KOSDAQElectronic Components290740

Actro

₩11,290▼ 1.31%2026-10-02 close

Market Cap

₩112.3B

Turnover

₩400M

Volume

30,000 shares

Shares out.

10.1M

PER

9.3×

PBR

1.3×

EPS

₩1,279

Dividend Yield

0.84%

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

Report overview

Camera Parts Maker Expands Into Robotics

Actro is pursuing new growth in autonomous driving and humanoid robot components while its core smartphone actuator business recovers.

1
2025 consolidated revenue reached KRW 244.9 billion with operating profit of KRW 6.6 billion, a sharp improvement from the prior year, extending the profit trend.
2
In Q1 and Q2 2026 the company posted two consecutive quarters of operating losses due to a customer supply schedule shift, though net income remained positive.
3
The company announced in August 2026 that it began exclusively supplying a 200-megapixel camera actuator for the Samsung Galaxy Z Fold8 Ultra.
4
Mass production of autonomous-driving camera components for a North American automaker began in July 2026, while humanoid robot actuators are in customer sample testing.
5
Progress in new businesses (equipment, autonomous driving, robotics) and the seasonal smartphone peak in the second half are the key variables for upcoming results.

Business structure

Actro is a components specialist producing actuators (AF, OIS, folded zoom) that serve as the core drive parts of smartphone camera modules.

As a tier-one supplier to Samsung Electro-Mechanics' module division, the company has supplied folded zoom, optical image stabilization (OIS), autofocus (AF), and iris actuators, and has expanded its customer base beyond Samsung Electronics to include Google and Chinese handset makers.

In August 2026, the company announced it began exclusively supplying a 200-megapixel camera actuator for Samsung Electronics' top-tier foldable model, the Galaxy Z Fold8 Ultra.

Beyond actuator parts, Actro also runs an automation equipment and performance inspection equipment business, selling its industry-first six-axis performance tester to external customers and growing the equipment revenue mix.

As new growth engines, the company is developing autonomous-vehicle camera components and humanoid robot actuators, and has begun mass-production supply of autonomous-driving camera parts to a North American automaker.

The robot actuator business remains at the customer sample-testing stage, supported by a dedicated clean room built at its Vietnam production subsidiary.

Domestic competitors include Haesung Optics and Jahwa Electronics, with Haesung Optics also supplying OIS actuators for the Galaxy Z Fold8 series to the same customer base.

Meanwhile, larger suppliers such as Hyundai Mobis, which agreed to supply actuators to Boston Dynamics, are also entering the automotive and robotics component markets.

Earnings trend

Quarterly revenue · Operating profit

₩58.3B₩2.8B25Q2₩71.3B₩2.6B25Q3₩62.3B₩2.1B25Q4₩48.7B-₩500M26Q1₩52.6B-₩400M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩133B-₩5.8B2022₩156.8B₩4.7B2023₩203.1B₩2.4B2024₩244.9B₩6.6B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩58.3B	₩2.8B	4.8%
2025Q3	₩71.3B	₩2.6B	3.7%
2025Q4	₩62.3B	₩2.1B	3.4%
2026Q1	₩48.7B	-₩500M	−1.0%
2026Q2	₩52.6B	-₩400M	−0.8%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩133B	-₩5.8B	-₩9.3B	−4.3%	−14.7%	44.6%
2023	₩156.8B	₩4.7B	₩5.7B	3.0%	8.4%	73.9%
2024	₩203.1B	₩2.4B	₩1.5B	1.2%	2.1%	64.6%
2025	₩244.9B	₩6.6B	₩7.4B	2.7%	10.1%	69.0%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Annual revenue rose for four consecutive years, from KRW 133.0 billion in 2022 to KRW 156.8 billion in 2023, KRW 203.1 billion in 2024, and KRW 244.9 billion in 2025.

Operating profit swung from a KRW 5.8 billion loss in 2022 to a KRW 4.7 billion profit in 2023, then narrowed to KRW 2.4 billion in 2024 before rebounding sharply to KRW 6.6 billion in 2025, lifting the operating margin from 1.2% to 2.7%.

Net income attributable to owners also fluctuated, moving from a KRW 9.3 billion loss in 2022 to KRW 5.7 billion in 2023, dropping to KRW 1.5 billion in 2024, then recovering to KRW 7.4 billion in 2025, with the 2024 decline coinciding with the operating profit slowdown that year.

On a quarterly basis, Q3 2025 was the strongest quarter of the year with revenue of KRW 71.3 billion, operating profit of KRW 2.6 billion, and net income of KRW 4.3 billion, followed by a solid Q4 2025 with revenue of KRW 62.3 billion and operating profit of KRW 2.1 billion.

However, the company posted operating losses in two consecutive quarters in 2026: Q1 (revenue KRW 48.7 billion, operating loss KRW 0.5 billion) and Q2 (revenue KRW 52.6 billion, operating loss KRW 0.4 billion).

