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
Power Logics returned to operating profit in both the first and second quarters of 2026, driven mainly by improvement in its camera module business, while its secondary battery (ES) segment remains affected by a market downturn.
Of Q1 2026 revenue of KRW 241.3 billion, camera modules accounted for 79% and secondary battery protection circuits/packs for 20%.
2025 consolidated revenue fell 6.4% year-on-year to KRW 686.5 billion, with operating profit swinging from a gain to a loss.
Both Q1 2026 (operating profit of KRW 7.8 billion) and Q2 2026 (KRW 4.6 billion) were profitable, marking a turnaround for the first half.
Six Samsung Electronics camera module suppliers posted a combined H1 2026 operating margin of 2.4%, similar to the prior year.
Exports account for 86% of revenue, resulting in significant exposure to overseas demand and currency movements.
Power Logics is an electronic components company organized into an ES (Energy Solution) segment, which makes secondary battery protection circuits and large-format battery packs, and a CM (Camera Module) segment, which makes IT mobile and automotive camera modules.
As of Q1 2026, camera modules made up the largest share of revenue at 79%, while secondary battery protection circuits and packs accounted for 20%. By product, battery packs (PACK) contributed 12.9% of revenue and smart modules (SM) 5.7%.
Exports represented 86% of total revenue, reflecting heavy reliance on overseas sales. The camera module business focuses on multi-camera modules for Samsung Electronics smartphones and automotive camera modules, competing for the same customer base as Partron, MCNEX, Camsys, Namuga, and CoAsia CM.
The battery segment's core product is a protection circuit module (PCM) that blocks and controls overcharging and overdischarging of lithium-ion batteries, and the company has used this base to expand into large-format battery packs for electric vehicles (EV) and energy storage systems (ESS).
It entered the large-format battery market through a strategic partnership with a major domestic battery cell maker to reduce business risk. The CM segment continues joint development with global smartphone makers and automotive customers to build out its automotive camera module business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩165.9B | -₩6B | −3.6% |
| 2025Q3 | ₩182.9B | ₩6.1B | 3.4% |
| 2025Q4 | ₩159.4B | -₩2.4B | −1.5% |
| 2026Q1 | ₩241.3B | ₩7.8B | 3.2% |
| 2026Q2 | ₩200.5B | ₩4.6B | 2.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩743.9B | -₩39.1B | -₩49.5B | −5.3% | −29.6% | 86.0% |
| 2023 | ₩773.2B | ₩15.6B | ₩16.4B | 2.0% | 8.6% | 99.4% |
| 2024 | ₩733.4B | ₩2.4B | ₩10.8B | 0.3% | 5.0% | 90.9% |
| 2025 | ₩686.5B | -₩6.4B | -₩12.3B | −0.9% | −6.3% | 84.6% |
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
2025 consolidated revenue was KRW 686.5 billion, down 6.4% from KRW 733.4 billion in 2024. Operating profit swung from a gain of KRW 2.4 billion in 2024 to a loss of KRW 6.4 billion in 2025, and net income attributable to owners flipped from a gain of KRW 10.8 billion in 2024 to a loss of KRW 12.3 billion in 2025.
In 2023 the company had posted revenue of KRW 773.2 billion and operating profit of KRW 15.6 billion (a 2.0% margin), while 2022 saw a wider loss with revenue of KRW 743.9 billion and an operating loss of KRW 39.1 billion (a -5.3% margin), meaning results alternated between profit and loss over the past four fiscal years.
On a quarterly basis, operating profit moved from a loss of KRW 6.0 billion in Q2 2025 to a gain of KRW 6.1 billion in Q3 2025, before reverting to a loss of KRW 2.4 billion in Q4 2025, showing considerable quarter-to-quarter volatility.
In 2026, the company posted revenue of KRW 241.3 billion and operating profit of KRW 7.8 billion in Q1, followed by revenue of KRW 200.5 billion and operating profit of KRW 4.6 billion in Q2, marking two consecutive profitable quarters.
