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
Sae Dong posted record annual revenue of KRW 189.4 billion in 2025, but faces an operating loss in Q2 2026 and an ongoing governance dispute lawsuit.
2025 revenue reached a four-year high of KRW 189.4 billion (+10.7% YoY), but operating margin fell to 4.8%, below the 2022-2024 range.
Q1 2026 operating profit reached KRW 3.1 billion and net profit KRW 4.3 billion, but Q2 2026 reverted to an operating loss of KRW 0.18 billion and a net loss of KRW 0.16 billion.
A shareholder group's appeal over an extraordinary general meeting request is being heard at the Busan District Court as of September 2026, keeping the governance dispute active.
The company is a Tier-1 supplier of exterior parts such as door belts, extrusions, and injection-molded components to Hyundai and Kia.
The debt ratio declined from 285.0% in 2022 to 233.5% in 2025, but remains above 200%.
Sae Dong was founded in 1986 and listed on KOSDAQ in 2001 as a specialized manufacturer of exterior automotive parts. Its core products include metal extrusions, general extrusions, variable extrusions, general injection-molded parts, and gas-injection parts, with door belts and molding as key product groups.
Sae Dong develops and manufactures these products for supply to Hyundai and Kia, Korea's global automakers.
To respond to tightening environmental regulations and the spread of electrified vehicles, the company is focusing on next-generation lightweight and eco-friendly technologies such as ETFE coating, PVD-deposited door belts, aluminum roll forming, and triple extrusion.
Its production facility is located in Jangan-eup, Gijang-gun, Busan, with roughly 212 employees as of the end of June 2026. The customer structure reportedly covers all three major domestic automakers, meaning most revenue is tied to OEM order volumes.
In the competitive landscape, over 100 listed auto parts makers operate in Korea, and Sae Dong occupies a niche as a small-to-mid-sized Tier-1 supplier specializing in extrusion and injection molding technology. Its paid-in capital stands at KRW 8.82 billion, placing it in the small-cap category.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩46.2B | ₩3.1B | 6.7% |
| 2025Q3 | ₩45.2B | ₩2.4B | 5.4% |
| 2025Q4 | ₩56.1B | ₩1.5B | 2.7% |
| 2026Q1 | ₩52.7B | ₩3.1B | 5.9% |
| 2026Q2 | ₩53.8B | -₩17,943,595 | −0.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩156.1B | ₩12.4B | ₩12.4B | 8.0% | 43.4% | 285.0% |
| 2023 | ₩169.9B | ₩12.6B | ₩9.8B | 7.4% | 26.2% | 215.0% |
| 2024 | ₩171.1B | ₩10.7B | -₩1.2B | 6.3% | −3.3% | 209.5% |
| 2025 | ₩189.4B | ₩9.1B | ₩5.9B | 4.8% | 14.6% | 233.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Sae Dong's revenue grew for four consecutive years, from KRW 156.1 billion in 2022 to KRW 169.9 billion in 2023, KRW 171.1 billion in 2024, and KRW 189.4 billion in 2025.
However, operating profit stagnated at KRW 12.4 billion in 2022 and KRW 12.6 billion in 2023, declined to KRW 10.7 billion in 2024, and fell further to KRW 9.1 billion in 2025, with operating margin narrowing from 8.0% in 2022 to 4.8% in 2025.
Net profit was volatile: KRW 12.4 billion in 2022 and KRW 9.8 billion in 2023, then swinging to a net loss of KRW 1.2 billion in 2024 before recovering to a net profit of KRW 5.9 billion in 2025.
On a quarterly basis, net profit reached KRW 3.2 billion in Q3 2025 but swung to a net loss of KRW 2.1 billion in Q4 2025, showing significant quarter-to-quarter volatility, before improving with revenue of KRW 52.7 billion, operating profit of KRW 3.1 billion, and net profit of KRW 4.3 billion in Q1 2026.
In Q2 2026, however, revenue rose modestly to KRW 53.8 billion, yet operating profit reverted to a loss of KRW 0.02 billion and net profit to a loss of KRW 0.16 billion.
This suggests cost pressures or one-off items weighed on profitability despite revenue growth, and net profit attributable to owners over the trailing four quarters (Q3 2025-Q2 2026) totaled roughly KRW 5.3 billion.
On the cash flow side, 2025 operating cash flow of KRW 21.4 billion significantly exceeded net profit, indicating stronger underlying cash generation than the income statement alone suggests. By contrast, 2024 operating cash flow was negative at KRW -1.5 billion, deteriorating alongside the net loss that year.
The South Korean auto industry maintains a top-five global production position, with nine Korean parts makers ranking among the world's top 100 auto parts suppliers by revenue in 2024.
Korea's auto parts exports reached USD 35 billion in 2024, ranking sixth globally, and the auto industry accounts for 13.2% of total exports, underscoring its significance to the national economy.
The industry cycle is often framed as a chain running from OEM sales to production volume, utilization rates, parts order volume, fixed cost burden, and ultimately operating margin, meaning smaller exterior parts suppliers like Sae Dong have profitability tightly linked to automaker production schedules.
Upstream, the industry is undergoing a paradigm shift toward electrification, autonomous driving, and mobility services, with domestic suppliers seeking growth by integrating with adjacent sectors such as batteries and IT.
Competitors including Sungwoo Hitech and Hurim ATEC compete for Tier-1 status with Hyundai and Kia across exterior and interior parts, while Sae Dong operates in a niche built on extrusion and injection molding technology.
Fluctuations in aluminum raw material prices and the industry-wide push toward lightweight, eco-friendly materials driven by tightening environmental regulations remain common challenges across the sector.
