PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
After posting an operating loss in 2025, Intops returned to revenue growth and operating profit in the first half of 2026, while building out robot contract-manufacturing (EMS) work for Samsung Electronics, Hyundai Motor/Kia and Bear Robotics as a new growth pillar.
After a KRW 11.3bn consolidated operating loss in 2025, Intops posted two straight quarters of operating profit in 2026 (KRW 6.4bn in Q1, KRW 1.9bn in Q2).
The bulk of revenue comes from the IT device (smartphone case/assembly) segment centered on Samsung Electronics, followed by automotive parts and home-appliance assembly.
The robot EMS customer base is expanding, including standby production readiness for Samsung Electronics' Bot Fit walking-assist robot, KS-certified production of Hyundai Motor/Kia's X-ble Shoulder wearable robot, and exclusive manufacturing of Bear Robotics' serving robots.
In June 2026 the board approved a KRW 13.0bn treasury-stock trust buyback contract running through December 15, 2026.
Business scale that reached KRW 1 trillion-plus revenue and a 12.7% operating margin in 2022 has since contracted over three years, and whether the 2026 recovery fully restores prior levels remains unconfirmed.
Founded in 1981, Intops is a precision mold, injection-molding and IT device specialist organized into four segments: IT devices, automotive parts, home-appliance assembly (ASS'Y), and distribution/services.
In the most recent quarterly breakdown, IT devices accounted for roughly 73% of revenue, automotive parts about 14%, home-appliance assembly about 11%, and distribution/services around 1%, making IT devices the dominant contributor.
Most revenue is generated through Intops' relationship with Samsung Electronics, where the company has served for years as a first-tier vendor handling smartphone case processing/assembly and antenna component assembly.
Of the KRW 590.8bn in consolidated 2025 revenue, roughly KRW 416.0bn came from mobile-related parts manufacturing and sales.
More recently, Intops has extended its mold, injection-molding and precision-assembly capabilities into robot contract manufacturing (EMS): it handles prototype-to-mass-production assembly for Samsung Electronics' walking-assist robot Bot Fit and is in standby readiness for mass production, while Hyundai Motor/Kia Robotics Lab's wearable robot X-ble Shoulder has obtained Korean Standard certification (KS B 7322) and is already in production, being deployed to customers such as Korean Air and Korea Railroad Corporation.
Intops also holds an exclusive manufacturing contract for Bear Robotics' serving robots Servi and Servi Plus, whose majority owner is LG Electronics. The company is further diversifying through its subsidiary Intops Investment, which has invested in domestic space-launch startup Perigee Aerospace.
Competitively, Intops holds a stable position as a large vendor within Samsung's smartphone parts supply chain, while in robot EMS it is cited as one of few domestic players with mass-production infrastructure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩144.4B | -₩9.7B | −6.7% |
| 2025Q3 | ₩142.6B | -₩700M | −0.5% |
| 2025Q4 | ₩142.1B | -₩1.2B | −0.8% |
| 2026Q1 | ₩163.1B | ₩6.4B | 3.9% |
| 2026Q2 | ₩155B | ₩1.9B | 1.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.1T | ₩142B | ₩100.4B | 12.7% | 16.3% | 19.0% |
| 2023 | ₩577.4B | ₩18.3B | ₩27.7B | 3.2% | 4.4% | 14.8% |
| 2024 | ₩614.7B | ₩3.8B | ₩21.5B | 0.6% | 3.3% | 16.7% |
| 2025 | ₩590.8B | -₩11.3B | ₩8.2B | −1.9% | 1.2% | 15.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Intops' consolidated revenue moved from KRW 1,114.2bn (12.7% operating margin) in 2022 down to KRW 577.4bn in 2023 and KRW 614.7bn in 2024, before settling at KRW 590.8bn in 2025.
Over the same period operating profit collapsed from KRW 142.0bn in 2022 to KRW 18.3bn (3.2% margin) in 2023 and KRW 3.8bn (0.6%) in 2024, before turning to an operating loss of KRW 11.3bn in 2025.
Even so, 2025 net income attributable to owners was a positive KRW 8.2bn despite the operating loss, a result that appears to reflect non-operating gains.
On a quarterly basis, the operating loss bottomed at KRW 9.7bn in Q2 2025 before narrowing to KRW 0.68bn in Q3 and KRW 1.2bn in Q4; notably, Q4 net income attributable to owners jumped to KRW 11.45bn even as the operating loss persisted, suggesting a meaningful non-operating impact.
