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
Jaeyoung Solutec has shifted from losses to profit since the second half of 2025, driven by expanding sales of optical image stabilization (OIS) actuators and improved production efficiency.
2025 consolidated revenue reached KRW 164.5 billion (up 48% year-on-year), with operating profit of KRW 10.7 billion marking a clear earnings recovery.
Operating profit hit a record KRW 9.1 billion in Q1 2026 before continuing at KRW 8.0 billion in Q2.
Cumulative H1 2026 operating profit of KRW 17.1 billion already exceeded the full-year 2025 figure of KRW 10.7 billion.
Growing OIS product mix is driving revenue and margin gains, while the debt ratio fell sharply from 221.7% in 2022 to 111.5% in 2025.
A 5-for-1 share consolidation was completed in April 2026, adjusting the total number of shares outstanding.
Founded in 1976, Jaeyoung Solutec is a specialist manufacturer of autofocus (AF) actuators for smartphone camera modules, with its business divided broadly into the nano-optics (AF) division and the mold division.
The AF division handles camera module component design through mass production, while the mold division covers plastic products for electronics, automotive parts, and logistics from design through production.
Its actuator lineup spans VCM (voice coil motor), Encoder AF, and OIS (optical image stabilization), and the company is reportedly the only domestic firm producing all three types.
It established its Jaeyoung VINA subsidiary in Vietnam in August 2016, which has a production capacity of roughly 22 million units per month. Its principal customer is Samsung Electronics, with which it maintains a supply relationship for Galaxy series actuator components.
Within the actuator segment, OIS previously accounted for roughly 50% of sales and Encoder about 40%, reflecting a tilt toward higher-spec products.
More recently, the company has concentrated R&D efforts at its newly established Seoul development center to extend its precision actuator technology beyond mobile optics into robotics, automation systems, and mobility applications.
Over the medium to long term, it aims to expand into AI camera modules, robot components, and automotive sensors, evolving from a component supplier into what it describes as a 'smart actuator platform.'
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩33.3B | -₩1.1B | −3.3% |
| 2025Q3 | ₩44.4B | ₩3.9B | 8.7% |
| 2025Q4 | ₩48.4B | ₩6.6B | 13.7% |
| 2026Q1 | ₩58.1B | ₩9.1B | 15.7% |
| 2026Q2 | ₩49B | ₩8B | 16.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩119.6B | ₩5.4B | -₩8.3B | 4.6% | −13.2% | 221.7% |
| 2023 | ₩107.2B | ₩4.9B | ₩1B | 4.6% | 1.5% | 206.6% |
| 2024 | ₩111.4B | ₩10B | ₩4.2B | 9.0% | 6.1% | 190.3% |
| 2025 | ₩164.5B | ₩10.7B | ₩8.5B | 6.5% | 8.3% | 111.5% |
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
Consolidated revenue in 2025 rose to KRW 164.5 billion, up 48% from KRW 111.4 billion in 2024, while operating profit increased modestly to KRW 10.7 billion from KRW 10.0 billion, even as the operating margin slipped from 9.0% to 6.5%.
Net income attributable to owners more than doubled to KRW 8.5 billion in 2025 from KRW 4.2 billion in 2024.
The company posted a net loss of KRW 8.3 billion attributable to owners in 2022, narrowly turned profitable with KRW 1.0 billion in net income in 2023, and then saw earnings scale up markedly through 2024 and 2025.
The debt ratio declined steadily from 221.7% in 2022 to 206.6% in 2023, 190.3% in 2024, and 111.5% in 2025, reflecting an improving balance sheet.
On a quarterly basis, Q2 2025 showed a loss, with revenue of KRW 33.3 billion, an operating loss of KRW 1.1 billion, and a net loss attributable to owners of KRW 2.2 billion, before turning profitable in Q3 with revenue of KRW 44.4 billion, operating profit of KRW 3.9 billion, and net income of KRW 4.1 billion.
