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KREDKRED
000990KOSPI

DB Hitek

138,800
+4,400 (+3.27%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

DB Hitek was established in 1953 and is listed on the KOSPI market. The company operates as a semiconductor manufacturer and manages 17 consolidated subsidiaries, including DB GlobalChip and DB World.

The company operates a pure play foundry business specializing in 8 inch wafer production for consumer electronics, smartphones, televisions, automobiles, and industrial applications. It provides wafer production and design solutions to domestic and international customers through facilities in Bucheon and Sangwoo.

Business overview as filed

가. 산업의 특성

반도체는 모든 IT 제품에 들어가는 핵심 부품입니다. 따라서 컴퓨터를 비롯해 통신기기, 자동차, 디지털 가전제품, 산업기계, 컨트롤 시스템 등 다양한 분야에 적용되고 있습니다. 반도체는 정보를 저장하고 기억하는 메모리 반도체와 연산과 추론 등 논리적인 정보처리 기능을 하는 시스템 반도체로 구분할 수 있습니다. 2025년도 세계 반도체 시장규모는 약 8,105억불(이하 “미 달러 기준”) 규모이며, 이 중 시스템 반도체는 전체 반도체 시장의 약 72% 차지를 전망하고 있습니다. 시스템 반도체는 고기술, 고성장, 고부가가치의 유망산업으로 AI, 5G, IoT, 스마트폰, 고해상도 TV, 자동차 등 다양한 분야에 활용되고 있습니다.

파운드리는 시스템 반도체를 위탁 생산하는 사업으로, 고객을 위한 Wafer 생산뿐만 아니라, Library/PDK(Process Design Kit)/DM(Design Methodology)/Design Service 등 다양한 솔루션 제공을 포함합니다. 미세 공정 기술을 요구하는 제품은 12인치 파운드리를 통해 생산을 하며, 레거시 공정 기술을 요구하는 제품은 8인치 파운드리를 통해 생산할 수 있습니다.

2025년도 전체 파운드리 시장은 약 1,497억불 규모이며, 이 중 당사가 영위하고 있는 순수 파운드리는 전체 파운드리 시장의 약 94%로 전망되고 있습니다. 당사는 8인치 순수 파운드리 기업으로 다품종 소량 생산이 가능하며, 소비가전, 스마트폰, TV, 자동차, 산업용 등 다양한 분야에 활용되는 제품을 생산하고 있습니다.

나. 회사의 현황

당사는 부천에 본사를 두고 있으며, 부천(FAB1)과 상우(FAB2) 두 곳에 공장을 두고 있습니다. 또한 해외 영업을 위해 미국, 중국법인과 대만, 일본, 유럽 지사를 운영하고 있습니다. 당사는 웨이퍼 수탁 생산 및 판매를 담당하는 Foundry 사업을 운영하고 있으며 자회사인 DB글로벌칩은 디스플레이 구동 IC 제품을 설계, 판매하는 사업을 운영하고 있습니다.

웨이퍼 수탁 생산 및 판매를 위한 Foundry 사업은, 최근 당사의 Analog & Power 공정에 대한 수요 증가로 국내 및 해외 전략고객에 대한 제품 생산을 확대하고 있습니다. 특히 Analog 반도체 파운드리로서 자리를 확고히 하며 중소형 뿐만 아니라 대형 고객으로도 수주를 확장해 가고 있습니다. 또한 경쟁사 대비 용도별 최적화된 공정기술과 핵심기술을 확보하여 Analog 반도체 전문기업으로서의 위상을 높여 나가고 있습니다. 주요 종속회사인 DB글로벌칩의 디스플레이 구동IC 사업은 TV, IT 및 Mobile 용 등 디스플레이와 관련된 제품 포트폴리오를 다양하게 구축하고 있으며 특히 UHD TV, OLED 관련 제품 등 고성장 분야에서의 경쟁우위를 점하기 위해 역량을 확대하고 있습니다. 또한 국내뿐만 아니라 중국, 일본 등 해외고객을 중심으로 프로모션을 강화하고 있습니다. 또한 신수종 사업의 일환으로서 주요 종속회사인 디비월드와 협업하여 고부가 부동산 개발사업 진출을 검토하고 있습니다. 특히 현재 조성 중인 상우산업단지 개발 사업과의 시너지 창출 및 복합도시 조성, 주거/업무시설 개발 등을 고려하고 있으며, 이는 중장기적 이익 증대에도 기여할 것으로 전망하고 있습니다.

산업분석 및 영업개황에 관한 상세한 사항은 'II. 사업의 내용' 중 '7. 기타 참고사항'을 참조하여 주시기 바랍니다.

다. 주요 제품 등의 현황

라. 매출실적

Company overview

가. 연결대상 종속회사 개황

회사의 연결대상 종속기업은 보고서 작성 기준일 현재 17개사입니다.

