PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
After a 2025 revenue and profit contraction that turned into a fourth-quarter operating loss, revenue and operating profit both rebounded clearly in the first half of 2026, putting the company at a juncture where its structural story of high-voltage EV relay capacity expansion and data center/ESS demand growth meets an actual numbers-based recovery.
Full-year 2025 revenue fell to KRW 29.1bn from KRW 30.9bn in 2024, with the operating margin narrowing to 6.0%, but revenue rose for two straight quarters in 2026 (Q1 KRW 13.97bn, Q2 KRW 17.65bn), signaling a recovery.
The fourth quarter of 2025 swung to an operating loss of KRW 1.36bn and a net loss attributable to owners of KRW 0.38bn on a quarterly basis.
Operating profit in the second quarter of 2026 reached KRW 1.84bn, the highest level within the most recent four-quarter window (Q3 2025 to Q2 2026).
The core EV Relay product line spans the 400V-1500V range, with capacity expansion via the second plant and volume growth toward passenger EV makers cited as a key variable.
Demand growth for high-voltage DC power infrastructure in ESS and data centers has emerged as an investment theme, though concrete disclosure of major new contracts remains limited.
YM Tech, founded in 2004 and listed on KOSDAQ in 2021, is a manufacturer specializing in high-voltage DC relays. Its core product, the EV Relay, is a key component used to supply and cut off battery power in energy storage systems (ESS), electric vehicles, EV chargers, and solar inverters.
The company also supplies DC Relay and Latch Relay products used in low-voltage DC applications such as electric railcars, rectifiers, and lighting control.
YM Tech developed the world's first bidirectional high-voltage relay capable of interrupting current regardless of its direction, built on core technologies including arc-interruption, main-contact monitoring, and large-capacity design.
Based on past disclosures, EV Relay has accounted for the large majority of product-level revenue, with DC Relay and other products making up a minority share.
As automakers shift from 400V to 800V-plus high-voltage platforms, the company's competitive edge is often cited as its readiness with a 400V-800V-1500V relay lineup. The largest shareholder and related parties have historically held more than half of total shares, suggesting relatively stable governance.
To expand production capacity, the company built a second plant more than double the floor area of its first plant, with supply of relays to passenger EV makers reported to have scaled up around the timing of that plant's operation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.9B | ₩900M | 10.6% |
| 2025Q3 | ₩6.4B | ₩700M | 11.2% |
| 2025Q4 | ₩5.7B | -₩1.4B | −24.0% |
| 2026Q1 | ₩14B | ₩500M | 3.4% |
| 2026Q2 | ₩17.7B | ₩1.8B | 10.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩49.3B | ₩14.9B | ₩12.7B | 30.2% | 21.4% | 7.2% |
| 2023 | ₩34.9B | ₩6B | ₩6.7B | 17.1% | 11.3% | 2.8% |
| 2024 | ₩30.9B | ₩4.3B | ₩4.9B | 14.0% | 8.8% | 6.5% |
| 2025 | ₩29.1B | ₩1.7B | ₩3.2B | 6.0% | 5.6% | 5.2% |
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 results peaked in 2022 with revenue of KRW 49.3bn and operating profit of KRW 14.9bn (a 30.2% operating margin), before both revenue and margin contracted for three consecutive years: KRW 34.9bn revenue and KRW 6.0bn operating profit (17.1%) in 2023, KRW 30.9bn and KRW 4.3bn (14.0%) in 2024, and KRW 29.1bn and KRW 1.7bn (6.0%) in 2025.
Net income attributable to owners also fell sharply to KRW 3.2bn in 2025 from KRW 4.9bn in 2024, KRW 6.7bn in 2023, and KRW 12.7bn in 2022.
On a quarterly basis, revenue fell from KRW 8.87bn with operating profit of KRW 0.94bn in Q2 2025 to KRW 6.39bn revenue and KRW 0.71bn operating profit in Q3 2025, then contracted further to KRW 5.67bn in Q4 2025, when the company swung to a quarterly operating loss of KRW 1.36bn and a net loss of KRW 0.38bn.