Revenue and profit continued to climb together through Q4 2025 (revenue KRW 48.4 billion, operating profit KRW 6.6 billion, net income KRW 6.7 billion) and Q1 2026 (revenue KRW 58.1 billion, operating profit KRW 9.1 billion, net income KRW 9.3 billion), marking four consecutive quarters of joint growth.
In Q2 2026, revenue eased to KRW 49.0 billion and operating profit to KRW 8.0 billion versus the prior quarter, but both were sharply higher than the year-earlier loss, with revenue up 47% year-on-year.
Management has attributed the improvement to the payoff from several years of investment in expanded production lines and automated robotic equipment, and the fact that operating profit growth outpaced revenue growth in H1 2026 suggests cost and process efficiencies have contributed meaningfully to margin gains.
The smartphone camera module market benefits structurally from both rising camera counts per device and spec upgrades toward higher image quality (OIS, higher-magnification zoom, etc.), combining volume and price/spec tailwinds.
However, with overall global smartphone shipment growth having plateaued, actuator makers' top-line growth depends heavily on new model adoption and the spread of higher-spec features such as OIS into mid-tier models.
Jaeyoung Solutec is reportedly the only domestic company producing VCM, Encoder AF, and OIS actuators, giving it a more diversified product portfolio than rivals reliant on a single actuator type.
Competitively, domestic camera module and actuator makers such as LG Innotek, Jahwa Electronics, and Camsys, along with Chinese component suppliers, are cited as key rivals, with market share subject to shifts in supply chain strategy at finished-device makers including Samsung Electronics.
Given its heavy reliance on Samsung's Galaxy lineup, the company's performance is directly tied to its principal customer's new model sales and component spec decisions.
More recently, an industry-wide push has emerged to extend actuator technology beyond smartphones into robotics and autonomous vehicle applications, and Jaeyoung Solutec is positioning itself to pursue these new markets as well.
The company has invested roughly KRW 100 billion over the past five-plus years in expanding production lines and introducing automated robotic equipment, centered on its Vietnam production base, and states that the payoff from this investment is now showing up in recent earnings.
Management also notes that its proactively developed hybrid OIS product is contributing more to results as production yield stabilization and process efficiency improvements progress.
The company expects the growth drivers of expanding high-spec camera actuator adoption and rising OIS product mix to continue for the time being, with a key question being whether OIS adoption keeps spreading into its principal customer's mid-tier models.
Centered on a Seoul development center established in June 2025, the company is preparing high-torque actuator systems for future applications in AI smartphones, robots, and autonomous vehicles, with medium- to long-term plans to extend its technology into AI camera modules, robot components, and automotive sensors.
In April 2026, it completed a 5-for-1 share consolidation aimed at maintaining an appropriate number of shares outstanding and enhancing corporate value, adjusting total shares outstanding to roughly 23.38 million.
A key point to watch in the upcoming Q3 2026 quarterly filing is whether revenue and profit resume expanding from the Q2 level or whether the recent moderation continues.
The company's earnings profile has moved from a net loss in 2022, to a narrow profit in 2023, and then into a clearer recovery phase through 2024 and 2025.
Reflecting this earnings recovery, the current share price has tended to trade at a higher multiple than the levels seen during the prior loss-making or low-profit period.
Shareholders' equity has grown each year since 2022, expanding further in 2025 through accumulated earnings, which has changed the relationship between the share price and net asset value compared with earlier periods.
The company has not paid dividends in recent years, so shareholder return through dividend yield remains limited. The 5-for-1 share consolidation completed in April 2026 reduced the number of shares outstanding, which complicates simple comparisons of per-share metrics against pre-consolidation figures.
Assessing valuation going forward requires monitoring the sustainability of quarterly earnings, the pace of OIS mix expansion, and shifts in the competitive landscape.
