204320KOSPI

HL Mando

44,450

-1,150 (-2.52%)

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

HL Mando was established on September 2, 2014, following a spin-off from HL Holdings. The company is listed on the KOSPI market and is headquartered in Pyeongtaek, Gyeonggi Province.

The company develops and supplies automotive components, focusing on braking, steering, and suspension systems. Its product portfolio includes ADAS and autonomous driving solutions. It supplies various global automotive manufacturers through production sites and research centers in Korea, the United States, Europe, China, and India.

Business overview as filed

당사는 차량의 제동, 조향, 현가 장치 등 운전자의 안전과 편의에 관련된 제품을 개발 및 생산하는 자동차 부품업체로서 평택, 원주, 익산에 생산 시설, 판교에 R&D 센터를 두고 있습니다. 국내 매출은 '23년 27,581억원, '24년 27,715억원, '25년 30,296억원, 글로벌 매출은 '23년 83,931억원, '24년 88,482억원, '25년 94,548억원을기록했습니다.당사는 사업구조 안정화를 위하여 현대차/기아 뿐 아니라 GM, Ford, 중국 로컬 OEM, 유럽 및 인도 완성차까지 고객 다변화를 진행 중이며, 해외 고객의 현지 대응을 위해 미국, 유럽, 중국, 인도 등 지역에 19개의 생산 사이트를 설립하였습니다. 또한, 해외에 18개 연구소를 설립하여 해외 고객의 연구개발 지원과 현지 특화된 기술 개발을 위하여 노력을 경주하고 있습니다.섀시부품 기술 측면에서 국내 부품업계 최초로 ABS, ESC, EPS, ECS 등 첨단 전장제품을 개발하여 양산하였고, 미래 자율주행차에 적용될 ADAS 제품 개발 분야에서도 해외 선진업체와 경쟁 중입니다. 최근에는 미국, 중국 등에 기반을 둔 전기차 업체에서 차세대 제품을 수주함으로써 경쟁력을 증명하고 있습니다.당사(지배회사) 및 연결대상 종속회사에 포함된 회사들이 영위하는 사업은 이번 본 보고서 "I. 회사의 개요 - 6. 주요 사업의 내용 및 향후 추진하려는 신규사업"을 참고 하시기 바랍니다.

당사는 자율주행의 3요소인 인지(Sense), 판단(Think), 제어(Move)를 아우르는 하드웨어 및 소프트웨어 핵심 솔루션을 제공하는 글로벌 자율주행 전문 기업입니다. 출범 이후 5년간 연평균 매출 성장률(CAGR) 25.6%를 달성하여 2025년 매출 1조 8,250억 원을 기록했습니다.

자율주행(AD)과 첨단 운전자 보조 시스템(ADAS)은 주행에 직접 개입해 탑승자 안전과 직결되므로, 다양한 차종에 양산해 온 검증된 이력이 필수입니다. 당사는 이러한 품질 보증 체계를 바탕으로 급변하는 시장을 주도하고자 세 가지 역량에 집중합니다. SDV 시대를 맞아 전 차급을 아우르는 기술적 확장성(Scalability), 맞춤형 비즈니스 유연성(Flexibility), 규제 변화에 즉각 대응하는 민첩성(Agility)입니다.

세부 내용은 다음과 같습니다. ① Scalability: L0~L2 보급형 시장부터 L2+, L3 고성능 시장까지 전 영역을 아우르는 Full Line-up을 구축했습니다. 최근 L2+ 시스템 수주 및 고성능 컴퓨팅(HPC) 기반 자율주차 제어기 양산을 본격화하며 상용화 가능성이 높은 제품에 역량을 집중하고 있습니다. 엔트리부터 프리미엄 차종까지 기능을 최적화하고 필수 기능을 선별하는 등 등급별 맞춤형 대응이 가능합니다. ② Flexibility: 단순 부품 공급을 넘어, 고객 전략에 따라 센서/제어기 단품, 통합 시스템 솔루션, 소프트웨어 플랫폼 등 유연한 비즈니스 모델을 운영합니다. 이를 통해 SDV 시대에 맞춰 기술과 사업의 경계를 허무는 협업을 추진하고 있습니다. ③ Agility: 한국, 북미, 중국, 인도 등 글로벌 R&D 및 생산 거점을 기반으로 각국의 안전 규제(NCAP)와 도로 환경에 즉각 대응합니다. 인도 첸나이 공장의 현지 최초 자율주행 레이더 양산, 북미 실리콘밸리 연구소 인력 확충을 통해 글로벌 OEM 선도 기업들의 혁신적 요구를 제품 개발에 신속히 반영하고 있습니다.

