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
Haesung Optics posted three straight quarters of operating profit in its OIS actuator business, but owners' net income swung back to a loss in Q2 2026, leaving the stability of its earnings recovery still to be confirmed.
2025 consolidated revenue rose year over year to KRW160.3bn, but operating loss of KRW6.7bn and owners' net loss of KRW8.6bn marked a fourth straight annual loss
Operating profit turned positive for three consecutive quarters from Q4 2025 through Q2 2026, with revenue expanding from KRW42.3bn in Q3 2025 to KRW69.5bn in Q1 2026
Q2 2026 posted a KRW0.4bn operating profit but a KRW7.3bn owners' net loss, warranting a closer look at non-operating factors
The 2024 acquisition of a 50.1% stake in TKENS, an automotive headlamp anti-fogging module maker, marked entry into automotive electronics to diversify a smartphone-heavy revenue base
The debt-to-equity ratio eased to 416% in 2025 from 503.9% in 2024, but remains far above the 113% level recorded in 2022
Haesung Optics is an optical and electronic components maker whose core business is OIS (Optical Image Stabilization) actuators for smartphone cameras.
The company previously operated camcorder and digital camera lens and camera module businesses but wound them down amid declining competitiveness, shifting its structure to focus on VCM (voice coil motor)-based OIS operations, and strengthened related capabilities further with the Haehwa Vina acquisition at the end of 2023.
Development is handled at the domestic headquarters while actual manufacturing takes place at Vietnamese subsidiaries (Haesung Vina and Haehwa Vina), and a Tianjin, China unit supports quality management and after-sales service for local customers, forming a global production framework.
Major customers include Samsung Electronics' supply chain through Samsung Electro-Mechanics, and the company also supplies OIS actuators to module makers serving global smartphone brands such as Xiaomi, Vivo, Honor, and Google.
In February 2024 the company acquired a 50.1% stake in TKENS, an automotive lamp anti-fogging and dehumidification component maker, for roughly KRW3.6bn, entering the automotive electronics business as a way to reduce reliance on the smartphone cycle.
TKENS began mass production of an integrated headlamp dehumidification module for vehicles in September 2024, starting with a domestic premium automaker and pursuing expansion to global brands.
OIS actuators are becoming an essential component as smartphone cameras move toward higher pixel counts and adoption spreads from flagship to mid-range models, a market where numerous camera module and optical component makers such as Jahwa Electronics, MCNEX, Actro, Powerlogics, and Optron Tech compete.
Against this competitive backdrop, the company is pursuing automation investment to raise cost competitiveness and production self-sufficiency.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩32.2B | -₩2.1B | −6.6% |
| 2025Q3 | ₩42.3B | -₩2.1B | −4.9% |
| 2025Q4 | ₩54.9B | ₩700M | 1.2% |
| 2026Q1 | ₩69.5B | ₩700M | 1.0% |
| 2026Q2 | ₩55.9B | ₩400M | 0.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩163.8B | -₩5.1B | -₩16.1B | −3.1% | −41.3% | 113.0% |
| 2023 | ₩121.2B | ₩4B | -₩1.4B | 3.3% | −3.4% | 167.4% |
| 2024 | ₩108.5B | -₩13.4B | -₩27.8B | −12.3% | −272.4% | 503.9% |
| 2025 | ₩160.3B | -₩6.7B | -₩8.6B | −4.2% | −46.3% | 416.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Annual results have shown clear swings. Revenue was KRW163.8bn with an operating loss of KRW5.1bn in 2022; in 2023 revenue fell to KRW121.2bn but the company turned to an operating profit of KRW4.0bn, lifting the operating margin to 3.3%.
Revenue then contracted again to KRW108.5bn in 2024, with the operating loss widening to KRW13.4bn and the owners' net loss reaching KRW27.8bn, the weakest of the four years.
In 2025, revenue grew 47.7% year over year to KRW160.3bn, yet an operating loss of KRW6.7bn and an owners' net loss of KRW8.6bn meant the annual loss streak continued. Quarterly trends, however, show a clearer recovery signal.
Revenue of KRW42.3bn and an operating loss of KRW2.1bn in Q3 2025 gave way to a turn to operating profit of KRW0.68bn on revenue of KRW54.9bn in Q4, and in Q1 2026 revenue reached KRW69.5bn with operating profit of KRW0.70bn and owners' net profit of KRW3.47bn, all three metrics improving together.
