PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩500 per share · Prices as of the 2026-10-02 close
Winners Elec has built a stable revenue base centered on wiring devices and multi-outlets, sharply improved its operating margin in 2025, and is now expanding into new businesses such as EV chargers and water meter components.
2025 revenue reached KRW 31.2 billion (+18.6% YoY) while operating profit rose to KRW 5.27 billion (+80.2%), showing simultaneous improvement in scale and profitability.
Quarterly operating margins swung between roughly 8% and 29%, with a high-margin fourth quarter of 2025 contrasting with a low-margin first quarter of 2026.
Founded in 2004 as a wiring device specialist, the company listed on KOSDAQ in February 2025.
The company is expanding into EV chargers, smart wiring, and automatic water meter components, and changed its name to Winners Elec in March 2026.
The controlling shareholder is Winners Holdings LLC (100%), of which 70% is held by the IBK-TS Exit Fund No. 2, jointly managed by TS Investment and IBK Bank, indicating a significant financial-investor presence.
Winners Elec's core business is the manufacture and sale of wiring devices such as switches and outlets, along with built-in outlets, multi-outlets, and other communication devices, while also supplying smart wiring devices and smart distribution boards designed for smart-home systems in apartments and other residential buildings.
As of 2023, product mix by revenue was wiring devices 38.9%, multi-outlets 43.0%, smart wiring 7.1%, EV chargers 0.7%, and other products 10.3%, meaning wiring devices and multi-outlets together accounted for more than 80% of sales.
On the distribution side, the company sells through large retail channels including E-Mart, Lotte Mart, Homeplus, and Daiso, plus roughly 360 dealers for its B2C network, and since 2023 it has also entered the B2B market for large construction firms following a supply agreement with Lotte Construction.
Backed by long-accumulated technical expertise and numerous patents, the company is regarded as having top-tier domestic manufacturing capability, pursuing a strategy of premium product lines that emphasize safety and convenience to achieve higher profitability than peers.
Building on its wiring-device technology, the company has recently expanded into EV-charging-related products such as charging outlets, slow and fast chargers, and charger power-distribution systems, seeking new growth drivers.
In April 2025, it signed an online supply contract with Coupang to expand its e-commerce channel, and in September of the same year it signed a supply contract for automatic water-meter components, extending beyond traditional wiring devices.
Amid this diversification, on March 31, 2026, the company changed its name from Winners to Winners Elec.
The controlling shareholder is Winners Holdings LLC (100% stake), of which 70% is held by the IBK-TS Exit Fund No. 2, jointly managed by TS Investment and IBK Bank, while CEO Kim Chang-sung and executive Kim Gun-sung hold 28% and 2% respectively, reflecting a substantial financial-investor presence.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩8.1B | ₩1.6B | 19.7% |
| 2025Q3 | ₩8.7B | ₩700M | 8.6% |
| 2025Q4 | ₩8B | ₩2.3B | 29.1% |
| 2026Q1 | ₩7.3B | ₩600M | 8.4% |
| 2026Q2 | ₩8.2B | ₩1.1B | 14.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩27.6B | ₩3.5B | ₩3B | 12.5% | 11.9% | 37.2% |
| 2024 | ₩26.4B | ₩2.9B | ₩2.5B | 11.1% | 9.9% | 34.5% |
| 2025 | ₩31.2B | ₩5.3B | ₩4.7B | 16.9% | 11.4% | 22.5% |
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
Winners Elec's annual revenue fell 4.6% from KRW 27.64 billion in 2023 to KRW 26.36 billion in 2024, before rebounding 18.6% year-over-year to KRW 31.25 billion in 2025.
Profitability improvement was even more pronounced: the operating margin declined from 12.5% in 2023 to 11.1% in 2024, then jumped to 16.9% in 2025, with operating profit surging 80.2% from KRW 2.93 billion in 2024 to KRW 5.27 billion in 2025.