현재 당사는 고성능 인지 센서(레이더, 카메라, 라이다)와 통합 제어기(HPC), 구동 소프트웨어 등 자율주행 핵심 기술과 함께 섀시 제어기(ECU), 가상 엔진 사운드(AVAS) 등 전동화 필수 부품을 공급하고 있습니다. 미래 기술 우위 선점을 위해 End-to-End AI 기반 완전 자율주행 기술 선행 개발에 박차를 가하고 있으며, CES 2년 연속 혁신상(2024~2025) 수상을 통해 입증된 기술력으로 모빌리티 산업 혁신을 주도하고 있습니다.

Company overview

당사는 2014년 9월 1일을 분할기준일로 하여 2014년 9월 2일에 (주)한라홀딩스[現에이치엘홀딩스(주)]의 자동차부품 제조ㆍ판매업 부문이 인적분할되어 설립되었으며, 2014년 10월 6일 한국거래소 유가증권시장에 주식을 상장하였습니다. 2022년 9월 5일 임시주주총회를 통해 사명을 주식회사 만도 → 에이치엘만도 주식회사로 변경하였습니다. 당사는 제동, 조향, 현가장치 및 기타 자동차부품의 설계, 조립, 제조, 공급 및 자동차부품의 마케팅, 판매업 등을 영위하고 있습니다. 회사의 본점은 경기도 평택시 포승읍에 위치하고 있습니다.1. 연결대상 종속회사 개황- 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

2. 회사의 법적ㆍ상업적 명칭당사의 명칭은 에이치엘만도 주식회사라고 표기합니다. 영문으로는 HL Mando Corporation 으로 표기합니다.※ 2022년 9월 5일 임시주주총회를 통해 사명을 주식회사 만도 → 에이치엘만도 주식회사(Mando Corporation → HL Mando Corporation)로 변경하였습니다.3. 설립 일자 및 존속기간당사는 2014년 9월 1일을 분할기준일로 하여 2014년 9월 2일에 (주)한라홀딩스[現에이치엘홀딩스(주)]의 자동차부품 제조ㆍ판매업 부문이 인적 분할 되어 설립되었으며, 2014년 10월 6일 한국거래소 유가증권시장에 주식을 상장하였습니다.※ 2022년 09월 30일 종목명 변경(만도보통주 → HL만도보통주)에 따른 변경 상장.

4. 본사의 주소, 전화번호, 홈페이지 주소- 주소 : 경기도 평택시 포승읍 하만호길32- 전화번호 : 031-680-6114- 홈페이지 주소 : https://hlmando.com

5. 중소기업 등 해당 여부

6. 주요 사업의 내용 및 향후 추진하려는 신규사업(1) 회사가 영위하는 목적사업지배회사인 에이치엘만도 주식회사는 자동차부품의 설계, 조립, 제조, 공급 및 판매회사로서 회사가 영위하는 목적사업은 다음과 같습니다.

당사가 도입한 한국국제회계기준에 따라 연결 대상 종속회사에 포함된 회사들이 영위하는 사업은 다음과 같습니다.

(2) 당사는 보고서 제출기준일 현재 구체적으로 추진하고 있는 신규사업이 없습니다.

