controls continues in the core remote control business, intensifying price competition is making it difficult to secure profitability.
On the new product front, the WiFi SmartThings V4 Hub and a location tracker have been newly launched, and product line expansion continues through development of Zigbee4.0- and Matter-compliant items.
On the overseas production side, the company has operated a Thailand subsidiary as part of efforts to diversify its supply chain.
Going forward, the timing and scale of new product revenue contribution, along with whether price competition in the remote control business eases, are likely to be key variables shaping the earnings trajectory.
The current share price appears to trade at a notable discount to net asset value, which can be interpreted as the market pricing in the earnings volatility that has persisted since the profit stagnation of 2023.
On the earnings side, profitability recovered once in 2024 from the low-margin phase of 2022-2023, only to soften again in 2025, and this earnings fluctuation appears to have influenced valuation multiples as well.
On the dividend side, a track record of consistent cash dividend payments is confirmed, though an assessment of the payout level itself is left to the reader. Given its characteristics as a small-cap stock, trading volume and liquidity may be limited, which is also worth considering when interpreting valuation metrics.
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 2026-08-23
The debt ratio has steadily declined from 26.5% in 2023 to 16.1% in 2025, and operating cash flow has remained positive for three consecutive years from 2023 to 2025. Moving out of the negative cash flow phase seen in 2022 into a more stable cash-generating structure reduces financial risk.
To reduce reliance on the single remote-control business, the company has launched new products such as the WiFi SmartThings V4 Hub and a location tracker, while continuing development compliant with Zigbee4.0 and Matter.
This can be read as an attempt to move into higher value-added peripheral segments within the growing smart-home market.
In addition to China and Indonesia, the company has a production subsidiary in Thailand, reducing concentration risk in any single country. This diversified production base helps the company respond to customers' supply-chain diversification requirements.
2025 revenue declined to KRW 148.3 billion from KRW 159.2 billion in 2024, and owners' net profit fell sharply from KRW 9.05 billion to KRW 3.89 billion. Q1 2026 results also reportedly showed year-on-year declines across revenue, operating profit, and net profit, suggesting the slowdown has continued.
In Q4 2025, revenue reached KRW 43.8 billion—the highest in the window—yet net profit posted a loss of KRW 0.56 billion. The lack of consistent correlation between revenue scale and profitability increases the difficulty of forecasting quarterly results.
In the core remote-control business, while demand for higher-quality products persists, intensifying price competition from later entrants is reportedly making it difficult to secure profitability, which could constrain future operating margin improvement.
Given the ODM/OEM business structure, revenue is heavily dependent on specific customers such as Samsung Electronics. Any decision by the customer to reduce order volumes, diversify sourcing, or expand in-house production could directly affect revenue.
Operating production subsidiaries in multiple countries including China, Indonesia, and Thailand exposes the company to rising labor costs, policy changes, and currency fluctuations in each jurisdiction. Diversification does not fully eliminate this risk, as conditions in any individual country can still affect costs.
As smartphone apps and voice assistants become more common for device control, demand for traditional physical remote controls may gradually shift. In the new IoT hub and sensor categories the company is pursuing, it must also compete with large platform owners such as Google, Amazon, and Samsung Electronics.
Check the Q3 2026 earnings disclosure — watch for whether revenue recovers, how operating margin trends, and whether a sharp earnings swing similar to Q4 2025 recurs.
Check disclosures on annual dividend policy and cash dividend decisions — worth confirming how the recent improvement in financial structure is reflected in shareholder return policy.
Check the 2026 annual business report and annual shareholders' meeting disclosures — this is when confirmed full-year results, segment revenue mix, and the dividend proposal are finalized.
Track whether and to what extent the WiFi SmartThings V4 Hub and Zigbee4.0/Matter-compliant new products contribute to revenue — a key indicator of reduced reliance on the single remote-control business.
Samjin is an ODM/OEM manufacturer of remote controls and IoT modules serving Samsung Electronics as its main customer, having moved through the low-margin phase of 2022-2023, achieved a profit recovery in 2024, and then seen both revenue and earnings soften again in 2025.
Quarterly results have shown significant volatility, swinging from a net loss in Q4 2025 to a rebound in Q1 2026, reflecting a business structure in which revenue scale and profitability do not always move together.
On the balance sheet side, a declining debt ratio and several years of stable operating cash flow stand out as positive signals.
Strategically, the company is attempting to broaden its portfolio with products such as the WiFi SmartThings V4 Hub and Matter/Zigbee4.0-compliant items in response to intensifying price competition in the traditional remote control business, though the results of this effort remain to be confirmed.
Factors to weigh alongside this include dependence on a specific customer, foreign exchange and cost risks tied to operating production bases across multiple countries, and the possibility that smartphone apps and voice assistants will gradually substitute demand for traditional remote controls.
Investment judgment should be made by the reader after reviewing concrete future disclosures on quarterly results, new product revenue contribution, and dividend policy.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.