PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩310 per share · Prices as of the 2026-10-02 close
Partron rebounded sharply in the first quarter of 2026 on expanded component share within Samsung Electronics' smartphone supply chain after a 2025 earnings correction, but profitability slowed again in the second quarter, leaving the trend mixed.
First-quarter 2026 revenue reached KRW 451.0 billion and operating profit KRW 12.2 billion, up 37.5% and 93.9% year-on-year respectively, confirming an earnings rebound.
In the second quarter of 2026, revenue was KRW 355.0 billion and operating profit KRW 4.5 billion, showing a sharp sequential profit decline and renewed margin pressure.
The company retired 5 million treasury shares in one batch, cutting total shares outstanding into the 50-million range and achieving its shareholder-return target originally planned for 2028 ahead of schedule.
In August 2026, Seoul Semiconductor and Seoul Viosys filed a patent infringement lawsuit against Partron in the US District Court for the Eastern District of Texas over flash LED modules, raising a new legal risk.
The company disclosed a value-up plan targeting KRW 2.2 trillion in revenue by 2028.
Partron operates through three divisions: the Opto-Mecha division, the Sensor & Package division, and the Electronics division. The Opto-Mecha division, accounting for 67% of revenue, centers on camera modules, actuators, and lenses.
The Sensor & Package division, at 23.4% of revenue, is expanding from mobile phone sensors into automotive TMS sensors and semiconductor packaging. The Electronics division, at 9.7% of revenue, covers e-cigarette devices and cheering-stick products while adding new 5G/6G communication module businesses.
Samsung Electronics is the company's largest customer, with camera modules and other components supplied to Samsung smartphones reportedly making up roughly 70-80% of total revenue. The company also serves about 150 clients including Hyundai Mobis.
In the camera module competitive landscape, Samsung Electro-Mechanics leads with flagship-focused supply, while Partron competes for the second and third positions against MCNEX, Powerlogics, Camsys, Namuga, and CoAsia CM. As of the first half of 2026, Partron appears to have widened its revenue gap over MCNEX.
The company maintains cost competitiveness through overseas contract-manufacturing subsidiaries, Yantai Partron Electronics and Partron Vina.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩301.5B | ₩6.4B | 2.1% |
| 2025Q3 | ₩381.4B | ₩16.5B | 4.3% |
| 2025Q4 | ₩338.6B | ₩15.5B | 4.6% |
| 2026Q1 | ₩451B | ₩12.2B | 2.7% |
| 2026Q2 | ₩355B | ₩4.5B | 1.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.2T | ₩56.8B | ₩38.5B | 4.6% | 8.1% | 36.8% |
| 2023 | ₩1.2T | ₩41.7B | ₩28.8B | 3.6% | 6.1% | 28.8% |
| 2024 | ₩1.5T | ₩61.7B | ₩53.4B | 4.2% | 10.6% | 33.8% |
| 2025 | ₩1.3T | ₩44.7B | ₩33.7B | 3.3% | 6.6% | 38.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Annual revenue slipped from KRW 1,221.9 billion in 2022 to KRW 1,172.4 billion in 2023, rebounded to KRW 1,486.4 billion in 2024, then declined again to KRW 1,349.5 billion in 2025, down roughly 9.2% year-on-year.
Operating profit fell from KRW 56.8 billion in 2022 to KRW 41.7 billion in 2023, recovered to KRW 61.7 billion in 2024, then dropped about 27.5% to KRW 44.7 billion in 2025, with the operating margin narrowing from 4.2% to 3.3%.
Net profit attributable to owners fell from KRW 53.4 billion in 2024 to KRW 33.7 billion in 2025, a steeper decline than the revenue drop.
On a quarterly basis, owners' net profit posted a loss of KRW -1.3 billion in the second quarter of 2025, but the company swung back to profit in the third quarter with revenue of KRW 381.4 billion, operating profit of KRW 16.5 billion, and net profit of KRW 15.1 billion, and continued that profitable run in the fourth quarter with revenue of KRW 338.6 billion, operating profit of KRW 15.5 billion, and net profit of KRW 13.3 billion.
The first quarter of 2026 delivered the strongest quarterly improvement, with revenue of KRW 451.0 billion and operating profit of KRW 12.2 billion, aided by seasonal demand and expanded customer shipments.
