PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Woojin Plaimm, Korea's top injection molding machine maker, rebuilt operating profit in 2025 but slipped again in early 2026, even as it broadens its growth base into industrial robotics.
2025 consolidated revenue reached KRW 211.6 billion with operating profit of KRW 2.93 billion, a sharp improvement from the prior year even as net profit slipped slightly.
The company posted an operating loss of about KRW 4.09 billion in Q1 2026 before returning to a roughly KRW 803 million profit in Q2, underscoring high quarter-to-quarter volatility.
In April 2026 the company unveiled six models of its self-developed industrial robot 'WABOT,' signaling a shift from an injection-machine-centric business toward integrated automation.
The revenue mix is shifting from Southeast Asia toward Europe and North America, and the company has purchased warehouse land in Georgia, USA.
The debt ratio improved to 186.2% at end-2025 from the prior year but remains at an elevated level of financial leverage.
Founded in 1985, Woojin Plaimm is Korea's leading manufacturer of plastic injection molding machines, having moved its listing to the KOSPI market in 2006.
The company develops and produces both energy-saving hydraulic and electric injection molding machines, and targets large-format molded products such as automotive bumpers and refrigerator cases with its 4,000-ton class ultra-large injection molding machines.
It also supplies customized products including specialty two-color injection machines and PET preform molding machines, while its Austrian research subsidiary's TH, TE, and DL-A5 series have earned recognition for quality in global markets.
The company operates four overseas subsidiaries in China, the United States, Mexico, and Austria, along with direct sales offices across Southeast Asia and Eastern Europe, expanding its international distribution network.
In April 2026, Woojin Plaimm unveiled six models of its self-developed industrial robot line 'WABOT,' becoming the first Korean injection molding machine maker to move into robot production, with a lineup spanning Cartesian robots (Nuro Series), articulated robots (Nuro X Series), and SCARA robots (Nuca Series).
This followed roughly three years of joint development with its Austrian research subsidiary and aims to transform the company into an integrated automation solutions provider combining molding machines, robots, and process data.
Domestically, LS Mtron (which also runs a tractor business alongside injection molding) is the primary competitor, while the company also faces competition from lower-cost Chinese manufacturers overseas.
In its recent business report, the company stated that orders for industrial robots and automation equipment are securing a stable revenue base.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩63.9B | ₩3.5B | 5.4% |
| 2025Q3 | ₩45B | -₩600M | −1.3% |
| 2025Q4 | ₩64.7B | ₩2.6B | 4.0% |
| 2026Q1 | ₩35.6B | -₩4.1B | −11.5% |
| 2026Q2 | ₩55.8B | ₩800M | 1.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩254.6B | ₩22.6B | ₩21.8B | 8.9% | 21.3% | 177.5% |
| 2023 | ₩212.1B | ₩9.1B | ₩6.1B | 4.3% | 5.7% | 199.2% |
| 2024 | ₩209.6B | ₩1.4B | ₩2.4B | 0.7% | 2.3% | 208.1% |
| 2025 | ₩211.6B | ₩2.9B | ₩2.3B | 1.4% | 2.1% | 186.2% |
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 reached KRW 211.6 billion, a modest increase from KRW 209.6 billion in 2024, while operating profit more than doubled to KRW 2.93 billion from KRW 1.39 billion, lifting the operating margin from 0.7% to 1.4%.
However, net profit attributable to owners came in at KRW 2.29 billion, slightly below the prior year's KRW 2.41 billion, meaning the operating improvement did not fully translate into higher net income.
Looking further back, 2023 revenue was KRW 212.1 billion with operating profit of KRW 9.06 billion (4.3% margin) and 2022 revenue was KRW 254.6 billion with operating profit of KRW 22.6 billion (8.9% margin) — together showing that while revenue has oscillated in the KRW 210-250 billion range over the past four years, operating margin fell sharply from 8.9% to 0.7% before a gradual recovery to 1.4%.
On a quarterly basis, Q3 2025 revenue fell to KRW 45.0 billion with an operating loss of KRW 597 million, before a strong rebound in Q4 2025 to KRW 64.7 billion in revenue, KRW 2.58 billion in operating profit, and KRW 3.98 billion in net profit.