(1) 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

나. 회사의 명칭

보고기간 말 기준으로『주식회사 DB하이텍』이라고 표기합니다.영문으로 DB HiTek CO., LTD. 라고 표기하며, 약식으로는 DB HiTek 으로 표기합니다.

다. 설립일자

회사는 1953년 4월 28일에 설립되었으며, 1975년 12월 12일 한국거래소 유가증권시장에 주식을 상장하였습니다. 현재 회사는 반도체 제조를 주된 사업으로 하고 있습니다.

라. 본사의 주소 등

마. 주요 사업의 내용

회사는 웨이퍼 수탁 생산 및 판매를 주요 사업으로 영위하고 있습니다. 주요 종속회사로는 디스플레이 구동 IC 제품을 설계, 판매하는 사업을 영위하는 DB글로벌칩과 부동산 개발 및 골프장 운영업을 영위하고 있는 DB월드가 있습니다. 상세한 사항은 'II. 사업의 내용'을 참조하여 주시기 바랍니다.

바. 중소기업 등 해당 여부

사. 신용평가에 관한 사항

최근 5년간 회사의 신용등급현황은 다음과 같습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.01), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

7.35%
[4.82%, 10.85%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 67.7% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.96
Beta [0.81, 1.12] · KOSPI200 · As of 2026-10-08
Intercept
+0.135%[-0.389%, +0.658%]
R squared
0.40
Observations
252
Trading-time corrected beta
0.74[0.38, 1.10]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M6,6667,7316,7976,6938,0749,35912,14716,75311,54211,31213,97215,515
Revenue growth%—15.98-12.08-1.5420.6415.9229.7837.92-31.10-2.0023.52—
Operating incomeKRW 100M1,2501,7241,4321,1301,8132,3933,9917,6872,6541,9082,7733,199
Operating income growth%—37.98-16.95-21.0960.4532.0266.7692.62-65.47-28.1045.30—
Net incomeKRW 100M1,2678831,1028681,0461,6603,1695,5882,6412,2942,5263,492
Net income growth%—-30.2924.71-21.1920.5158.6790.8776.35-52.73-13.1610.11—
Attributable to ownersKRW 100M1,2678831,1028681,0461,6603,1695,5882,6412,2952,5613,457
Attributable to minoritiesKRW 100M———000000-1-3535
Operating margin%18.7522.3021.0716.8822.4525.5732.8645.8923.0016.8719.8520.62
Net margin%19.0111.4316.2112.9712.9617.7426.0933.3622.8920.2818.0822.50
ROE%49.8825.8424.1715.5516.2320.8928.6534.1115.1811.7711.9514.44
ROA%12.878.9511.088.149.6114.0920.4526.3312.939.578.4410.54
Debt ratio%287.57188.60118.0791.0068.9148.3340.1329.5717.4319.8033.3629.37
Current ratio%138.40134.53243.53244.51194.01175.47243.09328.36466.95376.93247.88249.97
Quick ratio%104.20106.69191.87217.15170.41155.66223.40310.11429.86354.72231.05237.96
Reserve ratio%45.8086.74137.32186.14226.00293.28431.04670.93759.62849.57922.80997.58
Free cash flowKRW 100M5721,5611,0727087201,5222,5955,501-1,0512,5592,108—
FCF margin%8.5720.1815.7810.588.9116.2721.3732.84-9.1022.6315.09—
OCF conversion%120.51281.07166.21207.70153.94186.71124.06130.6484.90166.81141.33—
Capex to revenue%14.3411.9311.1616.3711.0316.8511.0010.7428.5311.2010.46—
Receivable daysdays—47.843.620.08.85.63.13.2————
Inventory daysdays—60.464.847.433.732.831.734.439.837.334.2—
Payable daysdays—33.433.936.741.143.147.352.8————
Cash conversion cycledays—74.774.530.71.4-4.8-12.6-15.3————
EPSKRW3,1122,0422,5462,0022,4103,8227,29212,8586,2415,5206,2857,946
PERx—7.794.715.4211.4513.349.972.899.396.0110.7618.15
BPSKRW—7,70610,27312,57714,52017,89724,91236,89939,19243,92049,24555,022
PBRx—2.061.170.861.902.852.921.011.500.751.372.62
Dividend per shareKRW——2502503503504501,300580—1,230—
Payout ratio%——9.8212.4914.529.166.1710.119.29—19.57—

Consolidated basis

Profit flowKRW 100M

Revenue
13,972
Cost of sales
8,969
Gross profit
5,004
Operating income
2,773
SG&A expenses
2,231
Non-operating income
406
Profit before tax
3,179
Net income
2,526
Income tax expense
653

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
9,8469,8689,94010,66510,88911,78615,49921,227*20,43423,96929,926
7,3066,4495,3825,0814,4423,8404,4394,844*3,0333,9627,486
2,5413,4194,5585,5846,4477,94611,06016,383*17,40120,00722,440

