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
YJ Link has confirmed an earnings turnaround with four consecutive quarters of operating profit since the fourth quarter of 2025, while expanding its global production footprint through a new India plant funded partly by a convertible bond.
Revenue grew and operating profit expanded in both Q1 and Q2 2026, with quarterly margins improving sequentially.
Full-year 2025 ended with lower revenue and a wider operating loss, but the turnaround began in the fourth quarter.
The company is building out production bases across Korea, Vietnam, Mexico, and India, targeting a four-continent manufacturing footprint.
In April 2026 the company issued a 25 billion won convertible bond to fund overseas expansion, which carries future dilution potential.
Some brokerage reports have raised expectations of entry into the robotics supply chain citing past deliveries to Tesla and SpaceX, though no confirmed order has been disclosed.
YJ Link, founded in 2009, is a specialist in SMT (Surface Mount Technology) process equipment, offering PCB conveyors, loader/unloader systems, buffers, laser-marking-based PCB tracking equipment, back-end SMT gear such as routers and inspection systems, and Smart Factory Solutions.
It has more recently expanded into automated storage systems and autonomous mobile robots (AMR) for logistics automation. Over 90% of revenue comes from direct exports, with Europe and the Americas each accounting for more than 30% of sales, reflecting an export-driven structure.
The company has secured 569 overseas customers and is a registered official supplier to major automotive electronics and EMS (electronics manufacturing services) companies.
It has a track record of supplying equipment to top-tier global names including Foxconn, Tesla, and SpaceX, and is also a registered Hyundai Mobis vendor.
Beyond its Korean headquarters, it operates manufacturing subsidiaries in Vietnam and Mexico, and sales subsidiaries in India, Europe, China, and Japan, with its India (Bengaluru) unit slated for eventual conversion into a manufacturing entity.
The business model is shifting from individual equipment sales toward a 'full-line' offering that integrates entire SMT production lines.
Competition is concentrated among Europe- and Singapore-based SMT equipment makers, and the company positions its continent-spanning production footprint as a differentiator for faster delivery and after-sales support.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩10.3B | -₩2.1B | −20.0% |
| 2025Q3 | ₩10.5B | -₩700M | −6.5% |
| 2025Q4 | ₩17.7B | ₩600M | 3.1% |
| 2026Q1 | ₩14.7B | ₩1.1B | 7.8% |
| 2026Q2 | ₩18.5B | ₩2.5B | 13.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩48.6B | ₩9.2B | ₩7.1B | 18.9% | 17.1% | 77.6% |
| 2024 | ₩48.5B | -₩1.3B | ₩400M | −2.6% | 0.5% | 48.0% |
| 2025 | ₩46.1B | -₩3.5B | -₩3.1B | −7.5% | −4.2% | 65.8% |
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
In 2023, consolidated revenue reached 48.55 billion won with operating profit of 9.16 billion won (an 18.9% operating margin) and owners' net income of 7.05 billion won, a solid performance.
In 2024, however, revenue slipped slightly to 48.53 billion won, the company swung to an operating loss of 1.27 billion won, and owners' net income fell sharply to 394 million won while remaining positive.
In 2025, revenue declined further to 46.07 billion won, the operating loss widened to 3.47 billion won, and owners' net income also turned negative at a loss of 3.10 billion won.
On a quarterly basis, the second quarter of 2025 was the weakest point, with revenue of 10.32 billion won, an operating loss of 2.07 billion won, and an owners' net loss of 3.54 billion won.
The loss narrowed in the third quarter of 2025, with revenue of 10.47 billion won and an operating loss of 678 million won, while owners' net income turned positive at 190 million won.
In the fourth quarter of 2025, revenue jumped to 17.72 billion won, and operating profit turned positive at 554 million won, with owners' net income reaching 2.04 billion won.
The improvement continued into 2026, with first-quarter revenue of 14.68 billion won, operating profit of 1.14 billion won, and owners' net income of 2.65 billion won, followed by a second quarter showing revenue of 18.49 billion won, operating profit of 2.47 billion won, and owners' net income of 3.19 billion won — the highest quarterly profit level in the recent stretch.
This trajectory reflects three consecutive quarters of both operating profit and revenue growth from the fourth quarter of 2025 through the second quarter of 2026, with the trailing four-quarter sum (Q3 2025 through Q2 2026) of owners' net income reaching approximately 8.08 billion won, marking a clear rebound from the full-year 2025 net loss.
The SMT process equipment industry is directly tied to the capital expenditure (capex) cycles of downstream sectors such as automotive electronics, semiconductor packaging, smartphones, and EMS.
Media coverage has attributed the company's 2024-2025 weakness partly to a pullback in customer capex amid intensifying tariff issues.
More recently, a Hana Securities report noted that geopolitical risk is accelerating a supply-chain shift, sometimes called 'China plus one,' as manufacturing customers relocate to India and Mexico, driving parallel demand for local SMT line construction.
Competition centers on Europe- and Singapore-based SMT equipment makers, many of which reportedly have yet to complete a full multi-continent production footprint.
The same Hana Securities report noted that by adding India to its existing Korea, Vietnam, and Mexico bases, YJ Link is targeting a four-continent production system by the end of 2026. As a smaller company, however, its results remain structurally sensitive to the order timing of a limited number of large customers.
The company's own guidance for 2026 calls for revenue in the 80 billion won range (roughly 74-75% higher than the prior year) and an operating margin around 12%, turning the operating line profitable, as cited in April 2026 reports from Leading Investment Securities and Hana Securities.
In its April 27, 2026 report, Leading Investment Securities stated that first-quarter revenue appeared to have grown roughly 100% year over year, attributing this to renewed customer capex.