Per company explanation, this was driven by a temporary shift of folded-zoom actuator delivery for a global IT customer into the third quarter, with no change to existing orders or overall supply plans.

Notably, net income attributable to owners remained positive during the operating-loss quarters, at KRW 2.5 billion in Q1 2026 and KRW 1.7 billion in Q2 2026, suggesting non-operating items supported the quarterly bottom line.

Over the most recent four quarters (Q3 2025 through Q2 2026), cumulative net income attributable to owners totaled approximately KRW 11.9 billion, indicating the profit trend has been sustained on an annualized basis.

Industry analysis

The global camera module market was valued at roughly USD 52.6 billion in 2025 and is projected to grow at a CAGR of 8.7% between 2026 and 2035.

The camera lens market is also expected to expand from about USD 6.35 billion in 2025 to USD 6.76 billion in 2026, supported by multi-camera smartphone architectures and the spread of periscope-type folded-zoom modules.

While the downstream smartphone market has matured, growing adoption of premium features such as foldable displays and ultra-high-resolution cameras leaves room for component makers to raise average selling prices.

At the same time, the automotive camera module market is emerging as a new growth axis, forecast to grow from USD 3.1 billion in 2023 to USD 8.5 billion by 2030 at roughly a 13.8% CAGR.

Adding the humanoid robot market on top of this, the actuator and camera component supply chain is expanding its application scope beyond smartphones into automobiles and robotics.

However, this emerging market is also seeing entry from large component makers such as Hyundai Mobis, which has formed a direct supply relationship with global robotics firm Boston Dynamics, intensifying competition for smaller suppliers including Actro.

Rival Haesung Optics also supplies OIS actuators to the same Samsung Electronics foldable series, keeping competition for customer share among domestic actuator makers ongoing.

Outlook

The company frames the second half of 2026 as the seasonal peak for smartphone components, expecting a rebound as folded-zoom actuator volume deferred from Q2 flows into Q3 revenue.

Actro began exclusively supplying a 200-megapixel actuator for Samsung Electronics' new foldable flagship, the Galaxy Z Fold8 Ultra, and expects OIS actuator volume to increase more than 40% year-over-year as adoption expands in Samsung's next flagship lineup slated for launch in the first half of next year.

The new autonomous-vehicle camera component business entered full-scale mass production for a North American automaker in July 2026, and with monthly capacity of about 400,000 units already secured, the company is reportedly planning to ramp utilization toward near-full capacity by around October.

Humanoid robot actuators are in customer sample testing at a clean room built inside the company's Vietnam production subsidiary, with mass production seen as possible as early as Q4 2026 or as late as Q1 2027.

The company, however, maintains a cautious stance that the timing of robot mass production will depend on the customer's own production schedule.

Some brokerage analysts have estimated that, factoring in the new businesses, Actro appears to be targeting roughly KRW 260 billion in revenue and a 5% operating margin for 2026, and roughly KRW 300 billion in revenue with a 10% operating margin for 2027, though the company has stated it has not issued official earnings guidance.

To prepare for growing volumes, additional investment in fully automated lines at the Vietnam subsidiary is reportedly under consideration.

Valuation

PER

9.3×

PBR

1.3×

ROE

16.1%

EPS

₩1,279

BPS

₩8,819

Dividend per share

₩100

The multiples at which the stock currently trades sit within a range this name has occupied historically, moving between the upper and lower ends of that band, making it difficult to draw firm conclusions from the multiple level alone.

Compared against net asset value, assessments diverge between premium and discount readings depending on the calculation basis used, reflecting differences in how treasury shares or minority interests are treated in the computation.

On the dividend side, the company has maintained a policy of annual cash dividends since its listing, though the dividend yield itself runs below the average for peer component makers.

On earnings, the company swung from a loss in 2022 to a profit in 2023, pulled back somewhat in 2024, and then saw a sizable recovery in profit scale in 2025, and this recovery trend forms the backdrop for valuation discussions.

Meritz Securities forecast in a December 2025 report that, based on the equipment business's high profitability and the growth potential of new businesses, earnings growth accompanied by a valuation re-rating was likely from 2026 onward, though it did not provide a specific price target.

Since revenue contribution from the new businesses (autonomous driving, robotics) remains at an early stage, how the market ultimately reflects this will need to be confirmed through future earnings disclosures.

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 2026-08-23

Bull factors

Exclusive Supply Status in Samsung Foldables

Actro announced in August 2026 that it began exclusively supplying an actuator for the 200-megapixel camera in Samsung Electronics' Galaxy Z Fold8 Ultra.

The company expects volume to grow more than 40% year-over-year as OIS actuator adoption expands in Samsung's next flagship lineup slated for the first half of next year.

Its status as a tier-one Samsung Electro-Mechanics vendor extending into ultra-high-resolution camera parts can be read as evidence of competitiveness within its customer base.

