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
Samjin L&D is shifting its business structure from OA office equipment toward ESS/UPS power infrastructure components and has posted quarterly operating profit through 2026, but the balance-sheet recovery from years of declining revenue and shrinking equity remains a work in progress.
The component business (ESS/UPS, etc.) revenue share rose from 38.5% in 2025 to 55.3% in Q1 2026, shifting the company's center of gravity.
Full-year 2025 revenue was KRW 136.3 billion, down for a fourth straight year, and the operating loss persisted but narrowed sharply from the prior year.
The company posted operating profit in both Q1 and Q2 of 2026, and consolidated first-half operating income swung from a loss a year earlier to a profit.
The company signed a KRW 846 million treasury stock trust with Samsung Securities, and executives including the CEO and vice president have continued open-market share purchases.
Equity fell for a fourth straight year, from KRW 92.9 billion in 2022 to KRW 37.9 billion in 2025, while the debt ratio rose from 119% to 217% over the same period, leaving the balance sheet under continued pressure.
Founded in 1987 and headquartered in Dongtan, Hwaseong, Samjin L&D operates three business segments—components, products, and other—supported by its domestic headquarters and overseas production bases in Vietnam and the United States.
The components segment manufactures power and energy infrastructure parts such as ESS/UPS busbar assemblies, ESS top covers, UPS middle assemblies, and gaskets used in secondary battery production.
The products segment supplies OA finishers (office equipment finishing units) to customers including Konica Minolta under OEM/ODM arrangements, and the company is also pursuing new projects for four option models used in commercial production printing equipment.
The business mix is shifting quickly: in 2025 consolidated revenue was 59.9% products (OA) and 38.5% components, but by Q1 2026 the components segment rose to 55.3%, crossing the majority mark for the first time.
Samsung SDI is a key customer, and the company has mass-produced Holder Busbar assemblies for Samsung SDI's flagship model since 2024.
Overseas production is handled by the Vietnam subsidiary and the U.S. entity ELEMEK, with Q1 2026 utilization rates of 87.5% in Vietnam, 69.0% at headquarters, and 50.7% at ELEMEK in the U.S., showing notable variation across sites.
Management describes a dual-track strategy in which the OA business serves as a stable cash cow while the ESS/UPS component business is cultivated as the growth engine. CEO Lee Myung-jong, who took office in 2024, has been leading the business restructuring and profitability-focused management drive.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩31.2B | ₩900M | 3.0% |
| 2025Q3 | ₩36.4B | ₩900M | 2.6% |
| 2025Q4 | ₩28.9B | -₩800M | −2.8% |
| 2026Q1 | ₩35.9B | ₩700M | 1.9% |
| 2026Q2 | ₩40.4B | ₩1.4B | 3.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩256.5B | -₩1.5B | -₩1.6B | −0.6% | −1.7% | 119.1% |
| 2023 | ₩212.7B | -₩14.4B | -₩22.9B | −6.8% | −32.3% | 155.6% |
| 2024 | ₩173.2B | -₩8.9B | -₩21.7B | −5.2% | −47.1% | 211.5% |
| 2025 | ₩136.3B | -₩2B | -₩10.6B | −1.4% | −28.0% | 217.3% |
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
Annual revenue contracted for four consecutive years, from KRW 256.48 billion in 2022 to KRW 212.74 billion in 2023, KRW 173.22 billion in 2024, and KRW 136.34 billion in 2025.
Operating losses widened from KRW 1.52 billion in 2022 to KRW 14.45 billion in 2023, then narrowed to KRW 8.94 billion in 2024 and KRW 1.97 billion in 2025.
Net loss attributable to owners followed a similar pattern, peaking at KRW 22.94 billion in 2023 before improving to KRW 21.70 billion in 2024 and KRW 10.55 billion in 2025.
A notable bright spot was operating cash flow, which swung from negative KRW 4.81 billion in 2022 to positive KRW 3.87 billion in 2023, KRW 0.88 billion in 2024, and KRW 11.66 billion in 2025.