Net profit attributable to owners likewise grew 88.2%, from KRW 2.47 billion in 2024 to KRW 4.65 billion in 2025, marking a clear expansion in earnings scale. On a quarterly basis, however, margin volatility has been substantial.
The operating margin was 19.7% in the second quarter of 2025 but fell sharply to 8.6% in the third quarter, then spiked to 29.1% in the fourth quarter, patterns that suggest seasonal or one-off factors were at play.
This volatility continued into 2026, with the operating margin dropping back to 8.4% in the first quarter before recovering to 14.1% in the second quarter.
Combined net profit attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) was approximately KRW 4.10 billion, and while the annual improvement trend has held, the sizable quarter-to-quarter swings are worth noting when assessing earnings trajectory.
The debt ratio steadily declined from 37.2% in 2023 to 34.5% in 2024 and 22.5% in 2025, indicating an improving financial structure.
The wiring device and multi-outlet market that Winners Elec operates in is a mature industry linked to domestic construction activity and housing renovation demand, underpinned by stable demand through large retail channels such as E-Mart, Lotte Mart, Homeplus, and Daiso, together with a dealer network.
The expanding adoption of smart-home systems is also driving growth in higher-value-added products such as IoT-enabled switches and built-in outlets.
The newer EV charger growth axis is expected to grow at an average annual rate of 25.1% between 2022 and 2030, according to a February 2025 Eugene Investment & Securities report, supported by government mandates requiring EV charger installation in apartments; companies with wiring-device manufacturing know-how can enter the outlet-type and slow-charger segments with relatively low barriers.
That said, this market features a wide range of competitors, from dedicated EV-charging infrastructure firms to large power-equipment conglomerates, so competitive intensity remains meaningful.
In the core wiring-device segment, more than 45 years of accumulated experience and numerous patents are cited as differentiating factors versus later entrants.
Expanding B2B supply contracts with large construction firms helps build a stable revenue base, but the same structure also exposes revenue to downside pressure if the construction cycle slows.
The company formalized its diversification direction by changing its name to Winners Elec in March 2026, and in May of the same year it voluntarily disclosed a corporate value-up plan outlining a medium- to long-term strategy for enhancing shareholder value.
The automatic water-meter component supply contract signed in September 2025 appears to be an attempt to secure a new revenue stream beyond traditional wiring devices, while the April 2025 Coupang online supply agreement reflects a broadening of channels from offline-focused retail toward e-commerce.
In the EV charger segment, the company has outlined plans to expand its product lineup into slow and fast chargers plus power-distribution systems, and to grow supply by leveraging its existing construction-company network (per a February 2025 Eugene Investment & Securities report).
Key variables for future performance will likely be whether B2B supply contracts with large construction firms become a stable growth pillar for the wiring-device business, and how much the new businesses—EV chargers and water-meter components—actually contribute to revenue.
Given the significant quarterly margin volatility observed to date, whether this volatility moderates in upcoming quarters is also worth monitoring. As a recently listed company, shareholding-structure events such as changes in free float or shifts in the financial investors' stake also warrant attention.
Winners Elec debuted on the market in February 2025 at an IPO price set at a discount to the average valuation of comparable domestic companies, and it is notable that the profit base underlying valuation has since expanded as earnings grew.
The price-to-book ratio reflects the share price relative to net assets, so it is worth examining the relationship between the pace of recent net-asset growth and share price movements together.
On the earnings side, profit slowed in 2023–2024 before recovering sharply in 2025, making the sustainability of that recovery an important variable in interpreting valuation.
Regarding dividends, the company has paid a cash dividend since its first fiscal year as a listed company, a stance that differs from the no-dividend policy many newly listed KOSDAQ companies adopt.
Given the significant quarter-to-quarter volatility in results, it is advisable to weigh annual trends alongside quarterly variability rather than drawing conclusions from any single quarter's results.
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
The operating margin improved markedly to 16.9% in 2025 from the prior year, and the debt ratio has steadily declined from 37.2% in 2023 to 22.5% in 2025, strengthening the balance sheet. Both operating profit and net profit grew at rates near 80% year-over-year, expanding the overall earnings base. If this trend continues, the company's capacity to invest in business diversification could also grow.