7. 신용평가에 관한 사항당사는 회사채 및 기업어음 발행의 목적에 의하여 또는 기타 수시 평가에 의하여 신용평가 전문기관으로부터 평가를 받고 있으며, 공시 대상 기간 동안의 신용평가 현황은 다음과 같습니다.(1) 최근 3년간 신용평가 내역

(2) 신용등급 체계

8. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

주1) 2022년 9월 30일부 종목명 변경(만도보통주 → HL만도보통주)에 따른 변경 상장.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

4.28%

[2.66%, 7.05%] · 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 49.2% (2026-07-29). 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

0.68

Beta [0.52, 0.85] · KOSPI200 · As of 2026-10-08

Intercept: -0.064%[-0.576%, +0.447%]
R squared: 0.30
Observations: 252
Trading-time corrected beta: 0.91[0.56, 1.27]

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.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	52,992	58,664	56,847	56,648	59,819	55,635	61,474	75,162	83,931	88,482	94,548	95,898
Revenue growth%	—	10.70	-3.10	-0.35	5.60	-6.99	10.50	22.27	11.67	5.42	6.86	—
Operating incomeKRW 100M	2,656	3,050	835	1,974	2,186	887	2,323	2,481	2,793	3,588	3,571	3,744
Operating income growth%	—	14.82	-72.61	136.35	10.72	-59.42	161.90	6.80	12.57	28.46	-0.46	—
Net incomeKRW 100M	1,296	2,101	183	1,129	1,182	139	1,786	1,183	1,546	1,582	1,228	1,901
Net income growth%	—	62.13	-91.31	518.75	4.70	-88.28	1,188.58	-33.78	30.70	2.36	-22.40	—
Attributable to ownersKRW 100M	1,258	1,995	48	1,057	1,105	58	1,671	983	1,356	1,299	1,000	1,691
Attributable to minoritiesKRW 100M	38	106	135	73	77	81	115	200	190	283	228	211
Operating margin%	5.01	5.20	1.47	3.48	3.65	1.59	3.78	3.30	3.33	4.05	3.78	3.90
Net margin%	2.45	3.58	0.32	1.99	1.98	0.25	2.91	1.57	1.84	1.79	1.30	1.98
ROE%	—	—	—	—	—	—	—	—	6.08	5.16	3.69	5.75
ROA%	3.11	4.71	0.41	2.54	2.57	0.28	3.13	2.02	2.46	2.24	1.72	2.51
Debt ratio%	204.58	194.67	215.17	199.46	189.83	188.86	179.04	157.10	166.82	163.85	148.16	142.58
Current ratio%	100.52	119.85	103.45	107.46	120.09	118.48	138.26	138.57	123.88	126.77	122.06	123.42
Quick ratio%	83.93	100.66	87.41	90.10	100.92	102.60	112.71	107.64	96.03	97.86	95.66	96.18
Reserve ratio%	2,328.59	2,674.94	2,568.84	2,732.44	2,888.54	2,819.81	3,233.97	3,589.99	3,739.31	3,919.02	4,077.05	4,191.14
Free cash flowKRW 100M	-523	137	-88	244	506	2,524	2,054	-3,256	919	1,252	3,771	—
FCF margin%	-0.99	0.23	-0.15	0.43	0.85	4.54	3.34	-4.33	1.09	1.41	3.99	—
OCF conversion%	167.96	166.70	1,517.33	254.02	230.47	3,102.27	231.05	-11.27	277.74	274.67	587.07	—
Capex to revenue%	5.09	5.74	5.03	4.63	3.71	3.19	3.37	4.16	4.02	3.50	3.64	—
Inventory daysdays	—	24.0	23.7	23.3	23.2	24.6	30.1	33.9	35.2	38.1	37.4	—
EPSKRW	13,433	21,303	511	2,257	2,360	124	3,567	2,096	2,890	2,767	2,130	3,600
PERx	—	11.01	603.72	12.83	14.92	474.19	17.77	19.23	13.62	14.69	27.56	13.61
BPSKRW	—	—	—	—	—	—	—	—	47,505	53,635	57,793	62,646
PBRx	—	—	—	—	—	—	—	—	0.83	0.76	1.02	0.78
Dividend per shareKRW	4,800	5,000	1,000	500	550	—	800	500	600	—	700	—
Payout ratio%	35.73	23.47	195.69	22.15	23.31	—	22.43	23.85	20.76	—	32.86	—