In 2026, the company posted two consecutive quarters of operating profit — KRW 163.1bn revenue and KRW 6.4bn operating profit in Q1, and KRW 155.0bn revenue and KRW 1.9bn operating profit in Q2.
Summing net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) yields KRW 23.9bn, indicating a recovery from the weak first half of 2025.
On the balance sheet, the debt ratio eased from 16.7% in 2024 to 15.4% in 2025, and owners' equity edged up from KRW 658.5bn to KRW 667.2bn over the same period.
Consolidated revenue in the first half of 2026 rose 3.9% year-on-year with both operating profit and net income turning positive, which the company attributes mainly to improved yield and lower manufacturing costs in the IT device segment.
Intops' core end market, smartphones, is reorienting toward AI-enabled premium products, and the added complexity of transitioning production lines for these new models has been cited as one factor behind the weak 2023-2025 performance.
The home appliance market is likewise expected to see rising demand for related components as products shift toward AI- and sensor-integrated intelligent appliances. The automotive parts segment has held up relatively well, supported by growing exports of eco-friendly and hybrid vehicles.
Meanwhile, the robot industry is expected to expand from serving and wearable robots toward humanoids over the medium to long term, and as large corporates such as Samsung Electronics and LG Electronics move their robot businesses into commercialization, new demand for contract manufacturing (EMS) is emerging.
Intops has built a dedicated robot production line in Gumi, North Gyeongsang Province, and is cited as one of a small number of domestic firms capable of mass-producing and quality-managing finished robots; while the bill-of-materials contribution of robot parts themselves is limited, expanding into turnkey EMS covering sourcing through assembly and inspection could increase revenue opportunity per unit.
The Gumi production base is also noted as potentially aligning with global customers' efforts to diversify supply chains away from China.
That said, robot EMS remains an early-stage business whose revenue contribution has not yet been validated at scale, and dependence on the existing smartphone parts cycle remains substantial.
In the first half of 2026, Intops achieved 3.9% year-on-year revenue growth alongside a turnaround to profit at both the operating and net income levels, with the company citing improved yield and reduced manufacturing costs in the IT device segment as the main drivers.
In robot EMS, a company research report published by the Korea IR Service's corporate research center indicated that from the second half of 2026 Intops plans to begin contract manufacturing for a domestic wearable robot developer in addition to Hyundai Motor/Kia, potentially broadening its production lineup and customer base.
Samsung Electronics' Bot Fit is currently supplied on a trial basis to B2B customers such as medical and rehabilitation centers, with a consumer (B2C) launch reportedly requiring additional time due to control-technology refinement.
On the shareholder-return front, the board approved a KRW 13.0bn treasury-stock trust buyback contract with NH Investment & Securities in June 2026, running through December 15, 2026.
The automotive parts segment is expected to continue contributing relatively stable results as eco-friendly and hybrid vehicle exports keep expanding.
In the space sector, subsidiary Intops Investment has invested in Perigee Aerospace, which is reportedly preparing for a KOSDAQ listing, reflecting an ongoing effort at medium-to-long-term portfolio diversification.
Whether these newer businesses can grow large enough to offset volatility in the core IT device segment remains something that will need to be confirmed through subsequent quarterly results.
Intops is in an earnings-recovery phase, having moved from an operating loss in 2025 to operating profit in the first half of 2026, and market valuation assessments may hinge on whether this profit recovery proves durable and whether newer businesses such as robot EMS can meaningfully grow their revenue contribution.
The stock is understood to trade at a substantial discount to net asset value, which can be read as reflecting the sharp margin contraction seen during the weak 2023-2025 stretch.
On dividends, the company does not appear to maintain a notably generous shareholder-return policy relative to other parts and EMS peers in the sector. That said, the June 2026 treasury-stock trust buyback contract is cited as a sign of strengthened shareholder-return intent.
How current multiples compare with past trading ranges may continue to shift depending on whether quarterly profit improvement proves sustained.
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 2026-08-21
Two consecutive quarters of operating profit in Q1 and Q2 2026 confirm a move away from the 2025 loss-making phase. The company cites improved yield and lower manufacturing costs in the IT device segment as the key drivers.
Net income attributable to owners over the most recent four quarters totaled KRW 23.9bn, a marked contrast with the weak first half of 2025.
