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KREDKRED
078600KOSDAQ

Daejoo Electronic Materials

114,600
+2,600 (+2.32%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

Daejoo Electronic Materials was established in 1981 and is listed on the KOSDAQ market. The company is headquartered in Siheung, Gyeonggi Province.

The company develops and produces electronic materials. Its main products include conductive pastes for chip components, silicon-based anode materials for secondary batteries, and electrode materials for solar cells. It also supplies phosphor materials for automotive lighting. These products are distributed to customers in the smartphone, electric vehicle, and renewable energy sectors through domestic and international channels.

Business overview as filed

당사는 전자재료 분야에서 다양한 소재를 개발·생산하는 기업으로, 유·무기 재료를 포함한 기술 집약적 산업에서 활동하고 있습니다. 전자재료 산업은 제품의 라이프사이클이 짧고, 고객사별 요구 사항이 다양하여 수요업체와 공급업체 간의 긴밀한 협력이 중요한 특징을 가지고 있습니다. 이에 따라 당사는 연구개발을 지속하며 다양한 산업에 적합한 소재를 공급하고 있습니다.

당사의 주요 제품인 칩 부품용 전도성 페이스트는 스마트폰, PC, 노트북 등에 사용되는 MLCC, 칩 콘덴서, 칩 인덕터, 칩 저항기 등 다양한 칩 부품에 적용됩니다. 최근에는 전기차 및 자율주행용 전장 부품 시장에서도 활용이 확대되고 있습니다.

신재생 에너지 분야에서도 전자재료 수요가 늘어나면서, 당사는 이차전지 음극재와 태양전지 전극재료 개발에 주력하고 있습니다. 리튬이차전지에서 음극재는 리튬이온을 저장하고 방출하는 역할을 하며, 기존 흑연 기반 음극재의 한계를 극복하기 위해 실리콘계 음극활물질이 연구되고 있습니다. 실리콘 산화물, 실리콘/카본 복합체, 실리콘 합금 등 다양한 형태로 개발이 진행 중이며, 실리콘 산화물계 음극재는 안정적인 구조를 바탕으로 원통형, 각형, 파우치형 배터리에 적용되고 있습니다. 당사는 2018년부터 실리콘 산화물 기반 음극재를 전기차용 배터리에 공급하였으며, 이후 제품 성능 개선을 위한 연구를 이어가고 있습니다.

태양전지 전극재료의 경우, 도전성 은분말과 글라스파우더의 내재화를 통해 2010년부터 후면전극용 은 페이스트를 공급해 왔으며, 2017년부터 전면전극용 은 페이스트도 개발하여 판매하고 있습니다. 현재는 고효율 태양광 모듈용 전극재료(N형 TOPCON, 페로브스카이트, 탠덤구조 등) 개발을 진행 중입니다.

형광체 재료는 3D PDP용 시장에서 LED 시장을 거쳐 자동차 전장용 광원 시장으로 변화하고 있으며, 현재 PIG CELL을 개발하여 한국, 베트남, 대만, 중국 등의 패키징 업체에 공급하고 있습니다. 또한, 자동차용 헤드램프, 방향지시등, 주간주행등(DRL) 등에 적용되는 형광체 소재를 제공하며, 자동차 조명 분야에 활용되고 있습니다. 당사는 이러한 전자재료 제품들을 기반으로 다양한 산업에서 활용 가능한 소재를 개발하며, 전기차, 신재생 에너지, 전자 부품 산업 등에 필요한 제품을 공급하고 있습니다. 앞으로도 연구개발을 통해 시장의 요구에 맞는 제품을 제공하는 것을 목표로 하고 있습니다.

가. 회사의 현황

(1) 영업개황 및 사업부문

당사는 스마트폰, 노트북, 자동차 전장 부품등에 응용되는 전자재료를 생산 판매하고 있습니다. 주요 생산 품목은 다음과 같습니다.

