PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩120 per share · Prices as of the 2026-10-02 close
Shinsung Delta Tech remains anchored to household-appliance and battery-parts supply for LG Electronics and LG Energy Solution while expanding into North American ESS, automotive electronics, and care robotics.
2025 consolidated revenue rose to KRW 945.4bn, a fourth straight annual increase, while owners' net income swung from a loss the prior year to a profit.
The operating margin in the second quarter of 2026 improved to its highest level among the last five quarters.
The battery (BA) division has faced periods of EV demand slowdown but is investing to address North American ESS demand.
The senior-care robot 'Lemmy' was unveiled at CES 2026 and RoboCup 2026, with an official launch targeted for the first half of 2027.
Reports have linked the stock to superconductor-theme sentiment with sharp short-term swings, warranting attention to potential gaps versus fundamentals.
Founded in 1987 as a plastic-injection specialist, the company was renamed to its current name in 2001 and listed on KOSDAQ in 2004; it now runs multiple divisions—Home Appliance (HA), Battery (BA), logistics, and finance—built on injection-molding and press-forming technology.
The HA division produces plastic parts for washing machines, refrigerators, vacuum cleaners, air conditioners, and air purifiers, along with OEM robotic vacuum cleaners, and has served as a Top EMS partner to LG Electronics for over three decades.
The BA division makes battery functional components such as lifting frames, liquid-cooled heat sinks, and busbars for EV and ESS batteries, with subsidiary Shinsung ST separately listed on KOSDAQ in October 2023.
The company merged with Shinsung Electronics in 2024 and established SHINSUNG ST USA INC. in January 2025 to address the North American ESS market.
As a new growth area, it acquired a 70% stake in Olnet Electronics, an inverter and PCB maker, in early 2022 to enter automotive electronics, and at the time said it was delivering samples to LG Magna.
In robotics, it developed the AI-based senior-care robot 'Lemmy,' which won a CES Innovation Award in 2025, while also expanding into new appliance categories such as induction and electric ranges.
Production sites are spread across its Changwon headquarters plus Nanjing (China), Poland, Mexico, and the United States, supporting a global customer base.
Competitively, the appliance-parts business depends heavily on the outsourcing policies of large finished-goods makers like LG Electronics, while the battery-parts business tracks the capacity expansion pace of cell makers such as LG Energy Solution.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩220.8B | ₩6.7B | 3.0% |
| 2025Q3 | ₩218.3B | ₩5.1B | 2.3% |
| 2025Q4 | ₩246.8B | ₩5.6B | 2.3% |
| 2026Q1 | ₩276.6B | ₩7.1B | 2.6% |
| 2026Q2 | ₩299.2B | ₩15.6B | 5.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩793.4B | ₩32.1B | ₩16.9B | 4.0% | 10.3% | 192.7% |
| 2023 | ₩833.7B | ₩29.9B | ₩12.5B | 3.6% | 6.0% | 125.1% |
| 2024 | ₩909.7B | ₩27.2B | -₩1B | 3.0% | −0.5% | 144.0% |
| 2025 | ₩945.4B | ₩27.7B | ₩21.7B | 2.9% | 8.7% | 161.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annual revenue rose for four straight years, from KRW 793.4bn in 2022 to KRW 833.7bn in 2023, KRW 909.7bn in 2024, and KRW 945.4bn in 2025. Operating margin, however, drifted lower over the same period, from 4.0% in 2022 to 3.6% in 2023, 3.0% in 2024, and 2.9% in 2025.
Owners' net income was KRW 16.9bn in 2022 and KRW 12.5bn in 2023, then swung to a net loss of about KRW 1.0bn in 2024 before recovering to KRW 21.7bn in 2025—a much larger swing than seen in revenue or operating profit.
On a quarterly basis, revenue was KRW 220.8bn with operating profit of KRW 6.7bn (margin near 3.0%) in Q2 2025, KRW 218.3bn and KRW 5.1bn (about 2.3%) in Q3 2025, KRW 246.8bn and KRW 5.6bn (about 2.3%) in Q4 2025, and KRW 276.6bn and KRW 7.1bn (about 2.6%) in Q1 2026, before margin jumped to roughly 5.2% in Q2 2026 on revenue of KRW 299.2bn and operating profit of KRW 15.6bn, the highest profitability of the last five quarters.