On a quarterly basis, the company posted a profit in Q3 2025 (revenue KRW 36.41 billion, operating profit KRW 0.93 billion, owners' net income KRW 2.71 billion), then swung back to a loss in Q4 2025 (revenue KRW 28.91 billion, operating loss KRW 0.82 billion, net loss KRW 2.47 billion).
In 2026, Q1 showed revenue of KRW 35.89 billion, operating profit of KRW 0.68 billion, and net income of KRW 3.85 billion, while Q2 showed revenue of KRW 40.38 billion, operating profit of KRW 1.37 billion, and a net loss of KRW 0.67 billion—operating profit held for two straight quarters even as net income alternated in sign due to non-operating items.
First-half 2026 consolidated revenue reached KRW 76.27 billion, up 15.6% year-on-year, with operating profit of KRW 2.05 billion marking a turnaround from an operating loss a year earlier, and the operating margin rose from 2.8% to 3.4% over the same period.
Management attributed the Q1 gross margin improvement, from 3.6% to 11.5% year-on-year, and a 22.4% reduction in SG&A expenses to a combination of cost-structure improvement, manufacturing efficiency gains, and changes in business mix.
The ESS/UPS market that the company is positioning as its growth axis is benefiting from two converging trends: the expansion of data centers in the AI transition era and the broader rollout of renewable energy.
ESS applications are widening as tools for energy storage and grid stabilization amid renewable energy expansion, while UPS demand is growing across data centers, industrial facilities, healthcare, and financial sectors where uninterrupted power supply is essential.
In response, the company continues to upgrade its production systems and automated processes to meet customer quality standards.
By contrast, the OA office equipment market is a mature industry with limited growth, though a stable supply relationship anchored by global customers such as Konica Minolta supports its role as a cash cow.
In the secondary battery component market, the long-standing trading relationship with Samsung SDI is cited as a competitive advantage, and the medium- to long-term growth outlook for EV and ESS battery markets is described as a supportive backdrop.
That said, as is typical for component suppliers, the company carries structurally high dependence on a small number of major customers, and its results can be sensitive to swings in the investment cycles of downstream sectors such as data centers, renewable energy, and secondary batteries.
The company has designated 2026 as the founding year for earnings recovery and renewed growth, outlining plans to strengthen medium- to long-term competitiveness centered on the ESS/UPS component business and the OA/commercial printing business.
In the products segment, the company is maintaining its existing OA finisher OEM/ODM business while preparing mass production of four new option models for commercial printing equipment at its Vietnam subsidiary, with revenue contribution expected to begin in the second half of 2026.
In the components segment, management expects the segment's weight to gradually increase through expanded ESS/UPS volumes for major battery customers and entry into ESS projects for the U.S. market.
On shareholder returns, the company's most recent annual general meeting approved reductions in capital reserves, statutory reserves, and discretionary reserves along with a transfer to retained earnings of roughly KRW 46.8 billion, fully offsetting the accumulated deficit and establishing a financial basis to consider future dividends and share buybacks.
Building on this, the company signed a KRW 846 million treasury stock trust with Samsung Securities in June 2026, running through December 10, 2026, targeting up to one million shares, or about 4% of shares outstanding.
Executive open-market buying has also continued, with the CEO and vice president together purchasing more than 390,000 shares cumulatively over roughly a year and a half since the share price fell below KRW 1,000.
The company has stated its intent to pursue earnings improvement, balance-sheet stabilization, and shareholder returns in a balanced manner.
The current share price trades at a discount to net asset value, with the price-to-book ratio below 1x suggesting the market is valuing the company below its accounting net asset base.
Against a backdrop of multi-year losses, owners' net income has turned positive on a trailing four-quarter combined basis, a notable change from the prior loss-making pattern.
However, quarterly net income has frequently flipped in sign, so whether this turn to profit proves durable will require confirmation through upcoming quarterly results.
The company has not paid dividends in recent years, though clearing its accumulated deficit has created conditions under which dividend funding could be secured going forward.
Because equity itself has shrunk over several years, the net asset base against which the price-to-book ratio is measured is also smaller than in the past, which is worth bearing in mind when interpreting the ratio.
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
The ESS/UPS-centered components segment's revenue share rose from 38.5% in 2025 to 55.3% in Q1 2026, crossing the majority mark for the first time. The company is restructuring its business around ESS/UPS demand growth tied to data center and renewable energy investment as its growth engine.
