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KREDKRED
098460KOSDAQ

Koh Young Technology

37,500
+1,300 (+3.59%)

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

Koh Young Technology was established on April 25, 2002, and is headquartered in Yongin, Gyeonggi-do. The company is listed on the KOSDAQ market.

The company provides 3D measurement based inspection equipment and solutions. Its main products include 3D SPI, 3D AOI, and semiconductor packaging inspection equipment, supplied to EMS providers, automotive part manufacturers, and semiconductor substrate makers. It also distributes medical robots for brain surgery.

Business overview as filed

당사의 주요 사업은 3D 측정 기반 검사 장비 및 솔루션으로 메카트로닉스, 광학, 비전, SW, AI 기술을 핵심 원천 기술로 보유하고 있습니다. 이러한 핵심 원천 기술을 바탕으로 전자제품 및 반도체 산업 분야에 3D 정밀 측정 검사 장비 및 솔루션을 공급하고 있으며, 품질관리와 공정 최적화에 필수적인 역할을 하고 있습니다.

주요 제품으로는 3D 납도포 검사장비(SPI), 3D 자동 광학 검사장비(AOI), 3D 반도체패키징 검사장비(Meister, Zenstar 등), 3D 투명체 검사장비(DPI), 3D 자동 핀 검사장비(API) 등이 있습니다. 이를 통해 전자 제조 서비스(EMS) 업체, 자동차 부품 제조업체, 반도체 패키지 및 기판제조사 등을 대상으로 정밀한 검사장비 및 솔루션을 제공하고 있습니다. 이러한 제품들은 고영테크놀러지의 독자적인 광학 설계 및 3D 측정 알고리즘을 적용하였으며, 제조 공정에서 가성불량을 최소화하고 수율을 향상시키는데 기여합니다.이러한 기술력과 수술 레퍼런스를 바탕으로 당사는 글로벌 신경외과 로봇 시장 확대 에 대응하여뇌수술용 의료로봇을 개발하였으며 2020년 첫 판매를 달성하였습니다. 해당 로봇은 3차원 비전과 로보틱스 기술이 결합된 첨단 수술 로봇으로, 뇌전증(Epilepsy), 파킨슨병(Parkinson's Disease), 뇌종양(Brain Tumor) 등 다양한 뇌질환 치료를 위한 정위 수술을 높은 정밀도로 수행할 수 있도록 설계되었습니다. 또한 sEEG(Stereo-Electroencephalography), DBS(Deep Brain Stimulation), Biopsy(생검) 등 신경외과 수술 분야에서 적용되며 2025년 말 기준 누적 830건 이상의 뇌수술에 활용되며 뇌수술 레퍼런스를 확보하고 있습니다. 아울러 당사 뇌수술용 의료로봇 Geniant Cranial은 2025년 1월 미국 식품의약국(FDA) 510(k) 인허가를 획득하였으며, 2026년 1월에는 일본 후생노동성(MHLW) 인허가를 획득하여 글로벌 시장 진출 기반을 마련하였습니다. 또한 최근 글로벌 주요 병원들의 도입 및 설치 문의가 이어지고 있는 만큼 글로벌 확산을 기대하고 있습니다. 당사는 핵심 원천 기술을 기반으로 한 지속적인 연구 개발과 글로벌 판매 네트워크를통해 다양한 산업군에 맞춤형 솔루션을 제공하고 있으며, 이를 통해 고객의 요구에 신속히 대응하고 새로운 성장 기회를 발굴해 나가고 있습니다.각 사업부문별 주요 제품은 다음과 같습니다.

(1) 3D AOI 사업부문3D AOI 사업부문은 서버 및 산업용 고객사 매출 확대에 힘입어 전년 대비 19.8% 증가한 117,955백만원의 매출을 기록했습니다. 최근 당사는 3D 측정 기반 검사 기술에 AI 솔루션을 결합하여 SMT(Surface Mount Technology) 공정의 실시간 공정 분석 및 최적화를 구현하고 있으며, 이를 통해 고객사의 스마트팩토리 구축을 지원하고 있습니다. 이러한 차별화된 기술력을 바탕으로 신규 고객사 확보와 기존 고객사 수요 확대가 이어지고 있으며, 시장 영향력을 지속적으로 확대하고 있습니다.(2) 3D SPI 사업부문3D SPI 사업부문 또한 서버 및 자동차전장 고객사 매출 확대에 힘입어 전년 대비 15.8% 증가한 86,019백만 원의 매출을 기록했습니다. 또한, 3D SPI 와 연계하는 AI 솔루션을 활용해 3D SPI 시장 내 경쟁력을 더욱 강화하고 있습니다.(3) 기타사업부문기타사업부문은 3D 투명체 검사장비와 뇌수술용 의료로봇 등이 포함되어 있으며 D 투명체 검사장비 수요 축소로 인해 전년 대비 3.6% 감소한 28,674백만 원의 매출을 기록했습니다. 다만, 당사는 뇌수술용 의료로봇의 글로벌 시장 진출을 위해 주요 국가 인허가 확보하며 사업 기반을 확대하였습니다. 특히 당사 뇌수술용 의료로봇 Geniant Cranial은 2025년 1월 미국 식품의약국(FDA) 510(k) 인허가를 획득하였으며, 2026년 1월에는 일본 후생노동성(MHLW) 인허가를 획득하여 글로벌 시장 진출 기반을 마련하였습니다. 또한 최근 글로벌 주요 병원들의 도입 및 설치 문의가 이어지고 있어 향후 글로벌 시장에서의 확산이 기대되고 있습니다