Revenue then surged to KRW 13.97bn in Q1 2026, more than double the prior quarter, though operating profit recovered only modestly to KRW 0.47bn, before Q2 2026 delivered a strong joint improvement with revenue of KRW 17.65bn, operating profit of KRW 1.84bn, and net income of KRW 1.34bn.
This pattern suggests the company is moving past what appears to have been a one-off weak fourth quarter in 2025 (likely reflecting increased investment costs), with volume growth in the first half of 2026 flowing through to earnings.
Still, net income attributable to owners summed over the most recent four quarters (Q3 2025 through Q2 2026) is roughly KRW 2.28bn, which remains well below the annual profit levels seen in 2022-2023.
On the balance sheet side, the debt ratio stayed in the low single digits every year -5.2% in 2025, 6.5% in 2024, 2.8% in 2023, and 7.2% in 2022- indicating financial stability itself was not impaired.
The downstream markets of electric vehicles, ESS, and solar inverters are still cited as structural growth axes, with automakers' shift from 400V to 800V-plus high-voltage platforms seen as a factor lifting demand for higher-spec relays.
Indeed, in cumulative non-consolidated results through the third quarter of 2025, revenue rose on higher demand for EV Relay and DC Relay products, though operating profit dipped slightly due to cost pressure.
That said, the volatility seen between the fourth quarter of 2025 and the first quarter of 2026 shows that downstream demand is still in an early growth phase, swinging with project- and customer-specific order timing.
On the competitive front, the company holds a technical edge as the developer of the world's first bidirectional high-voltage relay, though its relatively small company scale is also noted.
More recently, growing demand for high-voltage DC power infrastructure in AI data centers has emerged as a new industry axis, drawing greater market attention to related component and materials companies.
Eugene Investment & Securities, in a May 2026 report, presented as investment points the structural growth of the high-voltage DC relay market expanding into EV, ESS, and HVDC applications, along with earnings leverage from a growing global reference base, production capacity, and export share.
The second plant is more than double the floor area of the original first plant, and supply of relay products to passenger EV makers is reported to have scaled up around the timing of that plant coming online.
Going forward, a key point to watch is whether this expanded production capacity translates into actual passenger EV volume and new global customer wins.
However, products supplied to automakers are known to carry lower margins than existing ESS-oriented products, meaning revenue growth and margin recovery may not always move in the same direction.
The company's high export exposure is also a medium-term variable, with results potentially linked to policy and investment cycles in major EV/ESS markets such as China, Europe, and North America, as well as currency conditions.
The joint improvement in revenue and operating profit in the first half of 2026 can be read as a sign that earlier capacity investment and volume expansion are beginning to flow through to earnings, though whether this trend continues into the second half needs to be confirmed through upcoming quarterly results.
Growing demand for high-voltage DC infrastructure in data centers has not yet been confirmed through concrete order or contract disclosures, and remains at the stage of attracting market attention as a potential new demand source.
The current share price trades near or slightly below the company's net asset value, implying a price-to-book ratio in the neighborhood of 1x.
On the earnings side, following three consecutive years of shrinking net income through 2025, signs of recovery emerged in 2026, meaning earnings multiples appear elevated relative to the recent earnings trough but can be read differently when compared with the peak-earnings years of 2022-2023.
The company has maintained a policy of paying a modest annual cash dividend, though the dividend yield itself does not appear to be a central driver of the stock's valuation.
The durability of the earnings recovery and the margin contribution from expanding automaker-directed volumes are likely to be the key variables shaping future valuation assessments.
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
Revenue rose for two consecutive quarters in Q1 and Q2 2026, and Q2 operating profit of KRW 1.84bn was the highest of the past four quarters. This shows a normalization of the profit and loss structure after the Q4 2025 loss. If volume expansion continues, there is now a basis to check for further improvement in the second half.
