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160190KOSDAQ

Higen RNM

33,800
-350 (-1.02%)

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

Higen RNM. is a company established in 2007. It is listed on the KOSDAQ market and is classified as a small and medium enterprise.

The company produces various motors including industrial electric motors, servo motors, robot actuators, and electric vehicle motors. Its business segments include industrial motors, servo and robot systems, mobility, and system integration.

Business overview as filed

당사는 2007년 9월에 설립 이후 2007년 12월 31일 오티스엘리베이터코리아 유한회사의 산업용 모터사업부문(舊 LG전자 모터사업부)을 인수하여 본격적인 사업을 시작하였고, 2010년 중국 청도 소재 모터부품 공장을 인수하여 중국공장의 가격 경쟁력과 하이젠알앤엠 본사의 기술경쟁력을 결합한 생산체제를 구축하였습니다. 이후 기술과 인력에 꾸준히 투자한 결과, 동력전달을 목적으로 하는 산업용전동기와 제어를 목적으로 하는 서보 모터, 로봇용 액추에이터, 전기차용 모터 등 다양한 모터를 생산하는 기업으로서 자리매김하였습니다.

당사는 산업용전동기(산업용모터), 서보 & 로봇 (서보모터/드라이브, 로봇/SI), 모빌리티 (EV모터/인버터) 그리고 SI의 사업을 영위하고 있습니다.

산업용 전동기의 경우 중국 청도에 소재한 자회사인 모터부품 공장을 기반으로 가격 경쟁력을 확보하였으며, 지속적인 연구개발을 통해 확보한 기술경쟁력을 가지고 있습니다. 국내 산업용전동기 시장에서 효성중공업, HD현대일렉트릭에 이어 3위의 점유율을 가지고 있으며, 국내 모터 강소 기업으로 자리매김하고 있습니다.

서보 & 로봇 (서보모터/드라이브, 로봇/SI)의 경우 당사의 우수한 기술력을 바탕으로, 국내 유일의 내압방폭형 서보모터 생산 인증 업체이며, 국내에서 유일하게 75kW까지의 서보 모터를 생산하고 있습니다. 또한, 저전압 모터 및 드라이브의 고도화된 기술로 시장 진입을 위한 경쟁력을 확보하고 있으며, 수요처 확대 및 대량 생산에 따른 원가경쟁력으로 시장을 주도해 가고 있습니다. 또한 산업용 로봇, 협동로봇, EV의 부품이 될 로봇용 모터 및 EV용 모터 연구 및 개발을 지속하고 있으며 향후 시장의 확대와 함께 크게 성장할 것으로 예상하고 있습니다.

로봇용 액추에이터 및 모빌리티용 구동모듈 (EV모터/인버터)의 경우, 당사는 장기적으로 로봇 및 모빌리티용 영구자석 구동모듈을 미래비전 핵심기술로 선정하고 이를 추진하고 있습니다. 여기에 차세대 전력반도체를 적용하여 전력 효율이 높고 고속 스위칭이 가능한 콤팩트한 사이즈의 구동모듈을 추구하고 있습니다. 지속적인 연구개발로 미래비전 핵심기술을 개발하고 상용화하여 신규사업으로 더욱 성장시킬 계획입니다.

당사는 기술경쟁력 확보를 위해 설립초기 기업부설 기술연구소를 설립하였고 현재까지 운영 중에 있습니다. 당사는 기업부설 기술연구소를 기반으로 지속적인 연구개발을 진행하여 ATEX 내압방폭형 서보모터, 프리미엄급 고효율 모터 및 PM동기 모터 등 다양한 모터를 개발 및 생산하여 모터 분야의 기술을 고도화하고 있습니다. 당사는 국내 모터업계에서 기술성 및 전문성을 확보하고 시장 개척의 교두보를 마련하여 글로벌 모터 기업으로 발돋움할 것입니다.

Company overview

가. 연결대상 종속회사 개황1. 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "하이젠알앤엠 주식회사" 라고 표기하며, 영문으로는 "HIGEN RNM Co., Ltd." 로 표기합니다.

다. 설립일자

당사는 2007년 09월 27일에 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지

마. 중소기업 등 해당 여부

(1) 당사는 보고서 작성기준일 현재「중소기업기본법」제2조에 의한 중소기업에 해당합니다 중소기업 확인서.jpg 중소기업 확인서

바. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

당사는 보고서 제출일 현재 해당사항 없습니다.