Company overview

가. 회사의 법적, 상업적 명칭

회사의 명칭은 주식회사 고영테크놀러지라고 표기합니다. 또한 영문으로는 Koh Young Technology, Inc.라 표기합니다. 단, 약식으로 표기할 경우에는 고영 또는 고영테크놀러지라고 표기합니다.

나. 설립일자 및 존속기간

당사는 검사 및 정밀측정 자동화 시스템 및 장비 제조와 판매 등을 위한 목적으로 2002년 4월 25일에 설립되었습니다. 또한 2008년 6월 3일에 코스닥에 상장되어 매매가 개시되었습니다.

다. 본점의 주소, 전화번호 및 홈페이지

주 소 : 경기도 용인시 수지구 포은대로 59번길 18(상현동)

전 화 : 031-5181-8000홈페이지 : http://www.kohyoung.com

라. 주요사업의 내용

당사는 3D 측정 기반 검사장비 및 솔루션을 제공하며, 다양한 산업분야에서 품질 관리와 공정 최적화에 필수적인 역할을 하고 있습니다.주요 제품으로는 3D 납도포 검사장비(SPI), 3D 자동 광학 검사장비(AOI), 3D 반도체후공정 패키징 검사장비(Meister, Zenstar 등) 등이 있으며, 전자 제조 서비스(EMS) 업체, 자동차 부품 제조업체, 반도체 패키지 및 기판 제조사 등에 공급하고 있습니다.

또한, 의료 분야로 사업을 확장해 2020년 뇌수술용 의료로봇 'KYMERO'를 출시한 이후, 차세대 수술로봇인 'Geniant Cranial'을 출시하여 국내외 시장 확산을 추진하고있습니다.

연결실체의 각 사업부문별 주요 제품과 매출 비중은 다음과 같습니다.

마. 신용평가에 관한 사항

당사의 최근 사업연도와 공시서류 작성기준일 현재까지의 신용평가에 관한 내용은 아래와 같습니다.

신용평가기관의 신용등급 정의

'AA' 등급부터 'CCC' 등급까지는 등급내 우열에 따라 '+' 또는 '-'를 부가합니다.

현금흐름등급의 정의

바. 연결대상 종속회사 개황

1. 연결대상 종속회사 개황

1-1. 연결대상회사의 변동내용

사. 중소기업 등 해당 여부

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 2026.03.12), 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

5.51%
[3.11%, 10.20%] · 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 48.2% (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

1.25
Beta [1.08, 1.42] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.435%[-0.049%, +0.919%]
R squared
0.51
Observations
252
Trading-time corrected beta
1.06[0.76, 1.36]
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 100M1,4591,7182,0342,3822,2211,7952,4732,7542,2562,0252,3262,909
Revenue growth%—17.7418.3817.13-6.78-19.1437.7411.35-18.06-10.2314.87—
Operating incomeKRW 100M23433243746033315841444320433173360
Operating income growth%—41.5131.845.11-27.51-52.47161.017.03-53.97-83.69421.99—
Net incomeKRW 100M23529726742329692396393219210148477
Net income growth%—26.32-10.0658.26-30.13-69.01332.12-0.76-44.19-4.23-29.73—
Attributable to ownersKRW 100M23429726742329692396393219210148477
Attributable to minoritiesKRW 100M101——————000
Operating margin%16.0719.3221.5119.3015.018.8216.7216.079.031.647.4512.39
Net margin%16.1317.3013.1517.7613.315.1016.0114.279.7210.376.3416.38
ROE%17.8618.9216.5318.7312.133.7214.1212.877.186.504.4013.16
ROA%14.8115.2313.0315.169.683.0310.7510.035.975.563.6010.43
Debt ratio%20.8324.0727.2123.5525.3722.9731.3628.3520.2716.9522.4326.16
Current ratio%579.96563.70499.80562.28587.80620.36572.95491.39683.78786.84501.25422.76
Quick ratio%487.87492.50430.73484.70493.22503.70483.56414.86558.32647.93418.87355.16
Reserve ratio%——2,268.913,208.283,456.203,487.153,978.654,331.984,321.624,548.214,753.825,141.97
Free cash flowKRW 100M150——————124225329134—
FCF margin%10.26——————4.509.9516.275.74—
OCF conversion%70.4198.3674.5951.4498.68412.58107.3174.59134.73173.32122.60—
Capex to revenue%1.09——————6.143.141.702.03—
Receivable daysdays—108.9114.5120.2139.9148.9103.7117.6147.3140.3140.2—
Inventory daysdays—111.2106.3109.7152.9199.8159.7161.0215.4238.2218.8—
Payable daysdays—103.8114.6102.9112.1123.291.8105.9135.5122.0111.8—
Cash conversion cycledays—116.3106.1126.9180.7225.5171.5172.7227.3256.5247.3—
EPSKRW1,7602,2282,0133,1222,192678586584328319224699
PERx—20.2940.9826.4348.13154.8740.4421.8350.4625.42102.2345.73
BPSKRW—11,47711,78716,50117,76317,9204,0844,4454,4474,7074,8825,311
PBRx—3.947.005.005.945.865.802.873.721.724.696.02
Dividend per shareKRW300400700650550550120140140—140—
Payout ratio%17.0517.9534.7720.8225.0981.1220.4823.9742.68—62.50—