However, the second quarter of 2026 showed clear margin pressure, with revenue falling about 21% sequentially to KRW 355.0 billion and operating profit shrinking to roughly a third of the prior quarter's level at KRW 4.5 billion.
Summed over the most recent four quarters (Q3 2025 through Q2 2026), revenue reached about KRW 1,526.0 billion, operating profit about KRW 48.8 billion, and owners' net profit about KRW 42.0 billion, recovering above the full-year 2025 level.
At the same time, the debt ratio rose from 28.8% in 2023 to 38.3% in 2025, indicating a gradually increasing financial burden.
The smartphone camera module industry is directly linked to shipment volumes and camera-count and megapixel trends set by global handset makers, led by Samsung Electronics.
In the first half of 2026, combined revenue of six Samsung camera module partners including Partron rose year-on-year and operating margins improved slightly, but margins still remained in the low single digits.
Over the same period, Samsung Electro-Mechanics' camera module division, which supplies mainly flagship products such as the Galaxy S series, saw a much larger margin improvement, while its component suppliers, more exposed to mid- and low-tier models, showed a persistent margin gap.
Samsung Electronics' Mobile eXperience division continues to expand outsourced (ODM/EMS) production to cut costs, a structure that repeatedly drives price competition and volume reallocation among suppliers.
On the demand side, the automotive camera market is growing on the back of expanding ADAS mandates and the shift toward software-defined vehicles, opening diversification opportunities for smartphone-dependent camera module makers.
However, automotive camera modules take longer to translate into meaningful revenue given automakers' conservative quality and safety standards and multi-year contract terms compared with the smartphone business.
In terms of competitive structure, later entrants such as Namuga and CoAsia CM have also entered the rear camera module market, keeping overall industry competition intense.
Partron disclosed a value-up plan targeting KRW 2.2 trillion in revenue by 2028, alongside a commitment to enhance shareholder value by at least 3% annually.
On the business side, the company points to growth in automotive camera module revenue from rising autonomous-driving adoption and higher camera counts per vehicle as a key growth driver within the Opto-Mecha division, with ongoing product supply and customer expansion through Hyundai Mobis.
The Sensor & Package division plans to extend beyond mobile phone sensors into automotive TMS sensors and semiconductor packaging, while the Electronics division intends to grow its share by adding new 5G/6G communication module businesses.
Some brokerages expect continued top-line growth from expanding EMS (ODM) business and rising shipments of camera modules for mid- and low-tier smartphones, while others flag concerns that cost burdens in the camera module business, where price pass-through is difficult, combined with a rising mix of lower-tier models, could weigh on profitability.
KB Securities, in a June 2026 report, maintained a Buy rating and a target price of KRW 9,000, forecasting second-quarter 2026 revenue of about KRW 318.4 billion and operating profit of about KRW 6.3 billion, in line with consensus.
Heading into the second half, concerns over a growth slowdown tied to a gap in new model launches and the gradual revenue contribution from the automotive and sensor businesses both remain points to watch.
The current share price trades below the company's net asset value per share, meaning the market is pricing the stock at a discount to book value.
Because operating profit has swung significantly on both an annual and quarterly basis, the historical valuation range has been wide, and the profitability recovery reflected in the most recent four quarters is a variable affecting where the stock sits within that range.
The company has maintained a dividend payout ratio in the mid-40% range, giving it dividend capacity tied to the scale of its earnings.
However, in a phase like the second quarter of 2026 when profit growth slowed again, market interpretation of valuation could shift, making it worth tracking recent earnings trends closely.
The reduction in shares outstanding from treasury stock retirement is cited as a favorable factor for per-share metrics, though this is a separate variable from the direction of aggregate profit.
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 2026-08-21
As of the first half of 2026, Partron appears to have widened its revenue gap over rival MCNEX. In a structure where Samsung Electronics' MX division deliberately allocates volume so that no single camera module partner dominates, this year Partron appears to be the relative beneficiary.
The 37.5% and 93.9% year-on-year increases in first-quarter 2026 revenue and operating profit, respectively, are interpreted as tied to this expanding share.
The company retired a combined 5 million and 2 million treasury shares in December 2025 and February 2026, respectively, reducing total shares outstanding into the 50-million range ahead of its original 2028 target.
It also paid a cash dividend applying a 45.5% payout ratio and voluntarily disclosed its shareholder-return implementation status. The reduction in shares outstanding is cited as a factor expected to support per-share value through a smaller circulating share count.
