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178320KOSDAQ

Seojin System

41,300
0 (0.00%)

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

Seojin System. was established on October 30, 2007. The company is listed on the KOSDAQ market and operates with 26 affiliates, including 5 domestic and 21 overseas entities.

The company is a global metal platform supplier. It provides products for energy storage systems, semiconductor equipment, electric vehicles and battery components, communication equipment, industrial machinery, home appliances, and heavy industry parts to global customers.

Business overview as filed

당사는 글로벌 메탈 플랫폼 전문 공급업체로 본사 외 국내법인 5개사와 해외법인 21개사(베트남 12개사, 미국 4개사, 중국 2개사, 인도네시아 2개사, 헝가리 1개사)를 포함하여 총 26개(특수목적 회사 제외)의 계열회사를 두고 있습니다. 주요 생산 거점인 베트남 법인에 총 29만평 이상 부지의 대규모 생산 시설과 제조 설비를 보유하고 있으며 부품 및 설비 내재화와 전 제조 공정의 수직 계열화를 통해 높은 생산성과 가격 경쟁력을 확보해 나가고 있습니다. 주요 사업부문은 에너지저장장치(ESS) 장비 사업, 반도체 장비 사업, 전기자동차 및 배터리 부품 사업, 통신 장비 사업, 산업기계 및 생활가전 사업, 중공업 부품 사업 등으로 다양한 첨단 산업 분야의 제품을 제조하여 글로벌 고객사에 제공하고 있습니다. 2025년 연결 매출액은 1,066,331백만원을 기록하였으며, 해당 기간의 사업부문별 매출액 비중은 ESS장비 사업 37.3%, 반도체장비 사업 27.3%, 통신장비 사업 12.3%, 전기자동차 및 배터리 부품 사업 6.7% 등입니다.

Company overview

가. 연결대상 종속회사 개황

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭 당사의 명칭은 '주식회사 서진시스템'이며, 영문으로는 'SEOJIN SYSTEM CO., LTD.'라고 표기합니다.

다. 설립일자 당사는 2007년 10월 30일 주식회사 서진시스템으로 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 당사는 글로벌 메탈 플랫폼 전문 공급업체로 본사 외 국내법인 5개사와 해외법인 21개사(베트남 12개사, 미국 4개사, 중국 2개사, 인도네시아 2개사, 헝가리 1개사)를 포함하여 총 26개(특수목적 회사 제외)의 계열회사를 두고 있습니다. 주요 생산 거점인 베트남 법인에 총 29만평 이상 부지의 대규모 생산 시설과 제조 설비를 보유하고 있으며 부품 및 설비 내재화와 전 제조 공정의 수직 계열화를 통해 높은 생산성과 가격 경쟁력을 확보해 나가고 있습니다. 주요 사업부문은 에너지저장장치(ESS) 장비 사업, 반도체 장비 사업, 전기자동차 및 배터리 부품 사업, 통신 장비 사업, 산업기계 및 생활가전 사업, 중공업 부품 사업 등으로 다양한 첨단 산업 분야의 제품을 제조하여 글로벌 고객사에 제공하고 있습니다.

주요 사업내용에 대한 자세한 사항은 본 공시서류의 [

II. 사업의 내용

사. 신용평가에 관한 사항

(1) 최근 3년간 신용평가에 관한 내용

(2) 신용평가 회사의 신용등급체계 및 등급부여의미① 한국기업평가㈜

② 이크레더블 ③ 한국평가데이터

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

7.14%
[5.09%, 10.07%] · 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 65.5% (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

1.06
Beta [0.86, 1.26] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.326%[-0.150%, +0.801%]
R squared
0.42
Observations
252
Trading-time corrected beta
0.93[0.61, 1.24]
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