Income statement

20152016201720182019202020212022202320242025
6,6667,7316,7976,6938,0749,35912,14716,753*11,54211,31213,972
1,2501,7241,4321,1301,8132,3933,9917,687*2,6541,9082,773
1,1588551,0509611,4402,0974,2047,471*3,0592,7583,179
1,2678831,1028681,0461,6603,1695,588*2,6412,2942,526
Basic earnings per shareKRW3,1122,0422,5462,0022,4103,8227,29212,858*6,2415,5206,285
Diluted earnings per shareKRWNot applicableNot applicable2,5452,0022,4103,8227,29212,858*6,2415,5206,200
1,1528791,1399781,0011,6503,2555,518*2,6232,3782,495

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,2678831,1028681,0461,6603,1695,5882,6412,2942,526
Total adjustments to operating cash flowcomputed2601,6007299355641,4407621,712-3991,5321,044
1,5272,4831,8311,8031,6113,1003,9317,301*2,2433,8263,570
-122-1,210-1,019-1,173-1,240-2,653-2,528-7,101*275-3,310-3,936
-718-1,185-858-509-709-760-49-460*-1,467-114677
Cash at beginning of periodKRW 100M4041,0811,1561,0751,1918484831,8301,5372,5332,971
1,0811,1561,0751,1918484831,8301,513*2,5332,9713,231
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable-46121-338-3131,355-261Not applicableNot applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.06.01.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 73삼일회계법인2025-12-31
2024적정의견Term 72삼일회계법인2025-12-31
2023적정의견Term 71삼일회계법인2025-12-31
2022적정*Term 70삼정회계법인2022-12-31
2021적정Term 69삼정회계법인2022-12-31
2020적정Term 68삼정회계법인2022-12-31
2019적정Term 67삼정회계법인2019-12-31
2018적정Term 66삼정회계법인2019-12-31
2017적정Term 65삼정회계법인2019-12-31
2016적정Term 64삼정회계법인2016-12-31
2015적정Term 63신한회계법인2016-12-31
2014적정Term 62삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y1.05
%
%
Cost of equity9.64%
Weighted average cost of capital9.30%
Initial growth9.6%
Effective tax rate20.6%
Base fiscal year2025
Current priceKRW138,800

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model16,426-88.2%
Dividend discount model DDM19,464-86.0%
Discounted cash flow FCFF81,534-41.3%
Discounted cash flow FCFE156,192+12.5%
Residual income model RIM68,314-50.8%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.05 × 5.00% = 9.64%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(11.95% × (1 − 19.57%), 0) = 9.61%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,230 × (1 + 2.00%) / (9.64% − 2.00%) = 1,255 / 0.0764 = 16,426 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,230, g_1 = 9.61%, g_T = 2.00%, r = 9.64%

YearGrowthDividend KRWDiscount factorPresent value KRW
19.61%1,3480.91211,230
27.71%1,4520.83191,208
35.81%1,5370.75881,166
43.90%1,5970.69211,105
52.00%1,6280.63121,028
Terminal value2.00%21,7470.631213,727
Total19,464

P_0 = 19,464 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 49,245 KRW, ROE = 11.95%, payout ratio = 19.57%, r = 9.64%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
149,2455,8864,7461,1400.91211,040
253,9796,4525,2021,2500.83191,040
359,1687,0725,7031,3700.75881,039
464,8567,7526,2511,5010.69211,039
571,0918,4976,8521,6460.63121,039
Terminal value21,9770.631213,873

P_0 = 49,245 + 5,196 + 13,873 = 68,314 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 3,569.7 − 1,461.3 + 64.9 × (1 − 20.55%) = 2,159.9 KRW hundred million

Weighted average cost of capital

E = 60,384.4, D = 3,558.9 KRW hundred million; equity weight = 94.43%, debt weight = 5.57%; cost of debt k_d = 4.40%

WACC = 94.43% × 9.64% + 5.57% × 4.40% × (1 − 20.55%) = 9.30%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
19.61%2,367.60.91492,166.2
27.71%2,550.10.83712,134.8
35.81%2,698.20.76592,066.6
43.90%2,803.50.70081,964.7
52.00%2,859.60.64121,833.5
Terminal value2.00%39,978.60.641225,633.6
Total35,799.4

Firm value = 35,799.4; less borrowings 3,558.9; plus cash 3,230.5 → 35,471.0 KRW hundred million

P_0 = 35,471.0 KRW hundred million ÷ 43,504,588 (shares) = 81,534 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 3,569.7 − 1,461.3 + 2,185.7 (net borrowing) = 4,294.0 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
19.61%4,706.90.91214,293.1
27.71%5,069.80.83194,217.6
35.81%5,364.20.75884,070.2
43.90%5,573.50.69213,857.3
52.00%5,685.00.63123,588.6
Terminal value2.00%75,920.10.631247,924.0
Total67,950.9

P_0 = 67,950.9 KRW hundred million ÷ 43,504,588 (shares) = 156,192 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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