Sae Dong has not disclosed specific public revenue or profit guidance, meaning its future earnings path will largely depend on automaker production plans and order volumes.
The company continues developing lightweight and eco-friendly technologies such as ETFE coating, PVD-deposited door belts, aluminum roll forming, and triple extrusion, signaling efforts to address parts conversion demand driven by the spread of electrified vehicles.
The improvement seen in Q1 2026, with revenue up 26% and operating profit up 49% year-on-year, did not carry through to Q2, which reverted to an operating loss.
The company stated it would respond according to legal procedures regarding the September 2026 appeal over the extraordinary general meeting request, and the outcome of this litigation remains a variable that could affect future board composition and management direction.
The Q3 2026 quarterly report is due to be filed by mid-November 2026 under statutory deadlines, and will serve as the next data point to assess whether the Q2 loss was a temporary factor or a more sustained slowdown.
Raw material price movements and shifts in automaker production plans are cited as key external variables that could affect results for the remainder of 2026.
Sae Dong's share price trades at a discount to its net asset value, reflecting the earnings volatility of recent years, including the net loss recorded in 2024.
Net profit swung from a loss in 2024 to a profit in 2025 and continued recovering through Q1 2026, but the return to a loss in Q2 2026 means the direction of earnings has not yet clearly stabilized.
On the dividend front, no cash dividend has been confirmed in recent disclosures, suggesting limited shareholder return policy at present. The debt ratio has gradually declined from 285.0% in 2022 to 233.5% in 2025, which can be read as a gradual improvement signal on the balance sheet side.
However, the ongoing governance dispute lawsuit represents a non-financial variable that could affect valuation, and how the market continues to price this in warrants ongoing observation.
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
Sae Dong's revenue grew for four consecutive years, from KRW 156.1 billion in 2022 to KRW 189.4 billion in 2025. This reflects both increased OEM order volumes and expansion of the product portfolio. Q1 2026 revenue rose 26% year-on-year, indicating the growth trend has continued.
The debt ratio has declined from 285.0% in 2022 to 233.5% in 2025. 2025 operating cash flow of KRW 21.4 billion significantly exceeded net profit, suggesting solid underlying cash generation. If this trend continues, it could be read as a positive signal for financial stability.
Sae Dong is focusing on next-generation lightweight and eco-friendly technologies including ETFE coating, PVD-deposited door belts, aluminum roll forming, and triple extrusion. This reflects efforts to respond to the industry shift driven by tightening environmental regulations and the spread of electrified vehicles.
Its existing Tier-1 supplier status with Hyundai and Kia provides relatively stable continuity potential as new technologies are adopted.
Operating margin declined from 8.0% in 2022 to 4.8% in 2025, indicating a profitability slowdown. The Q1 2026 improvement reverted to an operating loss in Q2, confirming significant quarter-to-quarter volatility. Separate from revenue growth, cost and expense management remains a key challenge for earnings stability.
As of September 2026, a group led by an individual and ten others filed an appeal at the Busan District Court over an extraordinary general meeting request. This follows a dismissal decision in August 2026, indicating the governance dispute remains active.
Depending on the litigation outcome, uncertainty around board composition and management decision-making could persist.
Despite the improving trend, the debt ratio stood at 233.5% in 2025, still above 200%. As a small-cap stock with limited market capitalization, liquidity and trading volatility can be relatively pronounced.
There is also a structural vulnerability in that earnings are highly sensitive to changes in automaker order volumes.
An appeal over an extraordinary general meeting request is being heard at the Busan District Court. Depending on the outcome, changes to board composition or management direction could occur, adding uncertainty to management stability. The company has stated it will respond according to legal procedures.
Sae Dong's revenue structure is heavily dependent on the production plans and order volumes of automakers such as Hyundai and Kia. Should automaker sales slow or production be adjusted, this could directly reduce parts orders and affect earnings. Limited customer diversification is also cited as a structural risk.
Net profit has alternated between gains and losses over the trailing four quarters, resulting in relatively low earnings predictability. The company posted a full-year net loss in 2024, and reverted to a loss again in Q2 2026. The impact of cost structure and one-off items warrants continued monitoring.
The statutory filing deadline for the Q3 2026 quarterly report, which will help determine whether the Q2 operating loss was temporary or a more sustained trend.
Once the Busan District Court rules on the extraordinary general meeting appeal case (Case No. 2026bihap3017), the direction of the governance dispute and potential changes to board composition should be reviewed.
It is worth continuously checking whether revenue growth translates into profit improvement, and whether operating margin recovers from the 2025 level of 4.8%.
Sae Dong's revenue grew steadily from 2022 through 2025, while operating margin simultaneously declined from 8.0% to 4.8%, reflecting a profitability slowdown alongside top-line growth.
Net profit swung from a loss in 2024 to a profit in 2025 and continued recovering through Q1 2026, but the return to a loss in Q2 2026 leaves questions about earnings stability.
On the balance sheet side, a gradually declining debt ratio offers an improvement signal, and 2025 operating cash flow significantly exceeding net profit is another point that can be viewed positively.
However, the ongoing appeal over an extraordinary general meeting request, active as of September 2026, remains a non-financial variable to watch regarding management stability. Given the business structure's heavy dependence on automaker order volumes, sensitivity to the upstream industry cycle also remains elevated.
Overall, Sae Dong sits at a juncture where top-line growth, profitability softening, and governance uncertainty coexist, with the next quarterly results and the progress of the litigation likely to serve as key variables shaping its future direction.
Report written 2026-10-01 · Data as of 2026-09-30
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.