(2) 시장의 특성 및 대응 전략

(3) 조직도

조직도.jpg 조직도

나. 자회사의 사업현황

(1) 자회사의 영업현황

당사의 중국 내 4개 법인이 있습니다. 기존 3개 법인은 주로 백색가전 부품용 절연재료 및 전도성 페이스트를 제조하여 현지 전자부품 업체에 공급하고 있으며, 중국 전자산업의 성장에 맞춰 전도성 페이스트, 금속 분말 재료, 태양전지 전극재료, 5G용 유전체 Silver Paste 등 기술 집약적인 제품군으로 사업 영역을 확대하고 있습니다. 신규 연결된 중국내 법인은 형광체재료(PIG)를 후가공하여 현지 업체에 공급하고 있습니다.

베트남 법인은 형광체재료(PIG)를 생산하고 있으며, 이엠디 주식회사는 설비 제조업을 운영하고 있습니다.

(2) 자회사의 당기 영업실적

Company overview

가. 연결대상 종속회사 현황(요약)

주요종속회사 여부 판단기준 : 최근사업연도(2025년)말 자산총액 10%이상(623억원) 이상.

나. 연결대상회사의 변동내용

다. 회사의 법적ㆍ상업적 명칭

- 국문 : 대주전자재료 주식회사- 영문 : Daejoo Electronic Materials Co., Ltd.

라. 설립일자

당사는 1981년 7월 1일에 대주교역(주)로 설립되었으며, 2003년 3월 대주전자재료 주식회사로 사명을 변경하였습니다.

마. 본사의 주소, 전화번호 및 홈페이지

주소 : 경기도 시흥시 서해안로 148(정왕동)전화번호 : 031-498-2901홈페이지 : https://www.daejoo.co.kr

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

당사는 전도성페이스트, 태양전지전극재료, 고분자재료, 형광체재료, 이차전지용 음극재료등을 생산하고 있습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

7.37%
[4.51%, 11.86%] · 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 65.9% (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

1.17
Beta [0.99, 1.34] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.279%[-0.178%, +0.736%]
R squared
0.47
Observations
252
Trading-time corrected beta
1.32[0.95, 1.69]
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 KOSDAQ150 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 100M5756799341,0291,1641,5451,9871,7411,8502,1932,5463,287
Revenue growth%—18.0637.5210.2213.0732.7928.58-12.386.2618.5616.09—
Operating incomeKRW 100M-23403037279017612062294207266
Operating income growth%——-26.2125.63-28.80238.7495.05-31.97-48.13372.76-29.53—
Net incomeKRW 100M-497-795-75323086364209106
Net income growth%——-1,221.87—-248.79—337.43-96.53-21.265,694.11-42.57—
Attributable to ownersKRW 100M-487-804-951229107369207101
Attributable to minoritiesKRW 100M-1-011221-2-1-525
Operating margin%-4.045.943.193.632.295.848.866.883.3613.388.128.08
Net margin%-8.481.04-8.480.46-0.603.4011.560.460.3416.598.213.21
ROE%——-15.060.48-1.125.9417.610.840.4516.258.143.57
ROA%-3.620.50-5.910.27-0.372.557.700.240.155.843.161.54
Debt ratio%154.39141.54145.79107.45132.73136.13126.20171.68163.52170.57155.90138.37
Current ratio%70.2677.5181.91127.09104.83107.20144.8365.3445.6855.5063.9068.91
Quick ratio%51.7458.9553.0290.0966.6177.09115.5552.6436.4846.5554.0055.77
Reserve ratio%——402.45643.88631.82706.581,115.231,108.891,098.811,706.772,035.562,515.00
Free cash flowKRW 100M——-46-101-217-15-177-101-1,003-769-124—
FCF margin%——-4.92-9.77-18.61-1.00-8.93-5.79-54.25-35.06-4.88—
OCF conversion%—583.91—550.52—192.4132.842,714.88765.5465.6152.39—
Capex to revenue%——5.9212.2913.047.5312.7218.2356.8545.959.18—
Receivable daysdays—84.6——————————
Inventory daysdays—73.661.769.675.161.250.164.357.5-59.155.3—
EPSKRW-57980-60427-653451,54067472,3821,377643
PERx—55.00—648.15—134.6469.221,059.701,838.3031.4046.11151.30
BPSKRW——3,6555,6515,5385,6248,3887,67910,02114,65716,38818,003
PBRx——3.973.103.218.2612.719.258.625.103.875.40
Dividend per shareKRW—————50100100—100100—
Payout ratio%—————14.496.49149.25—4.207.26—