Consolidated basis

Profit flowKRW 100M

Revenue
2,326
Gross profit
1,486
Cost of sales
841
SG&A expenses
975
Other
338
Operating income
173
Non-operating income
12
Profit before tax
185
Net income
148
Income tax expense
38

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
1,5891,9512,0522,7913,0553,0263,6833,9173,6723,7794,103
274379439532618565879865619548752
1,3151,5731,6132,2592,4372,4612,8043,0523,0533,2323,352

Income statement

20152016201720182019202020212022202320242025
1,4591,7182,0342,3822,2211,7952,4732,7542,2562,0252,326
23433243746033315841444320433173
248359328528380112506504306281185
23529726742329692396393219210148
Basic earnings per shareKRW1,7602,2282,0133,1222,192678*586584328319224
Diluted earnings per shareKRW1,7542,2222,0073,1142,187678*585583325317220
23529226642329596404397232223157

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement23529726742329692396393219210148
Total adjustments to operating cash flowcomputed-70-5-68-205-428629-1007615433
166292199218292378425293295364181
-20-7052-725-79-78-121-238-12825-185
-83-36-226269-174-122-73-226-385-151-150
Cash at beginning of periodKRW 100M198266463460232272441675499281535
266463460232272441675499281535384
Net change in cash and cash equivalentsKRW 100M68197-3-22840169234-176Not applicableNot applicableNot 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 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 24한영회계법인2025-12-31
2024적정의견Term 23삼일회계법인2025-12-31
2023적정의견Term 22삼일회계법인2025-12-31
2022적정Term 21삼일회계법인2022-12-31
2021적정Term 20한영회계법인2022-12-31
2020적정Term 19한영회계법인2022-12-31
2019적정Term 18한영회계법인2019-12-31
2018적정Term 17한영회계법인2019-12-31
2017적정Term 16안진회계법인2019-12-31
2016적정Term 15안진회계법인2016-12-31
2015적정Term 14안진회계법인2016-12-31
2014적정Term 13안진회계법인2016-12-31

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 5Y0.96
%
%
Cost of equity9.22%
Weighted average cost of capital—
Initial growth1.7%
Effective tax rate20.5%
Base fiscal year2025
Current priceKRW37,500

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 model1,979-94.7%
Dividend discount model DDM1,963-94.8%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE2,730-92.7%
Residual income model RIM1,663-95.6%
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% + 0.96 × 5.00% = 9.22%

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(4.40% × (1 − 62.50%), 0) = 1.65%

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 = 140 × (1 + 2.00%) / (9.22% − 2.00%) = 143 / 0.0722 = 1,979 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 = 140, g_1 = 1.65%, g_T = 2.00%, r = 9.22%

YearGrowthDividend KRWDiscount factorPresent value KRW
11.65%1420.9156130
21.74%1450.8384121
31.83%1470.7676113
41.91%1500.7029106
52.00%1530.643699
Terminal value2.00%2,1670.64361,394
Total1,963

P_0 = 1,963 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 = 4,882 KRW, ROE = 4.40%, payout ratio = 62.50%, r = 9.22%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
14,882215450-2350.9156-215
24,962218457-2390.8384-200
35,044222465-2430.7676-186
45,128226473-2470.7029-173
55,212229480-2510.6436-161
Terminal value-3,5460.6436-2,282

P_0 = 4,882 + -937 + -2,282 = 1,663 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 = 180.9 − 47.3 + 0.0 (net borrowing) = 133.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
11.65%135.80.9156124.4
21.74%138.20.8384115.9
31.83%140.70.7676108.0
41.91%143.40.7029100.8
52.00%146.30.643694.1
Terminal value2.00%2,068.00.64361,330.8
Total1,874.0

P_0 = 1,874.0 KRW hundred million ÷ 68,654,755 (shares) = 2,730 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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