The Opto-Mecha division is expanding automotive camera module revenue on the back of autonomous-driving growth and rising camera counts per vehicle, broadening its customer base by supplying various products through Hyundai Mobis.
The industry shift toward mandatory ADAS adoption and software-defined vehicles is cited as the backdrop for this business's growth. The Sensor & Package division is likewise extending into automotive TMS sensors and other areas in an effort to diversify away from reliance on smartphones.
Second-quarter 2026 revenue fell 21% sequentially to KRW 355.0 billion, and operating profit shrank to about a third of the prior quarter's level at KRW 4.5 billion. This is attributed to a combination of difficult-to-pass-through cost burdens in the camera module business and a rising mix of mid- and low-tier models.
Whether the first quarter's improvement was a sustained trend or a temporary rebound needs to be confirmed by upcoming quarterly results.
Some brokerages have raised concerns that growth could stall somewhat in the second half due to a gap in new model launches. Samsung Electronics' Mobile eXperience division has also forecast a sequential revenue decline from reduced new-model launch effects, a factor that could affect order volumes for suppliers.
Given the nature of the smartphone component business, its close linkage to the customer's new product launch cycle remains an ongoing risk factor.
In the first half of 2026, Samsung Electro-Mechanics' camera module division saw a large improvement in operating margin, while margins for suppliers including Partron remained in the low single digits.
This reflects a structural gap between Samsung Electro-Mechanics, which supplies mainly flagship products, and component suppliers more exposed to mid- and low-tier models. Competitive intensity also remains high given the entry of later entrants such as Namuga and CoAsia CM.
Components related to Samsung Electronics smartphones reportedly account for 70-80% of the company's revenue, meaning changes in this single customer's volume allocation or new model strategy have a direct impact on results.
Samsung's strategy of expanding outsourced (ODM) production to cut costs is also a factor that could intensify price competition among suppliers. Automotive business expansion aimed at customer diversification is underway but still represents a limited share of revenue.
In August 2026, Seoul Semiconductor and its subsidiary Seoul Viosys filed a patent infringement lawsuit against Partron in the US District Court for the Eastern District of Texas.
The suit alleges that flash LED modules Partron supplied to Samsung Electronics for smartphone cameras infringe ten patents, naming the Galaxy S26, S26 Ultra, S25, and Z Flip6 as infringing end products.
Depending on the outcome, risks such as damages or changes to supply arrangements could arise, making it necessary to monitor the case's progress.
The debt ratio rose from 28.8% in 2023 to 38.3% in 2025, indicating gradually increasing financial leverage. Because the camera module business has a structure where cost pass-through is difficult, any rise in component or raw material costs can immediately pressure profitability.
If the trend of a rising mix of mid- and low-tier models continues, cost burdens could constrain the pace of margin recovery.
The third-quarter 2026 earnings release should be checked to determine whether the profitability slowdown seen in the second quarter was temporary or trend-forming.
This is the point to check how Samsung Electronics' launch of new models such as the Galaxy A series and related shipment volume allocation affects supplier results.
Progress in the US Texas patent lawsuit filed by Seoul Semiconductor and Seoul Viosys, along with the company's response disclosures, should be monitored.
The execution progress of the value-up plan targeting KRW 2.2 trillion in revenue by 2028, along with changes in the automotive and sensor business revenue mix, should be reviewed.
Partron went through a correction in 2025, with revenue and operating profit falling 9.2% and 27.5% year-on-year, respectively, before rebounding sharply in the first quarter of 2026 on expanded component share within Samsung Electronics' smartphone supply chain and seasonal effects.
However, in the second quarter of 2026, revenue and operating profit both declined sharply again from the prior quarter, leaving a question mark over the durability of the recovery.
The company retired 7 million treasury shares combined and paid a cash dividend applying a 45.5% payout ratio, executing shareholder returns ahead of its original schedule, while also disclosing a value-up plan targeting KRW 2.2 trillion in revenue by 2028.
Expansion into automotive camera and sensor businesses is cited as a potential factor for diversifying a revenue structure heavily dependent on Samsung Electronics, though its share remains limited for now.
On the other hand, concerns over a new-model gap in the second half, the margin gap with Samsung Electro-Mechanics, and the US patent lawsuit filed by Seoul Semiconductor are variables that warrant balanced attention.
Upcoming quarterly results and the progress of the litigation are likely to be the key points to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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