That recovery reversed again in Q1 2026, with revenue falling to KRW 35.6 billion alongside an operating loss of KRW 4.09 billion and a net loss of KRW 2.61 billion, before turning profitable again in Q2 2026 with revenue of KRW 55.8 billion, operating profit of KRW 803 million, and net profit of KRW 923 million.
Across the most recent five quarters (Q2 2025 through Q2 2026), operating profit swung between roughly KRW 3.48 billion, negative KRW 597 million, KRW 2.58 billion, negative KRW 4.09 billion, and KRW 803 million — a pattern of alternating profit and loss likely reflecting the uneven timing of large project deliveries and revenue recognition inherent to made-to-order injection molding machine manufacturing.
On the cash flow side, operating cash flow rose sharply to KRW 10.7 billion in 2025 from KRW 5.5 billion in 2024, indicating that cash generation improved even amid earnings volatility.
The global injection molding machine market is growing at a moderate pace tied to demand from downstream industries such as automotive, electronics, and displays; according to market research firm Fortune Business Insights, the global injection molding machine market was valued at approximately USD 15.4 billion in 2019 and is projected to reach roughly USD 25.4 billion by around 2032, growing at a compound annual rate of 3.9%.
In Korea, Woojin Plaimm and LS Mtron are the two leading players, with LS Mtron operating a more diversified structure where its tractor business accounts for over 60% of total revenue while its injection molding division pursues expansion in the North American market.
Overseas, Chinese low-cost injection molding machine makers such as Haitian are entering the market with aggressive pricing, prompting Korean manufacturers to differentiate through technology and higher value-added products.
Eco-friendly and lightweighting technologies, such as physical foam molding, combined with smart manufacturing and automation, have become common industry trends, and Woojin Plaimm has responded with its Super-Foam technology introduced in 2018 and Clean-Foam technology in 2025.
The expansion of the electric vehicle market is cited as a factor stimulating injection molding demand for items such as battery pack housings and lightweight components, though demand for molding machines is also closely tied to the capital expenditure cycles of automakers and parts suppliers.
Given the nature of large-scale equipment investment, the injection molding machine industry is highly cyclical, with quarterly order and delivery volumes fluctuating unevenly depending on customers' expansion or line-replacement schedules.
In June 2025, Woojin Plaimm purchased a second factory near its headquarters in Boeun and has been undertaking major renovation work; the original completion target of late February was pushed back to the end of April due to on-site construction delays.
The expansion is intended to build out production capacity to prepare for full-scale production of industrial robots, autonomous mobile logistics robots, automation systems, and ODM robot business amid rising order volumes.
The 'WABOT' industrial robot lineup unveiled in April 2026 consists of gear-type (A Series), belt-type (C Series), and high-speed (T/D Series) models, and the company has stated plans to add an articulated robot lineup within the year.
CEO Kim Ik-hwan has set a mid-to-long-term goal of supplying actual smart factories integrated with robotic production systems by around 2030.
Geographically, the company's revenue mix, previously centered on Southeast Asia, is shifting toward Europe and North America, supported by the purchase of warehouse land in Georgia, USA.
The company's order backlog stood at KRW 3.61 billion at the end of 2025, and it has stated that orders for industrial robots and automation equipment are helping secure a stable revenue base.
Regarding external uncertainties such as U.S. tariff policy, CEO Kim indicated the company intends to respond by increasing, rather than cutting back, its research and development investment.
Woojin Plaimm's share price has fluctuated considerably over the past several years, and its current price-to-book ratio suggests the stock trades at a substantial discount to net asset value.
This appears linked to the period following the strong earnings of 2022, when operating margins fell sharply through 2024-2025 before beginning a gradual recovery, meaning the market appears to be pricing in both recent earnings volatility and the pace of recovery.
On dividends, based on the disclosed cash dividend per share, the yield appears to sit below the industry average, a result that reflects the significant decline in net profit scale compared to 2022.
While the company's move into robotics has drawn attention as a new growth avenue, this new business has not yet shown a clear contribution to revenue or profit in the financial statements, and the valuation continues to reflect the quarter-to-quarter volatility of the core injection molding machine business.
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
Operating profit more than doubled to KRW 2.93 billion in 2025 from KRW 1.39 billion the prior year, lifting the operating margin from 0.7% to 1.4%. After a loss in Q1 2026, the company returned to profitability in Q2, continuing its recovery attempt.