2016201720182019202020212022202320242025TTM
RevenueKRW 100M1,6592,3793,2463,9243,2196,0617,8767,78712,13810,66312,168
Revenue growth%—43.4536.4120.88-17.9688.3029.94-1.1355.87-12.15—
Operating incomeKRW 100M244178369544495804444901,08711-661
Operating income growth%—-26.83106.5947.54-90.981,082.21-23.4510.36121.85-98.95—
Net incomeKRW 100M19663323490-5838616—839-1,024-830
Net income growth%—-67.85412.4951.48-111.92—-95.83——-222.04—
Attributable to ownersKRW 100M——301486-5538616-226843-1,012-828
Attributable to minoritiesKRW 100M——223-3——-1-3-12-2
Operating margin%14.707.5011.3613.861.529.575.646.298.960.11-5.43
Net margin%11.832.659.9612.49-1.816.370.20—6.91-9.60-6.82
ROE%——13.8818.46-2.2810.720.30-4.539.68-13.80-8.40
ROA%8.672.437.398.70-0.843.680.12—3.99-4.44-2.73
Debt ratio%212.15113.7297.50110.96186.09191.52156.65205.19140.21212.62206.16
Current ratio%75.4188.2181.36100.84107.98121.10109.9084.79129.0286.5193.61
Quick ratio%40.6046.1843.8646.7247.3542.7230.4517.4741.7324.8233.21
Reserve ratio%2,945.113,517.172,220.822,728.832,607.073,143.131,471.611,309.932,608.312,214.332,632.44
Free cash flowKRW 100M-4-442-768-809-1,465-1,256-1,388-1,200-2,905-3,324—
FCF margin%-0.27-18.57-23.65-20.62-45.52-20.72-17.63-15.42-23.94-31.17—
OCF conversion%195.56-126.89218.13-37.74—-13.811,500.56—-135.20——
Capex to revenue%23.4115.2045.3815.9134.3219.8420.7020.8814.5927.44—
Receivable daysdays—55.549.052.682.966.472.169.259.093.2—
Inventory daysdays—91.786.4113.6185.4187.4236.1326.5253.9309.7—
Payable daysdays—96.695.898.5100.1102.6128.4150.099.1112.0—
Cash conversion cycledays—50.639.667.7168.1151.3179.8245.7213.8290.9—
EPSKRW5,3571,0914,1242,688-3042,09143-561,498-1,801-1,301
PERx—31.904.2110.71—20.66406.98—17.92——
BPSKRW——23,96414,55813,36419,16914,35813,25715,46713,12715,499
PBRx——0.721.983.792.251.221.371.741.933.39
Dividend per shareKRW—100200300—300—————
Payout ratio%—9.174.8511.16—14.35—————

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

2016201720182019202020212022202320242025
2,2632,5924,3785,6306,92110,50013,84815,20121,03223,064
1,5381,3792,1612,9614,5016,8988,45210,22012,27615,687
7251,2132,2172,6692,4193,6025,3964,9818,7567,378

Income statement

2016201720182019202020212022202320242025
1,6592,3793,2463,9243,2196,0617,876*7,78712,13810,663
24417836954449580444*4901,08711
20674366528-22451152*31,184-1,058
19663323490-5838616Not applicable839-1,024
Basic earnings per shareKRW5,3571,0914,1242,688-3042,091*43*-56Not applicable-1,801
Diluted earnings per shareKRW4,3991,0914,1242,688-3042,091*43*-56Not applicable-1,801
1959355519-328839Not applicableNot applicable1,416-1,286

Cash flow statement

2016201720182019202020212022202320242025
Net incomefrom the income statement19663323490-5838616—839-1,024
Total adjustments to operating cash flowcomputed188-143382-675-302-439226—-1,974627
384-80705-185*-361-53242426-1,135-398
-406-356-1,444-613-1,107-1,185-2,151*-1,624-2,118-3,056
1195007918101,4241,2601,852*1,1703,4903,338
Cash at beginning of periodKRW 100M36133197250262218241188161411
133197250262*218241188161411321
Net change in cash and cash equivalentsKRW 100M9863Not applicableNot applicable-4421-57-29Not applicableNot applicable

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 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 19이정회계법인2025-12-31
2024적정의견Term 18이정회계법인2025-12-31
2023적정의견Term 17한영회계법인2025-12-31
2022적정Term 15현대회계법인2022-12-31
2021적정Term 14현대회계법인2022-12-31
2019적정Term 13현대회계법인2019-12-31
2018적정Term 12현대회계법인2019-12-31
2017적정Term 11현대회계법인2019-12-31

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 5Y0.92
%
%
Cost of equity8.98%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW41,300

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 FCFE5,331-87.1%
Residual income model RIM-11,628-128.2%
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% + 0.92 × 5.00% = 8.98%

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(-13.80% × (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 = 13,127 KRW, ROE = -13.80%, payout ratio = 0.00%, r = 8.98%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
113,127-1,8121,179-2,9910.9176-2,744
211,315-1,5621,016-2,5780.8420-2,171
39,753-1,346876-2,2220.7726-1,717
48,407-1,160755-1,9160.7089-1,358
57,247-1,000651-1,6510.6505-1,074
Terminal value-24,1230.6505-15,692

P_0 = 13,127 + -9,064 + -15,692 = -11,628 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 = -397.6 − 2,926.5 + 3,537.6 (net borrowing) = 213.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%213.50.9176195.9
20.50%214.60.8420180.7
31.00%216.80.7726167.5
41.50%220.00.7089156.0
52.00%224.40.6505146.0
Terminal value2.00%3,278.60.65052,132.6
Total2,978.7

P_0 = 2,978.7 KRW hundred million ÷ 55,873,279 (shares) = 5,331 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.

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