This first-half turnaround was driven by improved profitability in the camera module business; first-half 2026 revenue rose 28% year-on-year to KRW 441.8 billion with operating profit of KRW 12.4 billion, placing the company among the Samsung camera module suppliers that returned to profit.
Net income attributable to owners was KRW 8.9 billion in Q1 2026 and KRW 3.6 billion in Q2 2026.
Over the most recent four quarters (Q3 2025 through Q2 2026), net income attributable to owners totaled roughly KRW 8.5 billion, and given the swings seen in prior quarters, whether this improvement proves durable will require confirmation in coming quarterly results.
Six Samsung Electronics smartphone camera module suppliers (Partron, MCNEX, Power Logics, Camsys, Namuga, and CoAsia CM) posted a combined operating margin of 2.4% in H1 2026, little changed from 2.3% in the same period a year earlier.
Samsung Electro-Mechanics' camera module division posted a much higher operating margin of 5.8% over the same period, reflecting its larger share of Galaxy flagship models.
Industry sources attribute the margin gap to the fact that most suppliers carry a larger mix of lower-margin camera modules for mid-range Galaxy A series devices.
Among suppliers, Partron, Power Logics, and Camsys saw improved results in H1 while MCNEX and Namuga saw a slowdown, reflecting differences in order allocation.
Samsung Electronics' MX division typically spreads orders across multiple suppliers so that no single vendor dominates, making individual suppliers' results sensitive to shifts in order allocation.
The battery segment was affected by a market downturn in 2025, with the company disclosing that the decline in revenue and impairment recognition tied to the secondary battery market slump were the main causes of the deterioration in earnings.
Separately, Samsung Electronics reported that mobile division revenue grew in Q2 2026 on solid flagship sales led by the Galaxy S26 series and strong A-series sales, which is relevant to the demand base for camera module suppliers.
The company achieved a first-half turnaround in 2026, posting operating profit in both Q1 and Q2. The camera module business supplies multiple Samsung Electronics lineups including the Galaxy S series and A series, so new model launches and shifts in order allocation in the second half will continue to affect results.
The battery segment's revenue share stood at around 20% as of Q1 2026, but its pace of recovery could remain limited if the broader market downturn persists.
The company has previously pursued expansion into large-format battery packs and BMS for EV and ESS applications, managing business risk through partnership with a major domestic battery cell maker, giving this segment potential to contribute more to revenue if end-market demand recovers.
However, no official annual guidance or large new order disclosures have been confirmed as of the most recent information available. The future earnings trajectory will likely hinge on whether the camera module segment's margin improvement continues and whether the battery segment's revenue contribution recovers.
Power Logics shares trade below the company's most recently confirmed net asset value per share, placing the stock in a discount-to-book position. While the company posted an operating loss for full-year 2025, both Q1 and Q2 of 2026 turned operating-profitable, showing an improving earnings direction.
However, given the volatility seen in prior quarters—such as a single profitable quarter in Q3 2025 followed by another loss in Q4—whether the recent improvement proves durable will require confirmation in upcoming quarterly results.
No dividend was paid based on the most recently confirmed fiscal year, limiting the appeal from a shareholder-return perspective.
As with comparable companies in the camera module industry, the business continues to operate on a low single-digit operating margin structure, leaving valuation sensitive to the direction and magnitude of future earnings.
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
Driven by improved profitability in the camera module business, the company posted operating profit in both Q1 and Q2 of 2026. First-half revenue rose 28% year-on-year to KRW 441.8 billion with operating profit of KRW 12.4 billion, placing it among Samsung camera module suppliers that returned to profit.
Since camera modules account for 79% of total revenue, improvement in this segment has an outsized impact on overall results.