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
Revenue and operating profit grew together for four consecutive quarters from Q3 2025 through Q1 2026. H1 2026 operating profit of KRW 17.1 billion already exceeded the full-year 2025 figure of KRW 10.7 billion.
The shift from a net loss in 2022 to a more consistently profitable quarterly structure is a positive development.
OIS sales grew 202% year-on-year in 2025, driving overall revenue growth. The company is reportedly the only domestic maker producing VCM, Encoder AF, and OIS actuators, differentiating it through portfolio diversification. Further spread of OIS adoption into its principal customer's mid-tier models could broaden its revenue base.
The debt ratio declined each year from 221.7% in 2022 to 111.5% in 2025. Operating cash flow remained positive every year from 2022 through 2025.
The payoff from roughly KRW 100 billion invested in production automation over the past five-plus years, now showing up in recent results, is also worth noting from a financial stability standpoint.
Revenue is heavily dependent on supply to Samsung Electronics' Galaxy lineup. Weak sales of a specific new model or changes in component spec decisions by that customer could directly affect results. Without further customer diversification, this dependence is likely to persist.
After posting a record operating profit of KRW 9.1 billion in Q1 2026, both revenue and operating profit declined quarter-on-quarter in Q2. Quarterly performance tends to vary significantly with new smartphone model launch schedules.
There is a precedent, as in Q2 2025, of swinging back into a loss during off-peak periods, warranting attention to seasonality.
The company has not paid cash dividends in recent periods, limiting shareholder return incentives. Even as earnings recover, it remains unconfirmed whether dividend policy will change. Capital has largely accumulated through internal retention.
High revenue dependence on Samsung Electronics' Galaxy lineup means changes in that customer's sales performance or component sourcing strategy could directly affect results. With global smartphone shipment growth having plateaued, weaker-than-expected sales of new models could slow revenue growth. Technological catch-up by competitors or intensifying price competition could also pressure margins.
With a significant share of production based in Vietnam through its local subsidiary, the company is exposed to cost and profitability effects from KRW/USD and Vietnamese dong exchange rate fluctuations. Raw material price swings and rising labor costs could also affect margins.
While production automation investment continues, the timing and scale of its realized benefits need to be confirmed through future results.
A 5-for-1 share consolidation completed in April 2026 significantly reduced total and outstanding shares. Trading patterns and supply-demand dynamics could differ from before the consolidation, and per-share metrics are difficult to compare directly with pre-consolidation figures. The impact of the reduced float on future trading liquidity warrants ongoing observation.
The Q3 2026 quarterly report filing will show whether revenue and operating profit resume growth from the Q2 level or whether the recent seasonal moderation continues.
Around the timing of Samsung Electronics' next Galaxy flagship launch event, it will be worth checking whether the adopted actuator specs and OIS coverage expand for the new models.
Progress on the high-torque actuator development project for robotics and autonomous vehicles centered at the Seoul R&D center, as well as any new customer wins, should be monitored.
Follow-up disclosures or earnings releases should be checked to see whether continued Vietnam production line expansion and automation investment translate into further yield and cost structure improvements.
Jaeyoung Solutec has shown a clear recovery pattern, moving from a net loss in 2022 to a modest profit in 2023, and then to joint revenue and operating profit growth through 2024-2025 and H1 2026.
Expansion of high-spec OIS products and the payoff from production automation investment are cited as key drivers of the recent earnings improvement, accompanied by a steadily declining debt ratio.
However, high customer concentration in Samsung Electronics' Galaxy lineup, quarterly earnings volatility, and the absence of a dividend are factors that warrant balanced consideration.
Following the 5-for-1 share consolidation completed in April 2026, per-share metrics will need to be tracked afresh on a post-consolidation basis.
Upcoming Q3 results, the timing of Samsung's next flagship launch, and progress on robotics and mobility initiatives will be important reference points for assessing future direction. This report is prepared for informational purposes and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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