It is pursuing volume expansion built on existing relationships, including mass production of parts for Samsung SDI's flagship model.
The company posted operating profit in both Q1 and Q2 of 2026, with first-half consolidated operating margin improving from 2.8% to 3.4% year-on-year. Operating cash flow also reached KRW 11.66 billion in 2025, the strongest cash generation of the past four years.
Simultaneous improvement in gross margin and SG&A ratio suggests a genuine change in the underlying profit structure.
The company signed a KRW 846 million treasury stock trust with Samsung Securities, targeting roughly 4% of shares outstanding. Executives including the CEO and vice president have purchased more than 390,000 shares cumulatively in the open market over about a year and a half while the price traded below KRW 1,000.
The annual general meeting also approved fully offsetting the accumulated deficit, laying a financial foundation for future dividends and buybacks.
Consolidated revenue fell from KRW 256.48 billion in 2022 to KRW 136.34 billion in 2025, nearly halving. While the business mix transition is underway, the overall downward trend in revenue scale has not yet reversed. Whether the growing components share will translate into top-line growth requires further confirmation.
Equity fell for a fourth straight year, from KRW 92.9 billion in 2022 to KRW 37.9 billion in 2025, while the debt ratio rose from 119% to 217% over the same period.
Although the accumulated deficit was fully offset by an annual meeting resolution, a return to net losses could reverse the recent improvement in the balance sheet.
Owners' net income swung from a profit of KRW 2.71 billion in Q3 2025 to a loss of KRW 2.47 billion in Q4, back to a profit of KRW 3.85 billion in Q1 2026, and then a loss of KRW 0.67 billion in Q2, flipping sign each quarter.
While operating income has been relatively more stable, the net income volatility suggests a significant influence from non-operating items.
The secondary battery component business carries structurally high dependence on a small number of major customers such as Samsung SDI. ESS/UPS demand is tied to data center and renewable energy investment cycles, so delays in such investment could negatively affect orders and revenue. The OA business similarly carries significant concentration with specific customers such as Konica Minolta.
As of Q1 2026, the U.S. ELEMEK subsidiary's utilization rate stood at 50.7%, lower than Vietnam's 87.5% or headquarters' 69.0%. Persistently low utilization at any site could weigh on fixed-cost burden and the pace of profitability improvement.
Reallocating volume across overseas production bases and managing currency fluctuations are also factors to monitor.
With equity having fallen for four consecutive years and the debt ratio rising to 217%, a return to net losses could again raise concerns about capital adequacy.
The accumulated deficit was eliminated through the recent resolution, but this reflects an accounting transfer of reserves, and genuine balance-sheet improvement will depend on future profit accumulation.
Q3 2026 earnings are due to be disclosed around this time, a point to check whether the components business share and operating margin sustain or improve on Q2 levels.
It is worth checking whether the four commercial production printing (PP) option models being prepared for mass production at the Vietnam subsidiary begin contributing to revenue.
This is the expiration date of the treasury stock trust with Samsung Securities, allowing confirmation of the actual purchase progress against the planned one million shares.
As the first annual general meeting after the accumulated deficit was cleared, this is a point to check whether an actual dividend policy is introduced and at what scale.
Samjin L&D is shifting its center of gravity from OA office equipment toward ESS/UPS power infrastructure components, achieving consecutive operating profit and improved cash flow through the first half of 2026.
At the same time, the company has pursued shareholder returns and balance-sheet groundwork through share buybacks, expanded executive shareholdings, and elimination of its accumulated deficit.
Still, annual revenue has declined for four straight years, and financial pressures remain in the form of shrinking equity and a rising debt ratio, while quarterly owners' net income has alternated between profit and loss.
Whether the growing components segment translates into sustained top-line growth and stable profit generation, and whether the balance-sheet improvement continues, are questions that will require confirmation over the coming quarters.
Ahead of any investment decision, it is worth monitoring Q3 results, the progress of the share buyback, and whether the new PP project begins contributing to revenue.
Report written 2026-09-05 · Data as of 2026-09-04
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