Owners' net income also recovered in absolute terms, at KRW 9.3bn in Q4 2025, KRW 5.4bn in Q1 2026, and KRW 9.9bn in Q2 2026, despite quarter-to-quarter fluctuation. Summed over the trailing four quarters (Q3 2025–Q2 2026), operating profit totals roughly KRW 33.4bn and owners' net income roughly KRW 29.4bn.
Data provider WiseReport noted that for fiscal 2025, the HA division's revenue rose on premium appliance demand and new-business potential, while the BA division's operating profit declined amid slower EV sales growth, consistent with the mild margin compression despite revenue growth.
The 2024 net loss stands out against otherwise steady revenue and operating profit, suggesting one-off items or equity-method and non-operating swings affected the consolidated bottom line that year.
The upstream appliance market is mature and tied to premiumization and new-product cycles at finished-goods makers like LG Electronics, providing a relatively stable volume base.
The EV market underlying the battery-parts business has gone through a demand-slowdown phase often described as a 'chasm' in recent years, pressuring cell and parts makers' results, and the BA division's operating-profit decline has coincided with this trend.
Battery cell makers, however, are increasingly offsetting soft EV demand with data-center and ESS (energy storage system) demand. LG Energy Solution, for instance, said it returned to profit in the second quarter of 2026 helped by Advanced Manufacturing Production Credit (AMPC) benefits under the U.S.
Inflation Reduction Act and expanded ESS shipments centered on North America and Europe, and that the startup of its Lansing plant completed a five-site North American production network.
This expansion in cell makers' ESS investment could open new demand for parts and module suppliers such as Shinsung Delta Tech and Shinsung ST.
The robotics and healthcare-device segment remains an early-stage market where numerous domestic and global players are developing care and service robots, with commercialization success a key variable for future market structure.
Competitively, Shinsung Delta Tech holds a stable position built on a long-standing relationship within the LG Group value chain, but both its appliance and battery-parts businesses remain characterized by high dependence on a small number of large customers.
The company has established a U.S. subsidiary (SHINSUNG ST USA INC.) to address the North American ESS market for its BA division, and said it plans production-facility investment and mid-to-long-term value enhancement funded by a roughly KRW 29.1bn capital raise in 2025.
In robotics, the senior-care robot 'Lemmy,' after winning a CES Innovation Award in 2025, was shown in a commercialized version at CES 2026, and was unveiled again at RoboCup 2026 in Incheon Songdo in July through an experience zone recreating an actual living environment, as the company continues field testing and refinement toward an official launch targeted for the first half of 2027.
Lemmy is being developed through a collaboration combining the company's manufacturing and hardware capabilities with LG CNS's smart-home platform, with planned functional expansion into smart-home control and healthcare-data linkage.
In automotive electronics, the company has been delivering samples to LG Magna through Olnet Electronics (inverters and PCBs), acquired in 2022, making it worth watching whether this channel expands into mass-production supply.
In the HA division, the company is sequentially developing and mass-producing new appliance categories such as induction and electric ranges to broaden its product portfolio.
That said, since the robot's commercialization timing (first half of 2027) and the timing of the North American subsidiary's production ramp-up and revenue contribution have not yet been confirmed through disclosure, progress should be tracked through future filings and quarterly results.
Operationally, the company moved past a net-loss period in 2024 to return to profit in 2025, and has shown a recovering quarterly operating margin through 2026.
This earnings-recovery phase is reflected in the market's price multiples, with the shares trading in a range above the band seen during the earlier earnings downturn.
Relative to net assets, the stock also trades at a premium, which can be read as partly reflecting market expectations for growth from the battery and robotics businesses.
On the dividend side, per-share payouts have stayed low for an extended period, placing the dividend yield on the lower end relative to sector averages. Views on the valuation level can differ, so the durability of the earnings recovery and the pace of new-business progress warrant continued attention.
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 2026-09-04
The BA division went through a period of declining operating profit amid slower EV sales, but has set up a U.S. subsidiary and planned production investment to address North American ESS demand. As cell-maker customers work to offset soft EV demand with ESS and data-center demand, this could open new demand channels. A roughly KRW 29.1bn capital raise in 2025 was earmarked as funding for this investment.