Q2 2026 revenue eased to KRW55.9bn from the prior quarter but operating profit of KRW0.41bn kept the profitable streak intact. Notably, that same quarter's owners' net loss reached KRW7.3bn, reopening a gap between operating-level improvement and the bottom line.
The combined owners' net profit over the most recent four quarters (Q3 2025 through Q2 2026) remains at roughly negative KRW1.8bn, still a modest loss, meaning whether the operating turnaround translates into a stable bottom-line improvement is something that will need to be confirmed in coming quarters.
OIS actuators are components whose adoption is spreading from flagship to mid-range models as smartphone cameras move toward higher resolution and multi-lens configurations, an area with entry barriers rooted in ultra-precision manufacturing know-how and patents.
According to a February 2026 report, the company has monthly OIS actuator production capacity of roughly KRW30bn and its production lines have recently been operating at effectively full capacity. This is described as tied to rising demand for flagship models from global smartphone makers.
Company materials indicate that, following supply for Samsung Electronics' Galaxy Z Fold7, Z Flip7, and S25 series, the company has been pursuing earnings improvement through main camera module supply for the S26 series launched in the first half of 2026.
That said, numerous domestic camera module and component makers—including Jahwa Electronics, MCNEX, Actro, Powerlogics, and Optron Tech—compete under a similar smartphone premiumization theme, and reliance on a specific customer's flagship sales performance is a structural feature common across the sector.
The automotive electronics market is a separate growth axis; rising adoption of low-heat LED headlamps has increased demand for moisture and condensation control components, forming the backdrop for the TKENS entry.
Overall, the smartphone components business carries strong seasonality tied to flagship launch cycles, while the automotive electronics contribution is still at an early stage, putting the company in a phase where balance between the two business pillars will take time to develop.
The company has stated that its January 2026 internal preliminary figures pointed to a monthly revenue record, cited as evidence that the profitable trend from Q4 2025 was continuing.
On the production side, it reportedly is building a next-generation automated OIS line incorporating physical AI technology at its Haesung Vina facility in Vietnam, in partnership with KNS, a secondary battery and robotics automation equipment specialist, aiming to boost production yield and cost competitiveness.
The company has emphasized that direct cooperation with KNS, which holds the core equipment technology, is intended to reduce risks associated with the prior outsourced production model and build manufacturing self-sufficiency by reflecting proprietary process know-how directly in equipment.
In the automotive electronics segment, TKENS is reported to have secured a joint patent with a domestic automaker and to be expanding its factory and equipment as it pursues supply to global brands, while also seeking to broaden its application range beyond automotive headlamp desiccants into industrial desiccants for battery packaging and export containers, as well as insulated glass.
These plans remain at the level of company announcements not yet confirmed as separate revenue line items in regulatory filings, so the actual scale and timing of revenue contribution will need to be verified through future disclosures.
In the smartphone segment, seasonal volume swings tied to flagship launch cycles are expected to continue, and how year-end holiday-season demand affects fourth-quarter results is a point worth watching.
The price-to-book ratio trades in a range that carries a premium over net asset value, which can be read as partly reflecting expectations tied to the operating profit turnaround that emerged from Q4 2025 onward.
However, given that the combined owners' net profit over the most recent four quarters remains in a modest loss, market value multiples relative to earnings are not yet being calculated on the basis of a clearly stable profit trend.
On dividends, there has been no cash dividend under the most recent disclosures, placing the stock in a different position on dividend yield compared with peers that do pay dividends.
Looking across several years, the swing from an operating profit in 2023 to a large loss in 2024, followed by a renewed recovery trend on a quarterly basis from 2025 onward, shows that the direction of earnings itself has shifted frequently, which remains a variable in interpreting valuation.
As a result, some market participants are watching both the durability of the operating turnaround and the timing of revenue contribution from the new automotive electronics 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 2026-09-05
From Q4 2025 to Q2 2026, operating profit stood at KRW 0.68 billion, KRW 0.70 billion, and KRW 0.41 billion respectively, marking three consecutive quarters of profitability. Over the same period, revenue also expanded from KRW 54.9 billion to KRW 69.5 billion, accompanied by a recovery in volume. Having moved past the large-scale losses of 2024, a clear improvement trend is emerging on a quarterly basis.
In 2024, the company acquired a 50.1% stake in TKENS, entering the automotive headlamp dehumidifying module market, and began mass production for a domestic premium automaker in September 2024.
Through this, the company is presenting a strategy to reduce the volatility of its revenue structure, which has been concentrated in the smartphone industry cycle. Given that the global automotive headlamp market is estimated at approximately KRW 40 trillion, the potential market itself is substantial.