Cost management efficiency and expansion of higher value-added products are cited as drivers of the improvement.
In April 2026 the company unveiled six self-developed industrial robot models under the WABOT brand, becoming the first domestic injection molding machine maker to enter robot mass production.
This is based on technology co-developed with its Austrian research subsidiary over three years, with an articulated robot lineup addition planned within the year. Major customers including Hyundai Motor and Samsung Electronics attended the product unveiling event.
The revenue mix, previously centered on Southeast Asia, is shifting toward Europe and North America, and the company has strengthened local responsiveness by purchasing warehouse land in Georgia, USA. It operates four overseas subsidiaries in Austria, China, the United States, and Mexico, providing a global network.
Export expansion continues through customized products such as 4,000-ton class ultra-large injection molding machines.
Operating profit swung between profit and loss across the most recent five quarters (Q2 2025-Q2 2026). In Q1 2026, revenue fell to KRW 35.6 billion with an operating loss of KRW 4.09 billion and a net loss of KRW 2.61 billion, marking a return to negative territory.
Given the made-to-order nature of the business, there is a structural risk of uneven revenue and profit recognition depending on the timing of large project deliveries.
The debt ratio improved to 186.2% at end-2025 from 208.1% the prior year, but remains close to 200%, a relatively high level. Having risen from 177.5% in 2022 to 208.1% in 2024, financial burden could increase again if the profit recovery stalls.
The scale of net profit shrinking sharply from KRW 21.85 billion in 2022 to KRW 2.29 billion in 2025 is also worth noting in terms of financial buffer.
The industrial robot business began mass production only in April 2026 and is still in an early stage, with no clear contribution to revenue or profit yet visible in the financial statements.
Ongoing related investment, such as the second factory renovation, could weigh on near-term profitability through initial cost burdens. Intensifying price competition from low-cost Chinese injection molding machine makers could also pressure margins in the core existing business.
Injection molding machines are large capital equipment products whose demand is heavily tied to customers' capital expenditure cycles. A pullback in investment by downstream industries such as automotive and electronics could lead to reduced orders and revenue.
The recent swing in quarterly revenue between roughly KRW 35 billion and KRW 65 billion illustrates this sensitivity.
With a high share of overseas revenue and multiple overseas subsidiaries in the U.S., Europe, and elsewhere, currency fluctuations could affect earnings. Changes in the trade environment, such as shifts in U.S. tariff policy, are also cited as a variable that could affect export profitability. The company has indicated it plans to respond to such uncertainty by increasing R&D investment.
The industrial robot business is still in its early production stage, and whether it can achieve targeted revenue and profitability remains uncertain. As seen with the delayed completion of the second factory, plans to expand production facilities could also face further delays.
The smart factory supply goal targeted for around 2030 is a long-term objective that will require confirmation of concrete progress at intermediate stages.
Q3 2026 earnings are expected to be disclosed - it will be important to check whether the Q2 return to profit continues and whether the robotics business begins contributing to revenue.
It will be important to confirm completion of the second factory renovation and any expansion in mass production of industrial robots and automation equipment.
It will be worth checking whether the company follows through on its announced addition of an articulated robot lineup and how the market responds.
Upon disclosure of full-year 2026 results, it will be important to check the direction of full-year operating margin and the debt ratio.
Woojin Plaimm succeeded in rebuilding operating profit in 2025 but again showed quarter-to-quarter volatility between profit and loss in the first half of 2026.
Building on its position as Korea's top injection molding machine maker, the company has entered the industrial robotics business in an attempt to transform into an integrated automation company, while also diversifying its revenue geography toward Europe and North America.
However, the robotics business remains at an early mass-production stage with no confirmed financial contribution yet, and while the debt ratio has improved, it remains at an elevated level.
The industry's project-driven revenue recognition structure, characteristic of the injection molding machine business, also means quarterly earnings can vary significantly, which should be factored into any assessment.
Going forward, Q3 results, the concrete revenue contribution of the robotics business, and the completion timeline of the second factory will likely serve as key indicators for gauging the progress of this business transition.
This report does not induce any investment decision on a specific stock and is intended solely for informational purposes.
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.