The HA division is reported to keep growing revenue on premium appliance demand and new-business potential. As a Top EMS partner to LG Electronics for over three decades, it provides a relatively stable revenue base on core volumes such as washing machines and refrigerators. Expansion into new categories like induction and electric ranges could further diversify revenue.
The senior-care robot 'Lemmy,' after winning a CES Innovation Award in 2025, has moved toward commercialization through CES 2026 and RoboCup 2026, with an official launch targeted for the first half of 2027.
The automotive-electronics business has been delivering samples to LG Magna through Olnet Electronics, acquired in 2022, and is cited as a potential new growth driver within the LG Group value chain.
Annual operating margin declined for four straight years, from 4.0% in 2022 to 3.6% in 2023, 3.0% in 2024, and 2.9% in 2025. Revenue grew steadily over the same period, but profitability improvement failed to keep pace. Cost and logistics burdens, along with shifts in the business mix, appear to have contributed to this pattern.
In 2024, owners' net income turned to a loss of roughly negative KRW 1.0bn even though revenue and operating profit were steady, illustrating significant volatility in consolidated results.
The BA division's structure is sensitive to shifts in end-demand, having seen operating profit decline during a period of slower EV sales growth.
Shinsung Delta Tech has been reported to hold an equity interest related to Quantum Energy Research Institute through subsidiary L&S Venture Capital, and has been mentioned in connection with a superconductor-related stock theme.
Such theme-driven flows can move the share price sharply over short periods independent of earnings, creating a risk of divergence between fundamentals and price action.
The EV market underlying the BA division went through a demand-stagnation ('chasm') phase in recent years, during which the division's operating profit declined.
If the shift in demand toward ESS proceeds more slowly than expected, or if automaker sales recovery is delayed, the recovery of related parts revenue could also be delayed.
Multiple new businesses—robotics (Lemmy), automotive electronics (Olnet Electronics), and a North American ESS production subsidiary—are being pursued simultaneously, which could compound early-stage investment costs.
Since a roughly KRW 29.1bn capital raise in 2025 was earmarked to fund this investment, any delay in commercialization or the shift to mass production could also push back the timing of returns on that investment.
The company has been linked to a superconductor-related stock theme, partly through an equity interest in Quantum Energy Research Institute held via a subsidiary.
If theme-related investor sentiment eases or reverses, supply-demand dynamics for the stock could shift abruptly, affecting the share price independent of the core appliance and battery-parts business performance.
Around this time, preliminary third-quarter 2026 results are typically disclosed; it will be worth checking whether revenue growth and the operating-margin improvement seen in the second quarter of 2026 (roughly 5.2%) continue.
This is the targeted timing for the official launch of the senior-care robot 'Lemmy'; whether the launch occurs as planned and its initial revenue contribution should be checked.
Progress on production-facility investment at the U.S. subsidiary set up for North American ESS demand, and the timing of its startup and revenue contribution, should be tracked through disclosures.
It will be worth confirming whether the automotive-electronics business (Olnet Electronics)'s supply to LG Magna expands from sample stage to mass-production supply, and how the BA division's automaker and ESS order backlog evolves.
Shinsung Delta Tech maintains a resilient core business in appliance and battery parts, built on long-standing ties with LG Electronics and LG Energy Solution, while simultaneously pursuing multiple new ventures in North American ESS, automotive electronics, and care robotics.
On earnings, revenue has grown for four consecutive years while annual operating margin has drifted lower, and after a net loss in 2024 the company returned to profit in 2025, with quarterly operating margin showing signs of recovery through 2026.
The new businesses—Lemmy's targeted first-half-2027 launch, investment in a North American ESS production subsidiary, and potential expansion of automotive-electronics supply to LG Magna—are progressing on multiple fronts, though the timing of their revenue contribution has not yet been confirmed.
At the same time, the BA division remains sensitive to the EV demand cycle, and reports have linked the stock to superconductor-theme sentiment moving the share price independent of earnings, adding a volatility factor.
With bullish and bearish factors coexisting, it will be important to track upcoming quarterly results and new-business disclosures to gauge the durability of the earnings recovery and the pace of commercialization.
This report is for informational purposes only and does not include a buy or sell recommendation or a target price.
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.