Consolidated basis

Profit flowKRW 100M

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

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	41,598	44,644	44,510	44,373	45,956	49,383	57,044	58,458	62,867	70,520	71,366
	19,464	21,009	20,211	19,727	21,098	24,070	29,443	29,803	32,650	36,769	37,193
Cash and cash equivalentsKRW 100M	1,998	1,847	1,188	1,176	2,053	5,614	8,523	4,921	6,149	5,355	7,997
InventoriesKRW 100M	3,212	3,364	3,134	3,186	3,368	3,226	5,441	6,652	7,339	8,384	8,045
Trade and other receivablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	22,134	23,635	24,300	24,645	24,858	25,313	27,601	28,655	30,217	33,752	34,173
Property, plant and equipmentKRW 100M	17,842	19,004	19,053	19,430	19,466	20,394	21,930	21,167	21,755	24,101	25,602
Intangible assetsKRW 100M	1,571	1,966	2,227	2,122	1,713	1,252	1,139	1,598	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	533	577	600	517	446	483	585	325	361	96	236
	27,941	29,493	30,388	29,555	30,100	32,288	36,601	35,721	39,305	43,793	42,608
	19,364	17,530	19,536	18,358	17,568	20,316	21,296	21,508	26,357	29,005	30,471
Trade and other payablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	1,924	1,654	1,007	980	875	1,085	1,272	1,694	1,726	—	—
Current portion of long-term borrowingsKRW 100M	4,724	1,411	4,641	4,614	3,490*	1,530	3,983	4,247	3,338	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	276	706	295
	8,577	11,963	10,852	11,197	12,532	11,972	15,305	14,213	12,949	14,788	12,137
Bonds issuedKRW 100M	—	—	2,992	4,985	7,479	5,485	8,280	6,889	—	6,485	5,985
Long-term borrowingsKRW 100M	2,734	5,340	4,751	3,273	3,773	5,187	5,840	4,948	6,220	5,273	3,674
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	1,116	1,063	829
	13,658	15,151	14,123	14,818	15,856	17,096	20,443	22,737	23,562	26,728	28,758
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	22,307	25,185	27,138
Issued capitalKRW 100M	470	470	470	470	470	470	470	470	470	470	470
Capital surplusKRW 100M	9,622	6,018	6,018	6,018	6,018	6,018	6,031	6,031	6,032	6,033	6,034
Retained earningsKRW 100M	1,312	6,542	6,044	6,812	7,545	7,223	9,155	10,827	11,527	12,369	13,110
Accumulated other comprehensive incomeKRW 100M	-178	-377	-1,008	-1,136	-910	671	1,866	2,223	2,233	4,241	4,556
Other equityKRW 100M	1,993	1,993	1,993	1,993	1,993	1,994	2,025	2,025	2,046	2,072	2,968
Non-controlling interestsKRW 100M	438	504	605	660	739	721	897	1,163	1,254	1,542	1,620