According to company data, following the Samsung Electronics Galaxy Z Fold7, Flip7, and S25 series, the company is understood to have been pursuing supply of the main camera module for the S26 series, launched in the first half of 2026.
There have also been reports that as of February 2026, the OIS actuator production line was operating at virtually full capacity, keeping market attention on the company's capacity to meet demand.
However, this is based on company announcements and media reports, and is not a separately confirmed figure in official disclosures.
In Q2 2026, despite an operating profit of KRW 0.41 billion, net loss attributable to controlling shareholders reached KRW 7.3 billion, showing that operational improvement did not directly translate into improved bottom-line results.
The combined net income attributable to controlling shareholders over the most recent four quarters also remains slightly negative. Non-operating profit/loss factors are increasing earnings volatility, warranting further confirmation on this front.
The debt ratio declined from 503.9% in 2024 to 416% in 2025, but remains high compared to 113% in 2022. Operating cash flow was also largely weak, at -KRW 0.72 billion in 2025 and -KRW 6.74 billion in 2024, indicating that the company's own cash-generating capacity is not yet sufficient. Whether a cash flow recovery similar to 2023 (+KRW 12.27 billion) can be repeated remains to be seen.
Annual revenue fluctuated significantly, declining from KRW 163.8 billion in 2022 to KRW 121.2 billion in 2023 and KRW 108.5 billion in 2024, before rebounding to KRW 160.3 billion in 2025.
This is related to a business structure heavily dependent on a small number of large customers and the launch cycles of flagship smartphones.
The revenue contribution from the new automotive electronics business has not yet been confirmed at a meaningful level, so improvement in revenue stability is an area that requires further observation.
The company has a structure highly dependent on a small number of large module makers within the Samsung Electronics supply chain and global smartphone manufacturers. Sluggish sales or volume adjustments for a specific flagship model could directly impact earnings.
Customer diversification is underway, but it has not yet been confirmed through disclosures whether the concentration of specific customers in the revenue structure has decreased.
The debt ratio remains at a high level in the 400% range, and there are convertible bonds issued in 2024 to Sangsangin Savings Bank and Sangsangin Securities, raising the possibility of share dilution upon future conversion.
Operating cash flow has been negative in most years, suggesting a continued possibility of reliance on external financing. Such financial burdens could also constrain the pace of investment in new businesses.
The automotive electronics component business through TKENS and the automated line construction in cooperation with KNS remain at the planning stage, not yet confirmed as separate revenue in business reports.
If the new businesses fail to reach their targeted revenue contribution timeline or if results are delayed relative to investment, the burden could increase in conjunction with the existing financial strain. The progress of these plans requires continuous confirmation through future disclosures.
The Q3 2026 quarterly report filing date, when it will be worth checking whether the operating profit streak extends to a fourth quarter and whether the cause of the Q2 2026 gap between operating profit and net income has been resolved.
It will be worth checking how year-end smartphone peak-season demand affects revenue and utilization, and whether the seasonal strength seen in Q4 2025 (KRW54.9bn in revenue) is repeated.
It will be worth monitoring whether TKENS' automotive dehumidification module business shows a revenue contribution confirmable in disclosures, and checking the completion and operating results of the KNS-partnered automation line at Haesung Vina in Vietnam.
It will be worth checking for conversion requests and any resulting share count changes related to the 2024 convertible bonds issued to Sangsangin Savings Bank and Sangsangin Securities, to monitor dilution risk.
Haesung Optics recorded three consecutive quarters of operating profit from Q4 2025 to Q2 2026, showing a trend of moving past the large-scale losses of 2024.
However, in Q2 2026, despite an operating profit, net loss attributable to controlling shareholders reached KRW 7.3 billion, so whether operational improvement directly leads to stability in the bottom line has not yet been fully confirmed.
On an annual basis, the direction of earnings has shifted frequently, from a profit in 2023 to a large-scale loss in 2024, and back to a loss in 2025 despite revenue growth.
The company is seeking to expand its business portfolio through the automotive electronics component business via TKENS and the automated production line construction in cooperation with KNS, but the revenue contribution from these new businesses remains at the planning stage and has not yet been confirmed through disclosures.
The debt ratio has declined compared to 2024 but remains high at around 400%, and operating cash flow has also been largely negative, indicating an ongoing financial burden.
In sum, this can be viewed as a phase where signals of a quarterly operational turnaround coexist with variables requiring confirmation—namely, net income stability, financial leverage, and execution of new businesses.
Report written 2026-09-05 · Data as of 2026-09-04
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