The corporate customer base is diversifying, including standby readiness for Samsung Electronics' Bot Fit, KS-certified production of Hyundai Motor/Kia's X-ble Shoulder, and exclusive manufacturing of Bear Robotics' serving robots.
From the second half of 2026, contract manufacturing for a domestic wearable robot developer is also reportedly set to begin. The mass-production infrastructure at the Gumi facility is viewed as a competitive advantage rare among domestic peers.
The debt ratio eased from 16.7% in 2024 to 15.4% in 2025, indicating a stable financial structure. In June 2026 the company signed a KRW 13.0bn treasury-stock trust buyback contract, signaling intent to expand shareholder returns.
The automotive parts segment also continues to contribute relatively stable results, supported by growing eco-friendly vehicle exports.
About 73% of revenue is generated by the IT device segment, most of which is concentrated on the Samsung Electronics relationship. The sharp contraction in results from 2022 through 2023-2025 was itself tied to the burden of retooling production for Samsung's product transitions. As long as this concentrated-customer structure persists, earnings volatility could continue.
Robot EMS remains an early-stage business whose revenue contribution has not yet been concretely confirmed. Some assessments note that EMS represents a limited share of the robot bill of materials, meaning it may take time for revenue expansion to materially affect overall company earnings.
The timing of a B2C launch for Samsung Electronics' Bot Fit also remains uncertain, reportedly pending further control-technology refinement.
Operating profit, which reached KRW 142.0bn in 2022, shrank to a loss of KRW 11.3bn in 2025 before turning positive in the first half of 2026, but a substantial gap versus historical levels remains.
Cases such as Q4 2025, where net income improved sharply despite an operating loss, appear to reflect non-operating items, meaning the durability of core-business profitability recovery still needs further confirmation.
An overwhelming share of revenue derives from the Samsung Electronics relationship, so weak smartphone sales or supply-chain policy shifts at Samsung could directly affect results.
Rising process complexity during product transitions has previously damaged profitability, and newer businesses such as robot EMS have not yet grown large enough to offset this.
A significant share of production runs through overseas subsidiaries such as those in Vietnam, exposing the company to currency swings and local labor-cost and yield issues. Yield problems at overseas plants have previously been cited as a major cause of earnings deterioration.
Additional capacity expansion aimed at productivity gains is underway, but the durability of its effects needs to be confirmed through quarterly results.
Robot EMS and space-sector investment are cited as medium-to-long-term growth drivers, but the timing and scale of commercialization remain uncertain. Should Samsung Electronics' Bot Fit B2C transition be delayed, related expectations could be recalibrated. The listing and commercialization timeline for Perigee Aerospace could also be affected by external variables.
The Q3 2026 quarterly report is expected around this time; it will be important to check whether the operating-profit trend seen in Q1 and Q2 2026 continues into Q3.
Investors should watch for confirmation of the new contract-manufacturing relationship with a domestic wearable robot developer referenced in the Korea IR Service research report, along with any disclosure on expanded customers or product lines.
This marks the expiration of the KRW 13.0bn treasury-stock trust buyback contract, a point to check the actual amount repurchased and whether the contract is extended.
The FY2026 annual business report is expected around this time, which should clarify whether full-year operating profit closes solidly positive and reveal the concrete annual revenue contribution from newer businesses such as robot EMS.
Intops has entered a recovery phase after posting an operating loss in 2025, turning to operating profit for two consecutive quarters in the first half of 2026, which the company attributes to improved yield and cost reductions in the IT device segment.
At the same time, it is diversifying beyond its smartphone-parts-centered structure by expanding its robot EMS customer base to include Samsung Electronics' Bot Fit, Hyundai Motor/Kia's X-ble Shoulder, and Bear Robotics' serving robots.
Even so, the overwhelming share of revenue remains concentrated in the Samsung-linked IT device segment, and whether profit fully recovers to levels seen before the 2022 peak contraction will require confirmation through further quarterly results.
Newer businesses such as robot EMS and space-sector investment are cited as medium-to-long-term growth drivers but remain at an early stage where their concrete revenue contribution has yet to be demonstrated.
The June 2026 treasury-stock trust buyback contract can be read as an attempt to strengthen shareholder returns.
Overall, the durability of the core-business recovery and the extent to which new businesses expand their revenue contribution appear to be the key points to watch in assessing future results and market perception.
Report written 2026-09-05 · Data as of 2026-09-04
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