The company holds proprietary technology as the developer of the world's first bidirectional high-voltage relay and has a lineup spanning 400V, 800V, and 1500V.
Production capacity was expanded through a second plant more than double the floor area of the original, with supply to automakers reported to have ramped around that timing. If automakers continue shifting to higher-voltage platforms, this lineup could serve as a beneficiary factor.
Eugene Investment & Securities, in a May 2026 report, presented as investment points the structural growth of the high-voltage DC relay market expanding into EV, ESS, and HVDC applications, along with earnings leverage from a growing global reference base, capacity, and export expansion.
Active investment in AI data center power infrastructure in Korea is creating an industry environment where demand for related components could grow over the long term.
Revenue fell from KRW 49.3bn in 2022 to KRW 29.1bn in 2025, and the operating margin narrowed from 30.2% to 6.0% over the same period. In Q4 2025, the company even posted a quarterly operating loss and net loss. While a recovery was confirmed in H1 2026, profitability has not yet clearly returned to its past peak level.
Products supplied to automakers are known to carry lower margins than existing ESS-oriented products. In Q1 2026, despite a large revenue jump, the operating profit recovery was relatively muted, which is consistent with this margin structure. Volume growth may not directly translate into margin improvement.
Quarterly revenue swung sharply between KRW 8.87bn, KRW 5.67bn, and KRW 17.65bn from Q2 2025 through Q2 2026, showing a pattern of low predictability.
Given the high export share of the business, quarterly variance can widen depending on order timing shifts from specific countries or customers, or currency fluctuations.
If growth in the EV and ESS markets slows more than expected, the scenario of expanding EV Relay demand could be delayed. A recurrence of a quarterly earnings decline similar to Q4 2025 cannot be ruled out. New data center-related demand remains a potential factor not yet confirmed through concrete contracts.
Rising raw material costs or new investment expenses could further pressure the operating margin. Cost burden has been cited as a factor behind the drop in operating margin to 6.0% in 2025. As the share of lower-margin automaker-directed volume increases, the burden of managing overall profitability could grow.
Given the high export share of the business, revenue dependence on a specific country or a small number of customers can amplify earnings volatility. As changes in China-related revenue have affected past results, a slowdown in demand or policy shifts in a specific region could again act as a risk factor.
Check whether the company issues Q3 2026 preliminary earnings via fair disclosure and whether the revenue and profit recovery seen in Q2 continues.
Around the statutory deadline for the Q3 quarterly report, confirm the finalized financial figures and any changes in segment revenue composition.
Continue to monitor whether utilization at the second plant rises, new automaker customers are secured, and any concrete contract disclosures emerge for high-voltage DC components supplied toward data centers.
Once the finalized full-year 2026 results and dividend policy are disclosed, it will be possible to confirm on an annual basis whether the H1 2026 recovery trend was sustained.
YM Tech is a component specialist that has supplied products to the ESS, EV, and EV charger markets, built on technical strengths in high-voltage DC relays.
After revenue and operating margin peaked in 2022 and then contracted for three straight years, the company even posted a quarterly operating loss in Q4 2025, before revenue and operating profit both recovered together for two consecutive quarters in Q1 and Q2 2026.
Expanded production capacity through the second plant, the ramp-up of supply to automakers, and industry tailwinds from growing high-voltage DC infrastructure demand in ESS and data centers are cited as potential drivers of this recovery.
That said, the relatively lower margin of automaker-directed products, quarterly earnings volatility stemming from the company's high export exposure, and dependence on specific regions and customers remain variables that warrant continued observation.
Cumulative profit over the most recent four quarters still falls short of levels seen during the past earnings peak, so the durability of the recovery needs to be reconfirmed through subsequent quarterly results.
The data center-related theme has drawn market attention but has not yet been confirmed through concrete contracts, making it a key point to watch whether the gap between actual business performance and market expectations can narrow going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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