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062040KOSPI

Sanil Electric

222,500
-9,000 (-3.89%)

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

Sanil Electric was established on March 21, 1994. The company is listed on the KOSPI market.

The company manufactures industrial transformers, focusing on distribution transformers up to 72kV. Its business segments include power equipment manufacturing and renewable energy. Main products are general and special transformers supplied to global power grid operators, EPC companies, and public agencies, primarily in the United States.

Business overview as filed

당사의 사업의 개요에 앞서, 전문용어와 축약어가 많은 산업 특성으로 인해 관련 용어 해설을 기재하였습니다.

당사는 산업용 변압기 제조 업체로서, 전력용 변압기와 배전용 변압기를 주로 제조하고 있으며, 이 중에서도 전력기기 시장 내에서 72kV 까지의 전압을 다루는 배전 변압기 시장을 주요 목표시장으로 하고 있습니다. 다만, 전압을 기준으로 구분하면 배전 변압기이지만, 배전 변압기처럼 전력망에 사용되는 일반목적용 변압기와 달리 인버터, 신재생에너지 장치, ESS 등 매우 다양한 고객의 요구 사양을 반영하여 특수한 조건과 환경에서 사용되도록 만들기 위해 높은 기술력이 필요한 변압기인 경우 특수 변압기라고 분류합니다.

배전 변압기는 매우 다양한 분야에서 광범위하게 활용되고 있는 제품으로, 당사는 2025년 기준 전체 매출에서 수출이 차지하는 비중이 약 97% 이며, 특히 미국지역에 대한 매출 비중은 2025년 기준 75% 이상 수준으로 주로 미국을 포함한 글로벌 배전 변압기 시장을 주요 목표시장으로 하고 있습니다. 당사가 사업을 영위하는 전력기기 시장은 전력기기 제품에 대해 매우 높은 안전성과 신뢰성을 요구합니다. 특히, 미국 전력기기 시장은 시장 내 보수적인 경향이 국내 전력기기 시장에 비해서 더욱 강한 편임에 따라, 당사와 같이 시장에 이미 진입하여 꾸준히 매출 실적을 발생시키는 업체는 이미 고객사로부터 철저하게 검증받은 업체이며, 반대로 신규 업체가 진입하기는 어려운 시장입니다.

글로벌 배전 변압기 시장 중에서도 신재생 에너지 시장, 전력계통시장 산업용 선박 건조 해양플랜트 및 석유화학 플랜트 건설, 철도 등의 시장으로 구분할 수 있습니다. 당사의 경우 신재생 에너지에 대한 투자 수요 증가로 인해 2022년 이후 신재생 에너지 관련 매출이 차지하는 비중이 크게 증가한 바 있으며, 2023년부터는 미국 전력망 교체 및 신규 투자 수요에 힘입어 전력망 관련 매출 비중 또한 동반 상승하면서 당사의 매출 성장에 기여하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

1)

연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭당사의 국문 명칭은 "산일전기 주식회사 "이며,영문 명칭은 "SANIL ELECTRIC CO., LTD." 입니다.

다. 설립일자당사는 1994년 03월 21일 "산일전기 주식회사"로 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 대한민국에 대리인이 있는 경우에는 이름(대표자), 주소 및 연락처

당 보고서 작성 기준일 현재 해당사항 없습니다.

사. 주요 사업의 내용 등당사(지배회사) 및 당사의 종속회사는 사업부분을 크게 2가지로 구분하고 있으며, 각 부문의 주요 사업 내용은 다음과 같습니다.1) 연결회사의 각 사업부문별 주요 사업의 내용(1) 전력기기 제조업: 주요 사업은 전압 변환 및 제어용 변압기기(변압기 등) 제조 등 이며, 주요 거래처는 각국 전력망 인프라 사업자, 글로벌 전력 기기 제조사, EPC 업체 및 각국 에너지 및 인프라 관련 공공기관 등입니다. 주요 제품은 변압기로 보고일 현재 변압기가 당기 누적 매출의 93%를 차지하며, 전방산업별(제품별) 비중은 전력망(일반변압기) 33%, 신재생(특수변압기) 64%, 기타 3%입니다. (2) 신재생 에너지 사업: 주요 사업은 신재생 에너지(태양광 및 풍력 등) 발전 등이며, 주요 거래처는 한국전력공사 등 공공 전력시장 고객과 민간 화력발전 기업대형 제조업 등 민간 재생에너지 수요 기업 등입니다. 주요 서비스로는 신재생 에너지 발전소 개발, 투자, 운영, 전력 및 REC 거래 등을 주요 서비스로 하나 2025년 상 반기말 현재 사업 개발 단계로 매출이 발생하고 있지 않습니다. 추후 사업 개발 이 진전됨에 따라 매출 발생이 예상됩니다.

