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009150KOSPI

Samsung Electro Mechanics

1,604,000
-71,000 (-4.24%)

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

Samsung Electro Mechanics was established in 1973 and is listed on the KOSPI market. Headquartered in Suwon, the company operates as a parent entity with 14 consolidated subsidiaries.

The company operates three business segments. These include the Component division producing MLCCs and resistors, the Package Solution division producing semiconductor package substrates, and the Optical Solution division producing camera modules. Its primary customer is Samsung Electronics and its subsidiaries.

Business overview as filed

당사는 수동소자(MLCC, Inductor, Chip Resistor 등)를 생산하는 컴포넌트 사업부문, 반도체패키지기판을 생산하는 패키지솔루션 사업부문, 카메라모듈을 생산하는 광학솔루션 사업부문의 총 3개 사업부문으로 구성되어 있습니다.지역별로는 국내를 비롯해 미주, 유럽, 일본, 중국, 동남아시아 등 각 지역의 특성과 시장 환경에 부합하는 생산법인, 판매법인 및 판매사무소를 운영하며 국내외 사업을 전개하고 있습니다.2025년 매출액은 전년동기 대비 9.9% 증가한 11조 3,145억원으로 각 사업부문별 매출액 및 매출비중은 컴포넌트 사업부문 5조 1,985억원 (45.95%), 패키지솔루션 사업부문 2조 3,018억원 (20.34%), 광학솔루션 사업부문 3조 8,142억원 (33.71%)입니다. 매출 유형별 매출실적은 제품/상품 10조 9,800억원, 용역 및 기타매출 3,345억원으로 구성되어 있습니다. 당사의 주요 매출처는 삼성전자와 그 종속기업이며, 주요 매출처에 대한 매출비중은 전체 매출액 대비 약 27% 수준 입니다.MLCC의 평균판매가격은 전년 대비 0.9% 상승하였으며, 반도체패키지기판의 평균판매가격은 전년 대비 4.1% 상승하였습니다. 카메라모듈의 평균판매가격도 전년 대비 14.0% 상승하였습니다.컴포넌트 사업부문의 주요 원재료는 PASTE/POWDER로 SHOEI, GUANGBO 등에서 매입하고 있으며, 패키지솔루션 사업부문의 주요 원재료는 CCL/PPG로 MITSUBISHI, RESONAC 등으로부터 매입, 광학솔루션 사업부문의 주요 원재료는 센서 IC로 삼성전자, SONY 등으로부터 매입하여 제조하고 있습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 삼성전기주식회사입니다. 영문명은 SAMSUNG ELECTRO-MECHANICS CO., LTD.입니다.

나. 설립일자 및 존속기간

당사는 1973년 8월 8일에 설립되었으며, 1979년 2월에 한국거래소에 주식을 상장하였습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 경기도 수원시 영통구 매영로 150(매탄동)- 전화번호 : 031-210-5114- 홈페이지 : http://www.samsungsem.com

라. 연결대상 종속회사 현황(요약)

기업회계기준서(K-IFRS) 제1110호 '연결재무제표'에 의한 지배회사(최상위)인 당사의 연결대상 종속기업은 2025년말 현재 14개사입니다.

연결대상 종속기업 중 국내상장 기업은 없습니다.※ 주요종속회사 여부 판단기준 : 최근사업연도(2025년)말 자산총액 750억원 이상.

- 종속회사의 변동

마. 중소기업 등 해당 여부

당사는 중소기업기본법 제2조에 의한 중소기업에 해당되지 않습니다.

바. 주요 사업의 내용

당사는 수동소자(MLCC, Inductor, Chip Resistor 등)를 생산하는 컴포넌트, 반도체패키지기판을 생산하는 패키지솔루션, 카메라모듈을 생산하는 광학솔루션 등 총 3개 사업부문으로 구성되어 있습니다.

[부문별 주요제품]

국내사업장은 수원, 세종, 부산사업장 3곳이며, 수원사업장은 본사, R&D Center,마케팅 및 지원기능으로 운영하고 있고 세종, 부산사업장은 국내 생산기지로서 수동소자, 반도체패키지기판 등 고부가 제품을 주력 생산하고 있습니다.

해외사업장은 중국(천진, 고신), 필리핀, 베트남 등 생산법인과 미주, 유럽, 아시아의 판매법인 및 인도 R&D법인을 통해 Global Network를 구축하고 사업경쟁력을 확보하는데 주력하고 있습니다.