Consolidated basis

Profit flowKRW 100M

Revenue
2,546
Cost of sales
1,994
Gross profit
553
SG&A expenses
346
Operating income
207
Non-operating income
18
Profit before tax
225
Net income
209
Income tax expense
16

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
1,3491,4121,3391,7341,9122,0602,9843,2794,1346,2306,604
8198287948981,0911,1881,6652,0722,5653,9274,023
5305855458368228721,3191,2071,5692,3022,581

Income statement

20152016201720182019202020212022202320242025
5756799341,0291,1641,5451,9871,7411,8502,1932,546
-23403037279017612062294207
-479-795-65716514-5466225
-497-795-75323086364209
Basic earnings per shareKRW-57980*-60427-653451,5406747Not applicable1,377
Diluted earnings per shareKRW-57979*Not applicable27Not applicable3411,4996747Not applicable824
98-7-9592-1451381Not applicable-8741194

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-497-795-75323086364209
Total adjustments to operating cash flowcomputed38348921-5849-15420942-125-100
-1141926-651017521748239109
-89-69-49-159-136-111-444-173-1,060-1,035*-341
96390217164865212927601,195277
Cash at beginning of periodKRW 100M1029910968151114188343668414821
9910968151114188343668414821871
Net change in cash and cash equivalentsKRW 100M-310-4183-3774154325-25440650

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 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 45성현회계법인2025-12-31
2024적정의견Term 44성현회계법인2025-12-31
2023적정의견Term 43선진회계법인2025-12-31
2022적정Term 42선진회계법인2022-12-31
2021적정Term 41선진회계법인2022-12-31
2020적정Term 40성현회계법인2022-12-31
2019적정Term 39성도이현회게법인2019-12-31
2018적정Term 38성도회계법인2019-12-31
2017적정Term 37성도회게법인2019-12-31
2016적정Term 36성도회계법인2016-12-31
2015적정Term 35성도회계법인2016-12-31
2014적정Term 34성도회계법인2016-12-31

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 5Y1.12
%
%
Cost of equity10.01%
Weighted average cost of capital—
Initial growth7.6%
Effective tax rate7.1%
Base fiscal year2025
Current priceKRW114,600

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 model1,274-98.9%
Dividend discount model DDM1,443-98.7%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM11,832-89.7%
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% + 1.12 × 5.00% = 10.01%

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(8.14% × (1 − 7.26%), 0) = 7.55%

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 = 100 × (1 + 2.00%) / (10.01% − 2.00%) = 102 / 0.0801 = 1,274 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 = 100, g_1 = 7.55%, g_T = 2.00%, r = 10.01%

YearGrowthDividend KRWDiscount factorPresent value KRW
17.55%1080.909098
26.16%1140.826494
34.78%1200.751290
43.39%1240.682984
52.00%1260.620878
Terminal value2.00%1,6070.6208998
Total1,443

P_0 = 1,443 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 = 16,388 KRW, ROE = 8.14%, payout ratio = 7.26%, r = 10.01%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
116,3881,3351,640-3050.9090-277
217,6261,4351,764-3280.8264-271
318,9571,5441,897-3530.7512-265
420,3891,6602,040-3800.6829-259
521,9291,7862,194-4080.6208-254
Terminal value-5,2030.6208-3,230

P_0 = 16,388 + -1,327 + -3,230 = 11,832 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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