Sales channels have diversified beyond a B2C base of large retail chains—E-Mart, Lotte Mart, Homeplus, and Daiso—plus roughly 360 dealers, adding a B2B channel with large construction firms established via the Lotte Construction supply contract, as well as the Coupang online supply agreement.
This can reduce reliance on any single channel. Expansion into adjacent revenue sources, such as the automatic water-meter component supply contract, is also underway.
Building on its wiring-device manufacturing know-how, the company is broadening its product lineup to include EV charging outlets, slow and fast chargers, and power-distribution systems.
Government mandates requiring EV charger installation in apartments and the market's growth outlook provide a potential demand base for this segment. The ability to expand supply by leveraging the company's existing construction-company network is also seen as a strength.
The operating margin has swung widely from the 8% range to nearly 29% across quarters, making earnings relatively difficult to predict. If the high margin in the fourth quarter of 2025 was driven by one-off factors, it may not recur in subsequent quarters. The margin dropping back in the first quarter of 2026 illustrates that this volatility has persisted.
New businesses such as EV chargers and water-meter components accounted for only around 1% of revenue as of 2023, meaning their impact on overall company performance remains limited for now.
It may take time for these new businesses to translate into meaningful revenue growth, and the company also faces the challenge of overcoming its position as a relative latecomer in the competitive EV charger market.
While the expansion of B2B supply contracts with large construction firms can provide a stable revenue source, it also increases exposure to the domestic construction and housing cycle. Should the construction cycle slow, downside pressure on wiring-device and smart-wiring revenue could result.
Because the IBK-TS Exit Fund No. 2, a financial investor, holds 70% of the stake owned by controlling shareholder Winners Holdings, the timing and method of this fund's eventual exit could affect the shareholding structure or free float.
As a recently listed company, ongoing monitoring of disclosures related to the controlling shareholder and financial investors is warranted.
Manufacturing wiring devices and multi-outlets exposes the company to fluctuations in raw material prices such as copper and plastics, and the EV charger segment can likewise be affected by the supply conditions for power electronics components. Rising raw material costs could pressure operating margins.
The EV charger market has attracted a wide range of competitors, including dedicated charging infrastructure providers and large power-equipment companies, making competition intense.
In addition, changes in government policy regarding EV charger subsidies and installation mandates could affect the underlying demand base, warranting close attention to policy developments.
This is when the Q3 2026 quarterly report is expected to be disclosed; it is worth checking whether the margin volatility seen in Q1 and Q2 2026 continues in the same direction in Q3.
This corresponds to the annual business report and regular shareholders' meeting for fiscal year 2026, when confirmed annual results and dividend policy (whether dividends continue and at what scale) can be checked.
It is worth monitoring whether additional supply contract disclosures related to new businesses such as EV chargers and water-meter components emerge, and whether their scale grows large enough to meaningfully supplement existing wiring-device revenue.
It is worth checking for follow-up disclosures on the implementation of the corporate value-up plan voluntarily announced in May 2026, including shareholder return measures and business targets.
Winners Elec has achieved a clear earnings improvement in 2025 on top of a stable core business in wiring devices and multi-outlets, alongside a strengthening financial structure.
That said, quarterly operating margins have swung widely from around 8% to nearly 29%, so annual improvement and quarterly volatility coexist in the results.
Through its March 2026 name change and the May 2026 disclosure of a corporate value-up plan, the company has clearly signaled its intent to expand into new businesses such as EV chargers and water-meter components, although these new businesses still account for a limited share of actual revenue.
It is also worth considering that a substantial portion of the controlling shareholder's stake is held by financial investors, and that B2B revenue from large construction firms is linked to the construction cycle.
Upcoming third-quarter results, new contract disclosures, and the actual revenue contribution of diversification efforts will likely serve as important reference points for assessing the company's direction going forward.
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.