아. 주요 사업의 내용

당사는 2007년 9월에 설립 이후 2007년 12월 31일 오티스엘리베이터코리아 유한회사의 산업용 모터사업부문(舊 LG전자 모터사업부)을 인수하여 본격적인 사업을 시작하였고, 2010년 중국 청도 소재 모터부품 공장을 인수하여 중국공장의 가격 경쟁력과 하이젠알앤엠 본사의 기술경쟁력을 결합한 생산체제를 구축하였습니다. 이후 기술과 인력에 꾸준히 투자한 결과, 동력전달을 목적으로 하는 산업용전동기와 제어를 목적으로 하는 서보 모터, 로봇용 액추에이터, 전기차용 모터 등 다양한 모터를 생산하는 기업으로서 자리매김하였습니다.

보고서 제출일 현재 당사는 산업용전동기(산업용모터), 서보 & 로봇 (서보모터/드라이브, 로봇/SI), 모빌리티 (EV모터/인버터) 그리고 SI의 사업을 영위하고 있습니다.

자. 신용평가에 관한 사항1). 신용평가 등급

2). 신용등급 정의

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.17), 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

10.63%
[6.90%, 16.63%] · 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 85.8% (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

1.17
Beta [1.00, 1.33] · KOSDAQ150 · As of 2026-10-07
Intercept
-0.017%[-0.657%, +0.624%]
R squared
0.38
Observations
252
Trading-time corrected beta
1.33[1.03, 1.64]
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

202320242025TTM
RevenueKRW 100M772759735781
Revenue growth%—-1.76-3.09—
Operating incomeKRW 100M43-4-89-100
Operating income growth%—-108.52——
Net incomeKRW 100M26-11-71-71
Net income growth%—-141.29——
Attributable to ownersKRW 100M26-11-71-71
Attributable to minoritiesKRW 100M0-0-0-0
Operating margin%5.61-0.49-12.11-12.80
Net margin%3.43-1.44-9.66-9.11
ROE%5.80-1.60-6.65-6.83
ROA%2.46-0.91-4.26-4.51
Debt ratio%133.5875.7855.7350.82
Current ratio%190.78172.69277.20336.38
Quick ratioNot applicableNot applicableNot applicableNot applicable
Reserve ratio%330.49420.07372.50351.65
Free cash flowKRW 100M57-38-149—
FCF margin%7.44-5.02-20.31—
OCF conversion%266.24———
Capex to revenue%1.681.557.14—
Receivable daysdays—50.866.6—
Payable daysdays—57.561.0—
EPSKRW109-41-251-230
PERNot applicableNot applicableNot applicableNot applicable
BPSKRW—2,1883,4373,363
PBRx—6.1217.316.30
Dividend per shareNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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

202320242025
1,0751,2021,665
615518596
4606841,069

Income statement

202320242025
772759735
43-4-89
27-14-98
26-11-71
Basic earnings per shareKRW109-41-251
Diluted earnings per shareKRWNot applicableNot applicable-251
Not applicableNot applicableNot applicable

Cash flow statement

202320242025
Net incomefrom the income statement26-11-71
Total adjustments to operating cash flowcomputed44-15-26
70-26-97
8-171-324
-49121546
Cash at beginning of periodKRW 100M148177102
177102227
Net change in cash and cash equivalentsKRW 100M29-75125

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2026.06.17.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 19이정회계법인2025-12-31
적정의견Term 18리안회계법인2025-12-31
적정의견Term 17삼정회계법인2025-12-31

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.

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 1Y1.17
%
%
Cost of equity10.23%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW33,800

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-1,859-105.5%
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% + 1.17 × 5.00% = 10.23%

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(-6.65% × (1 − 0.00%), 0) = 0.00%

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

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 = 3,437 KRW, ROE = -6.65%, payout ratio = 0.00%, r = 10.23%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
13,437-229352-5800.9072-526
23,208-214328-5420.8230-446
32,995-199306-5060.7466-378
42,796-186286-4720.6773-320
52,609-174267-4410.6145-271
Terminal value-5,4610.6145-3,356

P_0 = 3,437 + -1,940 + -3,356 = -1,859 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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Neighbours in the market capitalisation order.

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