In January 2026, the company held a groundbreaking ceremony for a new plant in Bengaluru, Karnataka, India, with completion reportedly targeted for December 2026; once completed, monthly SMT equipment production capacity is expected to expand from current levels.
On April 21, 2026, the company decided to issue a 25 billion won private convertible bond (6th issue), disclosing that most proceeds would fund overseas production base expansion in India, Thailand, and Mexico.
In March 2026, media reported that the company signed a turnkey contract to supply an SMT and back-end line to a U.S. plant of a major domestic automotive Tier-1 supplier.
Some brokerages have raised the possibility of entry into the robotics supply chain citing past deliveries to Tesla and SpaceX, but this reflects analyst expectations rather than a confirmed contract.
The company's earnings trajectory has shifted from a full-year loss in 2025 to profitability in the first half of 2026, with quarterly operating margins improving in each period since the fourth quarter of 2025.
In terms of the price-to-book relationship, the current share price sits close to net asset value, a zone without a pronounced premium or discount versus book value.
Cash dividends appear to have been absent in the most recent fiscal year, which can be read as consistent with a strategy of reinvesting earnings into overseas base expansion rather than distributing cash.
Given the still-modest absolute scale of profit typical of a smaller-cap name, valuation metrics can be sensitive to swings in quarterly results. How the market assesses the durability of this profitability may depend on whether the India plant ramps up as planned and whether the company's guidance is met.
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
Operating profit was positive for three consecutive quarters from the fourth quarter of 2025 through the second quarter of 2026, accompanied by rising quarterly revenue.
Owners' net income in the second quarter of 2026 was the highest of the past five quarters, a sharp contrast to the deep losses of the first half of 2025.
In addition to existing sites in Korea, Vietnam, and Mexico, the company is building a new plant in Bengaluru, India, which upon completion would give it production bases across multiple continents.
Hana Securities characterized this as a differentiating factor versus competitors, positioning the company to capture local demand as customers relocate manufacturing amid geopolitical risk.
The company has a track record of directly supplying SMT equipment to Tesla and SpaceX, and maintains relationships with global EMS players such as Foxconn.
Some brokerages have cited this track record as grounds to expect future entry into the robotics supply chain, though this remains an outlook rather than a confirmed new order.
Full-year 2025 revenue of roughly 46 billion won was below both 2023 (48.6 billion won) and 2024 (48.5 billion won) levels.
While quarterly revenue improved in the first half of 2026, whether the full-year figure surpasses the 2023 level depends on second-half performance, and guidance achievement has not yet been confirmed.
The 25 billion won convertible bond issued in April 2026, with a conversion price of 6,308 won, could potentially bring roughly 12.23% of outstanding shares to market upon conversion. The conversion period runs from May 7, 2027 to April 7, 2031, meaning future conversions could dilute existing shareholders.
While the zero coupon and zero maturity interest rate limit the financial burden, the possibility of an increased share count remains.
The 2024-2025 earnings slump was reportedly linked to a pullback in customer capex amid escalating tariff issues. Because results hinge on order timing from a limited number of large customers, changes in tariff or trade conditions, or in individual customers' investment plans, could reintroduce earnings volatility.
The initial utilization rate and profit contribution timeline for new investments such as the India plant also bear watching.
The company has swung sharply between profit and loss over a short period — from a 2023 profit, to losses in 2024-2025, back to profitability in the first half of 2026. Quarterly revenue and earnings also show wide variation, and changes in order timing from a small number of customers can directly affect results.
The company raised funds through a 25 billion won convertible bond issued in April 2026, and future conversion could dilute existing shareholders. The debt ratio rose to 65.8% at the end of 2025 from 48.0% at the end of 2024. The pace of capital deployment for overseas base expansion and associated funding needs warrant monitoring.
With over 90% of revenue generated overseas and a high concentration in Europe and the Americas, the company is exposed to currency and trade-policy shifts. It appears to have meaningful reliance on large customers, and changes in tariff or trade policy could affect their investment decisions. New production sites, such as the one in India, may incur upfront costs before reaching full utilization.
The third-quarter 2026 quarterly report is due, allowing a check on progress toward the company's annual guidance of revenue in the 80 billion won range and a roughly 12% operating margin.
This is the targeted completion date for the new Bengaluru, India plant; actual completion and initial ramp-up plans should be verified.
The conversion request period for the 6th convertible bond begins, warranting attention to potential dilution from share conversions.
Whether an actual supply contract or major new order tied to the robotics supply chain (such as Optimus) is disclosed could serve as grounds for any future guidance upgrade.
YJ Link experienced declining revenue and a widening operating loss for full-year 2025, but has shown a clear earnings rebound with three consecutive quarters of operating profit from the fourth quarter of 2025 through the second quarter of 2026.
The company has guided for 2026 revenue in the 80 billion won range with an operating margin around 12%, turning the operating line profitable, and its first- and second-quarter results have tracked this improving trend.
Building a four-continent production system that includes a new plant in Bengaluru, India, alongside a 25 billion won convertible bond raise, represents both a source of medium-term growth funding and a potential future dilution factor.
Expectations of entry into the robotics supply chain, based on past deliveries to Tesla and SpaceX, should be understood as brokerage forecasts rather than confirmed contracts.
As a smaller-cap company, its results have historically been sensitive to the order timing of a limited number of customers and to shifts in the tariff and trade environment.
Third-quarter results, the timing of the India plant's ramp-up, and developments related to the convertible bond are likely to be key variables in gauging whether the improving trend continues.
Report written 2026-09-05 · Data as of 2026-09-04
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