Autonomous Driving and Robotics Businesses Materializing

Actro entered full-scale mass production of key autonomous-driving camera components for a North American automaker starting in July 2026, with the parts slated for use in three vehicle models. Humanoid robot actuators are also undergoing customer sample testing at a clean room within its Vietnam production subsidiary.

The fact that new businesses are translating into actual revenue can be viewed as a diversification effort beyond the company's traditional smartphone-parts-centered structure.

Profitability Leverage From the Equipment Business

Actro's equipment revenue grew sharply from KRW 2.9 billion in 2024 to KRW 18.0 billion through the third quarter of 2025. The inspection equipment business is understood to carry higher profitability than component sales, meaning a growing equipment revenue mix could contribute to overall margin improvement.

The company is also broadening its equipment business by selling industry-first products, such as its six-axis performance tester, to external customers.

Bear factors

Two Consecutive Quarters of Operating Losses

Actro posted operating losses in both Q1 and Q2 2026, temporarily interrupting the profit recovery trend seen in 2025.

The company attributed this to a temporary deferral tied to a major customer's supply schedule adjustment, but whether the deferred volume actually materializes in Q3 results has not yet been confirmed through disclosure.

If early-stage investment burdens from new businesses overlap, the pace of profitability recovery could end up slower than expected.

Uncertainty Over New Business Revenue Contribution

The autonomous-driving components and humanoid robot actuator businesses remain at an early mass-production or sample-testing stage. The company itself has taken a cautious stance, stating that the timing of robot component mass production will depend on the customer's own schedule.

It is also worth noting that mid-to-long-term earnings targets cited by some brokerages are not officially confirmed guidance from the company.

Intensifying Competition and Entry of Larger Players

Domestic peer Haesung Optics also supplies OIS actuators for Samsung Electronics' Galaxy Z Fold8 series, continuing the share competition within the same customer base.

In the robot actuator market, Hyundai Mobis has entered by forming a partnership with Boston Dynamics, signaling potential future competition from larger component makers. Smaller suppliers such as Actro face the challenge of defending their position in these emerging markets.

Risk factors

Customer Concentration Risk

Actro's revenue structure is heavily dependent on a small number of large customers such as Samsung Electro-Mechanics and Samsung Electronics.

The Q1-Q2 2026 earnings slowdown itself was triggered by a schedule adjustment from a specific customer, illustrating how much a single customer's order changes can affect results. While customer diversification is underway, dependence on a small customer base persists.

New Business Execution Risk

The autonomous-driving components business is at an early mass-production stage and the robot actuator business is still in sample testing, meaning neither has yet formed a stable revenue base.

Because investment in fully automated equipment is required ahead of customer demand, delays in monetization could translate into financial strain. For robot components in particular, uncertainty remains because the mass-production timing itself depends on the customer's own schedule.

End-Market Demand Volatility

The smartphone market has matured, so component order volumes hinge on the sales performance of flagship models. The new automotive and robotics businesses are also early-stage markets where demand can shift depending on changes to automakers' or robot makers' own production plans.

Changes in the external trade environment, such as tariffs or certification regulations, remain variables that could affect the component supply chain.

What to watch next

Around October 2026
Production capacity for autonomous-driving camera components for the North American automaker is reportedly set to expand to near-full utilization, warranting a check on whether the ramp-up actually occurs.
Q4 2026 to Q1 2027
Whether and when mass production of humanoid robot actuators begins should be monitored, as the timeline may shift depending on sample test results.
Mid-November 2026
This is the expected timing for the Q3 2026 quarterly report disclosure, providing the first confirmed data point on whether the company actually rebounded from the Q1-Q2 operating losses.
First half of 2027
With the launch of Samsung Electronics' next flagship, it will be worth checking whether OIS actuator volume actually grows more than 40% as the company projected.
During 2027
It should be confirmed whether the planned additional investment in fully automated lines at the Vietnam subsidiary is actually executed, and at what scale.

Overall view

Actro has recovered from its 2022 loss with clear revenue and profit growth through 2025, and has recently reinforced its position in its core business by beginning exclusive supply of an actuator for Samsung Electronics' top-tier foldable model.

At the same time, the company is pursuing diversification away from a smartphone-centric structure through new autonomous-vehicle and humanoid-robot component businesses, with mass production underway for a North American automaker and robot components still at the sample-testing stage.

However, Q1 and Q2 2026 saw two consecutive quarters of operating losses tied to a customer supply schedule adjustment, indicating the recovery trend has not yet fully stabilized.

The timing and scale of revenue contribution from new businesses, together with the seasonal effect of the second-half smartphone peak on the existing component business, are the key variables that will shape future results.

Some brokerages have pointed to potential mid-to-long-term earnings growth and valuation re-rating based on the new businesses, but since the company has not issued official guidance, it is important to distinguish between analyst estimates and actual progress.

Ahead of any investment decision, it will be important to continue monitoring verifiable events such as upcoming quarterly earnings disclosures and the mass-production timeline for the new businesses.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.