사. 신용평가에 관한 사항

당사는 2012년 4월에 회사채 전액을 상환하였고, 2012년 12월에 기업어음 전액 상환함에 따라 당기에는 신용 평가를 실시하지 않았습니다.

□ 신용평가 회사의 신용등급 체계 및 등급부여 의미- 기업어음 신용등급

위 등급중 A2등급부터 B등급까지는 등급내의 상대적인 우열에 따라 +,- 기호가 첨부됨.- 회사채 신용등급

위 등급중 AA등급부터 CCC등급까지는 등급내의 상대적인 우열에 따라 +,- 기호가 첨부됨.

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.10), 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

6.48%
[4.36%, 9.76%] · As of 2026-10-01
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 61.3% (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

1.09
Beta [0.92, 1.27] · KOSPI200 · As of 2026-10-07
Intercept
+0.573%[+0.033%, +1.113%]
R squared
0.47
Observations
252
Trading-time corrected beta
1.29[0.93, 1.65]
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 100M61,76360,33068,38581,93080,40882,08796,75094,24689,094102,941113,145124,575
Revenue growth%—-2.3213.3519.81-1.862.0917.86-2.59-5.4715.549.91—
Operating incomeKRW 100M3,0132443,06210,1817,3408,29114,86911,8286,3947,3509,13312,207
Operating income growth%—-91.901,154.96232.48-27.9012.9779.33-20.45-45.9414.9524.26—
Net incomeKRW 100M2062291,7736,8505,2806,2389,1549,9354,5057,0327,31010,331
Net income growth%—11.00673.56286.46-22.9118.1446.758.53-54.6656.103.95—
Attributable to ownersKRW 100M——1,6176,5626,0575,95910,55410,0974,2306,7917,06110,075
Attributable to minoritiesKRW 100M——155288138198222130275241249256
Operating margin%4.880.404.4812.439.1310.1015.3712.557.187.148.079.80
Net margin%0.330.382.598.366.577.609.4610.545.066.836.468.29
ROE%——3.8213.6111.4610.3215.7113.395.397.737.409.85
ROA%0.280.302.287.926.096.769.219.033.865.505.016.24
Debt ratio%68.4576.6679.3274.7759.7456.0944.6842.9445.1741.8948.9857.33
Current ratio%154.39137.65101.01140.47189.55216.74205.77193.59179.57192.74185.83168.93
Quick ratio%115.9997.1763.5696.02120.85146.87124.40118.28106.50119.11122.65116.31
Reserve ratio%345.94351.44368.34585.61633.79679.69810.27865.52794.82922.27988.591,028.87
Free cash flowKRW 100M-6,591-3,722——————-2946,5382,980—
FCF margin%-10.67-6.17——————-0.336.352.63—
OCF conversion%2,601.892,966.02——————262.02203.33203.85—
Capex to revenue%19.3717.4321.5914.5919.259.228.7313.7613.587.5410.54—
Receivable daysdays—48.5———————48.253.9—
Inventory daysdays—54.958.764.072.776.080.894.8102.195.794.2—
Payable daysdays—56.052.450.954.358.766.668.062.953.451.9—
Cash conversion cycledays—47.4———————90.596.2—
EPSKRW——2,1658,7868,1097,97814,13013,5185,6638,9889,34513,489
PERx——46.1811.7815.4122.3113.989.6527.0513.7727.29161.91
BPSKRW—56,76756,65364,54470,75677,27989,953100,925105,065117,669127,745136,967
PBRx—0.891.771.601.772.302.201.291.461.052.0015.95
Dividend per shareKRW5005007501,0001,1001,4002,1002,1001,1501,8002,350—
Payout ratio%——34.6411.3813.5617.5514.8615.5320.3120.0325.15—

Consolidated basis

Profit flowKRW 100M

Revenue
113,145
Cost of sales
90,371
Gross profit
22,774
SG&A expenses
13,640
Operating income
9,133
Profit before tax
8,958
Non-operating expenses
175
Net income
7,310
Income tax expense
1,636
Other
12

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
72,69576,62677,67486,44986,74292,25599,414109,972116,579127,924145,959
29,54133,25034,35936,98432,44233,15130,70233,03736,27537,76547,986
43,15443,37643,31549,46554,30159,10468,71176,93580,30390,15997,973

Income statement

20152016201720182019202020212022202320242025
61,76360,33068,38581,930*80,408*82,087*96,75094,24689,094*102,941113,145
3,0132443,06210,181*7,340*8,291*14,86911,8286,394*7,3509,133
3,6683212,5359,404*6,906*7,829*14,91311,8685,432*7,9738,958
2062291,7736,8505,2806,2389,1549,9354,5057,0327,310
Basic earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable8,9889,345
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable8,9889,345
-1,1886364026,5965,6065,88510,8119,8394,97210,7419,192

