Jinsung T.e.c

Founded in 1975, Jinsung TEC is a specialized manufacturer of under-carriage components for construction equipment, and it listed on KOSDAQ in 2000.

Its main products are track rollers, carrier rollers, front idlers, sprockets, and track links/track shoes, which are core parts of the under-carriage system in crawler-type equipment such as excavators and bulldozers.

Its customer base includes Caterpillar, the world's largest construction equipment maker, as well as Hitachi of Japan, HD Hyundai Infracore, and Volvo Construction Equipment Korea, with Caterpillar reportedly the largest single customer.

Construction equipment parts account for the vast majority of revenue, while a small portion comes from fuel cell components supplied through cooperation with Doosan Fuel Cell for power-generation and building applications.

Production is based in Pyeongtaek, Korea, with additional facilities in China, the United States, and Thailand, and the company is currently expanding a new plant in Thailand to pursue Southeast Asian market entry and new customer acquisition.

Jinsung TEC has maintained and expanded market share by supplying multiple global equipment makers, leveraging technical capability and quality stability.

Competitively, the under-carriage parts market is generally structured around a small number of specialized suppliers delivering to major equipment makers under long-term supply arrangements.

Consolidated 2025 revenue was KRW 463.8 billion, up 18.8% from KRW 390.5 billion in 2024, while operating profit rose 96.2% to KRW 47.9 billion from KRW 24.4 billion, lifting the operating margin from 6.3% to 10.3%. Net profit attributable to owners also increased from KRW 21.0 billion to KRW 32.6 billion.

Still, this recovery has not yet reached 2022 levels (revenue of KRW 541.0 billion, operating profit of KRW 66.3 billion, and a 12.3% operating margin), and is better understood as an emergence from the 2023-2024 downturn rather than a full peak recovery.

On a quarterly basis, revenue rose in every quarter from the second quarter of 2025 through the second quarter of 2026, moving from KRW 116.7 billion to KRW 118.3 billion, KRW 122.2 billion, KRW 136.4 billion, and KRW 152.8 billion, while the operating margin steadily declined over the same period from roughly 12.5% to 10.7%, 9.5%, 9.5%, and 7.5%.

The fact that margins fell even as revenue grew suggests that cost and tariff-related factors may have outpaced the pace of revenue growth.

Notably, in the second quarter of 2026 operating profit actually fell to KRW 11.49 billion from KRW 14.61 billion a year earlier, yet net profit attributable to owners surged more than fivefold from KRW 6.42 billion to KRW 33.98 billion, producing net profit that far exceeded operating profit.

This points to a potentially significant non-operating contribution (such as disposal gains, foreign-exchange effects, or equity-method items), though the specific cause requires confirmation through subsequent disclosures such as the semiannual or third-quarter report.

Over the trailing four quarters (third quarter of 2025 through second quarter of 2026), combined net profit attributable to owners totaled KRW 67.5 billion, underscoring considerable quarter-to-quarter volatility.

The under-carriage parts industry for construction equipment is directly linked to demand for excavators, bulldozers, and other heavy equipment, so its performance follows global infrastructure investment and construction cycles.

In an August 2025 report, Hana Securities noted that the order backlog of Caterpillar, Jinsung TEC's largest customer, grew from roughly $3.0 billion in 2023-2024 to about $3.7 billion in the second quarter of 2025, assessing that front-end demand was expanding.

The same report stated that Jinsung TEC's North American revenue share rose sharply from 43.0% in 2024 to 66.4% in the first quarter of 2025, attributing this to infrastructure investment tied to semiconductor and battery plant construction and data-center expansion in the United States.

Competitively, global finished-equipment makers such as Caterpillar and Hitachi are reportedly diversifying their parts supply chains, with some preference shift away from Chinese-made components.

That said, changes in tariff policy and fluctuations in raw material costs and exchange rates continue to be cited as external variables that can affect parts suppliers' results.

According to FnGuide data, cumulative revenue growth through the third quarter of 2025 was attributed to increased equipment production amid easing global supply-chain issues, along with U.S. semiconductor and battery plant construction and rising sales of small equipment.

Overall, some assessments suggest the industry has moved past a downturn that peaked in 2022 and into a recovery phase, though the pace and durability of that recovery may depend on customer inventory policy and the broader global economic environment.

The company is expanding a new plant complex in Thailand comprising a total of four factories with combined capacity of roughly KRW 300 billion, and an August 2025 Hana Securities report described this investment as a preemptive move ahead of a recovery in the construction equipment cycle.

According to a January 2025 news report (Daily Invest), the company's combined production capacity across Korea, the United States, China, and Thailand was about KRW 700 billion annually, with one of the four Thailand factories completed at that time and a second targeted for completion by the end of 2025 — actual progress should be reconfirmed through the latest disclosures.

On the product side, Hana Securities estimated in its August 2025 report that a new rubber-track product would be launched in stages starting in May 2026, and stated that parts testing tied to a global customer's new equipment launch had been completed.

DS Investment & Securities projected in a September 2025 report that the Thailand facility would prioritize track-product production starting in 2026, followed by new rubber products, and the same report noted that front-end customers could raise selling prices from 2026 to offset tariff burdens.

The timing and scale at which these plans translate into actual revenue need to be confirmed progressively through the company's regular disclosures.

Overall, the growth pillars of capacity expansion and new-product launches are in place, but the pace of realization may be affected by external variables such as customer demand, tariffs, and exchange rates.