아. 신용평가에 관한 사항1) 신용평가

2) 한국평가데이터의 신용등급체계와 부여 의미

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.04.03), 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

6.29%
[4.41%, 9.80%] · 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 63.8% (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

0.88
Beta [0.73, 1.03] · KOSPI200 · As of 2026-10-08
Intercept
+0.055%[-0.524%, +0.634%]
R squared
0.34
Observations
252
Trading-time corrected beta
1.06[0.73, 1.39]
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

2023Separate basis2024Separate basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M2,1453,3405,0195,894
Revenue growth%—55.68——
Operating incomeKRW 100M4661,0921,7862,124
Operating income growth%—134.38——
Net incomeKRW 100M3918371,4891,803
Net income growth%—114.27——
Attributable to ownersKRW 100M——1,489—
Attributable to minoritiesKRW 100M——0—
Operating margin%21.7232.7035.5936.05
Net margin%18.2025.0529.6730.59
ROE%——25.44—
ROA%20.4116.9821.8423.79
Debt ratio%51.9413.4616.4814.24
Current ratio%195.12580.60483.92537.80
Quick ratio%——382.75410.96
Reserve ratio%3,868.772,480.953,375.853,778.65
Free cash flowKRW 100M5791,0531,002—
FCF margin%27.0031.5319.96—
OCF conversion%90.1518.5577.53—
Capex to revenue%-10.59-26.883.04—
EPSKRW1,7613,1364,901—
PERx—21.8826.55—
BPSKRW——19,23021,667
PBRx——6.7711.01
Dividend per shareKRW—4201,250—
Payout ratio%—13.3925.50—

Profit flowKRW 100M

Revenue
5,019
Cost of sales
2,679
Gross profit
2,340
Operating income
1,786
SG&A expenses
554
Non-operating income
121
Profit before tax
1,907
Net income
1,489
Income tax expense
418

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

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.

Free cash flow breakdownKRW 100M

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

202320242025
1,9134,9276,820
654584965
1,2594,3425,855

Income statement

202320242025
2,1453,3405,019
4661,0921,786
4811,0531,907
3918371,489
Basic earnings per shareKRW1,7613,1364,901
Diluted earnings per shareKRW1,7313,0614,791
5188291,490

Cash flow statement

202320242025
Net incomefrom the income statement3918371,489
Total adjustments to operating cash flowcomputed-38-682-335
3521551,155
-159-1,732-544
-221,981-134
Cash at beginning of periodKRW 100M41212620
2126201,086
Net change in cash and cash equivalentsKRW 100M171404Not applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 2026.04.03.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 32삼정회계법인2025-12-31
2024적정의견Term 31삼일회계법인2025-12-31
2023적정의견Term 30삼일회계법인2025-12-31

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%

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 1Y0.88
%
%
Cost of equity8.80%
Weighted average cost of capital8.80%
Initial growth18.9%
Effective tax rate21.9%
Base fiscal year2025
Current priceKRW222,500

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 model18,763-91.6%
Dividend discount model DDM27,146-87.8%
Discounted cash flow FCFF75,052-66.3%
Discounted cash flow FCFE71,132-68.0%
Residual income model RIM100,038-55.0%
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% + 0.88 × 5.00% = 8.80%

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(25.44% × (1 − 25.50%), 0) = 18.95%

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 = 1,250 × (1 + 2.00%) / (8.80% − 2.00%) = 1,275 / 0.0680 = 18,763 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 = 1,250, g_1 = 18.95%, g_T = 2.00%, r = 8.80%

YearGrowthDividend KRWDiscount factorPresent value KRW
118.95%1,4870.91921,367
214.71%1,7060.84481,441
310.47%1,8840.77651,463
46.24%2,0020.71381,429
52.00%2,0420.65611,340
Terminal value2.00%30,6480.656120,107
Total27,146

P_0 = 27,146 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 = 19,230 KRW, ROE = 25.44%, payout ratio = 25.50%, r = 8.80%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
119,2304,8911,6913,2000.91922,941
222,8745,8182,0123,8060.84483,216
327,2096,9212,3934,5280.77653,516
432,3648,2322,8475,3860.71383,844
538,4979,7923,3866,4060.65614,203
Terminal value96,1590.656163,087

P_0 = 19,230 + 17,720 + 63,087 = 100,038 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 = 1,154.5 − 152.5 + 0.5 × (1 − 21.91%) = 1,002.4 KRW hundred million

Weighted average cost of capital

E = 67,740.6, D = 5.2 KRW hundred million; equity weight = 99.99%, debt weight = 0.01%; cost of debt k_d = 8.80%

WACC = 99.99% × 8.80% + 0.01% × 8.80% × (1 − 21.91%) = 8.80%

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
118.95%1,192.30.91921,095.9
214.71%1,367.70.84491,155.5
310.47%1,511.00.77661,173.3
46.24%1,605.20.71381,145.7
52.00%1,637.30.65611,074.2
Terminal value2.00%24,576.90.656116,124.2
Total21,768.9

Firm value = 21,768.9; less borrowings 5.2; plus cash 1,086.1 → 22,849.7 KRW hundred million

P_0 = 22,849.7 KRW hundred million ÷ 30,445,200 (shares) = 75,052 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 = 1,154.5 − 152.5 + -4.8 (net borrowing) = 997.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
118.95%1,186.20.91921,090.3
214.71%1,360.70.84481,149.5
310.47%1,503.20.77651,167.3
46.24%1,596.90.71381,139.8
52.00%1,628.90.65611,068.6
Terminal value2.00%24,449.80.656116,040.7
Total21,656.3

P_0 = 21,656.3 KRW hundred million ÷ 30,445,200 (shares) = 71,132 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.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list