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement2062291,7736,8505,2806,2389,1549,9354,5057,0327,310
Total adjustments to operating cash flowcomputed5,1656,567——————7,2997,2667,591
5,3716,796Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable11,80414,29814,901
-2,212-11,863Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable-10,228-8,059-12,229
3032,813Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable-1,731-3,0914,181
Cash at beginning of periodKRW 100M6,88010,3537,9584,44610,0248,55514,85512,32616,77116,69220,133
10,3537,9584,44610,0248,55514,85512,32616,77116,69220,13327,012
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable-3,1856,247-1,1536,462-2,9484,408Not 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 2026.03.10.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 53안진회계법인2025-12-31
적정의견Term 52안진회계법인2025-12-31
적정의견Term 51안진회계법인2025-12-31
2022적정Term 50삼일회계법인2022-12-31
적정Term 49삼일회계법인2022-12-31
적정Term 48삼일회계법인2022-12-31
2019적정Term 47한영회계법인2019-12-31
적정Term 46한영회계법인2019-12-31
적정Term 45한영회계법인2019-12-31
2016적정Term 44한영회계법인2016-12-31
2015적정Term 43한영회계법인2016-12-31
2014적정Term 42한영회계법인2016-12-31

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 5Y1.13
%
%
Cost of equity10.04%
Weighted average cost of capital9.92%
Initial growth5.5%
Effective tax rate18.3%
Base fiscal year2025
Current priceKRW1,604,000

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 model29,824-98.1%
Dividend discount model DDM32,297-98.0%
Discounted cash flow FCFF62,453-96.1%
Discounted cash flow FCFE171,465-89.3%
Residual income model RIM80,762-95.0%
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% + 1.13 × 5.00% = 10.04%

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(7.40% × (1 − 25.15%), 0) = 5.54%

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 = 2,350 × (1 + 2.00%) / (10.04% − 2.00%) = 2,397 / 0.0804 = 29,824 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 = 2,350, g_1 = 5.54%, g_T = 2.00%, r = 10.04%

YearGrowthDividend KRWDiscount factorPresent value KRW
15.54%2,4800.90882,254
24.65%2,5960.82592,144
33.77%2,6930.75062,022
42.88%2,7710.68211,890
52.00%2,8270.61991,752
Terminal value2.00%35,8720.619922,236
Total32,297

P_0 = 32,297 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 = 127,745 KRW, ROE = 7.40%, payout ratio = 25.15%, r = 10.04%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1127,7459,45312,822-3,3690.9088-3,061
2134,8219,97713,532-3,5550.8259-2,936
3142,29010,53014,282-3,7520.7506-2,816
4150,17111,11315,073-3,9600.6821-2,701
5158,49011,72915,908-4,1790.6199-2,591
Terminal value-53,0400.6199-32,878

P_0 = 127,745 + -14,106 + -32,878 = 80,762 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 = 14,900.9 − 11,921.1 + 0.0 × (1 − 18.26%) = 2,979.8 KRW hundred million

Weighted average cost of capital

E = 1,198,086.9, D = 21,918.0 KRW hundred million; equity weight = 98.20%, debt weight = 1.80%; cost of debt k_d = 4.40%

WACC = 98.20% × 10.04% + 1.80% × 4.40% × (1 − 18.26%) = 9.92%

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
15.54%3,144.80.90972,861.0
24.65%3,291.20.82762,723.9
33.77%3,415.30.75292,571.5
42.88%3,513.80.68502,406.8
52.00%3,584.10.62312,233.4
Terminal value2.00%46,150.10.623128,758.1
Total41,554.7

Firm value = 41,554.7; less borrowings 21,918.0; plus cash 27,012.1 → 46,648.8 KRW hundred million

P_0 = 46,648.8 KRW hundred million ÷ 74,693,696 (shares) = 62,453 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 = 14,900.9 − 11,921.1 + 6,339.0 (net borrowing) = 9,318.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.54%9,834.90.90888,937.8
24.65%10,292.70.82598,500.6
33.77%10,680.70.75068,016.4
42.88%10,988.80.68217,495.4
52.00%11,208.60.61996,947.9
Terminal value2.00%142,247.40.619988,175.1
Total128,073.2

P_0 = 128,073.2 KRW hundred million ÷ 74,693,696 (shares) = 171,465 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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