Building on technology and know-how accumulated in battery protection circuits, the company has broadened its portfolio into large-format battery packs and BMS for EV and ESS applications. It entered this market through a strategic partnership with a major domestic battery cell maker to reduce business risk.
As of Q1 2026, battery pack (PACK) revenue accounted for 12.9% of the total, establishing itself as a revenue source beyond camera modules.
The CM segment continues to develop automotive camera modules alongside its IT mobile camera modules, maintaining joint development with global smartphone makers and automotive customers.
Through this, the company aims to build competitiveness in both the smartphone camera module market and automotive camera module technology. Growth in the underlying autonomous driving and vehicle electrification markets is cited as a mid- to long-term business opportunity.
The company disclosed that a decline in revenue tied to the secondary battery market slump, along with impairment recognition, was the main cause of the deterioration in 2025 results.
The battery protection circuit and pack segment's revenue share remained around 20% as of Q1 2026, meaning its contribution could stay limited if the market recovery is delayed. The improvement in the camera module segment has been offsetting much of the weakness in the battery segment.
Operating results swung from a loss in Q2 2025 to a profit in Q3, then back to a loss in Q4, showing considerable quarter-to-quarter volatility. In 2022, the company experienced a period of sharp swings with an annual operating loss equal to 5.3% of revenue. Whether the recent two consecutive profitable quarters can be sustained going forward remains to be confirmed.
A large portion of camera module revenue is tied to Samsung Electronics' smartphone programs, resulting in high customer concentration.
Samsung's MX division typically spreads orders across multiple suppliers to prevent any single vendor from dominating, making individual companies' results vulnerable to shifts in order allocation. In H1 2026 this dynamic was evident, with some suppliers improving while others slowed.
Most camera module revenue is linked to Samsung Electronics' smartphone programs, making results sensitive to changes in that customer's sales strategy and order allocation. Ongoing competition for order share among suppliers means shifts in market share can directly affect results.
The battery protection circuit and pack segment suffered revenue declines and asset impairments amid a 2025 market downturn. Given uncertainty over the timing of EV and ESS demand recovery, expansion of this segment's revenue share could be delayed.
With exports representing 86% of revenue, the company has significant exposure to currency fluctuations such as the KRW/USD rate and changes in overseas demand.
Operating overseas production sites, including in Vietnam, also means local labor costs, tariffs, and shifts in the trade environment can affect costs and results.
Q3 2026 results (quarterly report) are due to be disclosed – worth checking whether the camera module profit streak extends to a third consecutive quarter and whether the battery segment's revenue share recovers.
Changes in order allocation for new Galaxy models and mid-range lineups – worth monitoring news on order allocation among camera module suppliers and shifts in revenue mix.
Disclosure of preliminary full-year 2026 results – worth checking whether the first-half profit turnaround carries through to a full-year swing to profit.
Worth checking changes in the secondary battery (ES) segment's revenue share and battery pack (PACK) sales in the next quarterly segment disclosure.
Power Logics is an electronic components company built on two pillars—camera modules and secondary battery protection circuits/packs—that achieved a first-half turnaround to operating profit with two consecutive profitable quarters in Q1 and Q2 2026.
This improvement was driven largely by order allocation and margin recovery within the Samsung Electronics camera module supply chain, and since camera modules make up roughly 80% of total revenue, the direction of this segment largely determines overall results.
In contrast, the battery segment suffered revenue declines and asset impairments amid the 2025 market downturn, and its revenue share remained around 20% as of Q1 2026, meaning a full recovery has not yet been confirmed.
Given that annual results alternated between profit and loss over the past four years and quarterly results showed considerable volatility, whether the improvement seen in the last two quarters proves durable will require further confirmation in upcoming earnings releases.
The shares trade below the company's most recently confirmed net asset value, and no dividend was paid based on the most recent fiscal year. Investors will want to monitor both whether the camera module segment's margin improvement continues and when the battery segment's recovery materializes.
Report written 2026-09-05 · Data as of 2026-09-04
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