매출채권As filed	12,422	14,051	14,181	13,489	13,454	13,340	13,597	14,950	15,791	20,199	18,590
기타수취채권As filed	434	313	531	574	823	569	703	990	897	686	549
파생금융자산As filed	46	63	110	4	8	—	1	0	0	0	6
매도가능금융자산As filed	75	15	8	0	0	—	—	—	—	—	—
기타자산As filed	939	977	797	891	974	859	784	1,382	2,121	1,938	1,721
당기손익-공정가치금융자산As filed	—	—	—	—	386	2	85	734	104	1	2
당기법인세자산As filed	339	378	262	396	393	453	302	160	240	194	232
기타금융자산As filed	—	—	—	10	26	8	8	14	10	10	8
이연법인세자산As filed	1,051	1,063	1,499	1,544	1,308	1,108	1,308	995	1,504	2,089	1,805
매각예정비유동자산As filed	—	—	—	—	—	—	—	—	—	—	43
장기매출채권As filed	—	—	—	110	98	79	60	39	18	0	0
기타포괄손익-공정가치금융자산As filed	—	—	—	202	217	303	317	837	508	753	866
무형자산As filed	—	—	—	—	—	—	—	—	1,970	2,199	2,288
투자부동산As filed	—	—	—	—	—	92	90	322	273	274	281
매입채무As filed	9,630	10,512	10,365	9,602	9,951	10,988	9,690	9,890	11,623	14,494	13,987
사용권자산As filed	—	—	—	—	556	456	529	1,086	1,078	2,080	957
기타지급채무As filed	2,176	2,693	2,246	2,064	2,054	2,026	2,797	2,754	3,400	4,044	4,527
파생금융부채As filed	96	83	8	1	0	—	0	—	0	8	1
순확정급여자산As filed	—	—	—	—	—	—	—	780	552	379	722
충당부채As filed	171	357	439	317	293	218	426	297	274	413	912
당기법인세부채As filed	271	333	262	240	426	406	390	197	322	209	283
기타부채As filed	373	488	576	540	387	492	744	799	699	999	874
사채As filed	2,993	4,490	—	—	—	—	—	—	4,189	—	—
순확정급여부채As filed	2,102	1,341	661	413	56	180	43	45	43	39	58
이연법인세부채As filed	184	265	274	340	284	272	277	472	638	1,027	709
부채 및 자본총계As filed	41,598	44,644	44,510	44,373	45,956	49,383	57,044	58,458	—	—	—
장기파생금융부채As filed	24	—	—	—	—	—	—	—	—	—	—
유동성사채As filed	—	—	—	—	—	3,497	1,899	1,399	4,699	100	2,999
유동성리스부채As filed	—	—	—	—	93	75	95	230	—	—	—
장기리스부채As filed	—	—	—	—	274	250	286	1,257	—	—	—
부채 및 자본 총계As filed	—	—	—	—	—	—	—	—	62,867	70,520	71,366
지배기업의 소유주지분As filed	—	—	—	14,158	15,117	16,375	19,545	21,574	—	—	—
단기차입금 및 유동성장기차입금As filed	—	—	—	—	—	—	—	—	—	8,031	6,593

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	52,992	58,664	56,847	56,648	59,819	55,635	61,474	75,162	83,931	88,482	94,548
Cost of salesKRW 100M	45,481	50,054	50,122	49,405	51,478	48,938	52,461	65,101	72,626	75,249	80,112
Gross profitKRW 100M	7,511	8,610	6,725	7,244	8,341	6,697	9,013	10,060	11,305	13,232	14,437
SG&A expensesKRW 100M	4,855	5,560	5,890*	5,257	6,097	5,650	6,676	7,461	8,466	9,635	10,859
	2,656	3,050	835	1,974	2,186	887	2,323	2,481	2,793	3,588	3,571
Finance incomeKRW 100M	195	243	277*	74	72	70	81	191	Not applicable	Not applicable	Not applicable
Finance costsKRW 100M	659	573	615	587	438	675	587	880	1,231	1,379	1,453
Other incomeKRW 100M	423	591	285	429	326	538	943	2,349	1,492	1,578	1,098
Other expensesKRW 100M	525	573	622	481	422	907	724	2,228	1,458	1,642	1,517
Share of profit of associatesKRW 100M	-79	53	—	—	—	—	—	—	-31	-50	-32
	2,012	2,791	193	1,414	1,765	52	2,281	2,300	2,257	2,655	2,178
Income tax expenseKRW 100M	716	690	10	285	582	-87	495	1,117	711	1,072	949
	1,296	2,101	183	1,129	1,182	139	1,786	1,183	1,546	1,582	1,228
Attributable to ownersKRW 100M	1,258	1,995	48	1,057	1,105	58	1,671	983	1,356	1,299	1,000
Attributable to minoritiesKRW 100M	38	106	135	73	77	81	115	200	190	283	228
Basic earnings per shareKRW	13,433	21,303	511*	2,257	2,360	124	3,567	2,096	2,890	2,767	2,130
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	955	2,072	-462	926	1,355	1,640	3,372	2,622	1,388	3,629	1,617
Other comprehensive incomeKRW 100M	-341	-29	-644	-203	173	1,501	1,586	1,439	-158	2,046	389

대손상각비As filed	—	—	—	—	—	160	13	—	46	10	—
대손상각비(대손충당금환입)As filed	—	—	—	—	—	—	—	—	—	—	6
대손상각비(환입)As filed	—	—	—	12	59	—	—	118	—	—	—
비지배지분As filed	42	97	101	62	79	58	189	158	204	425	198
관계기업 등에 대한 지분법손익As filed	—	—	33	-65	-65	33	102	-22	—	—	—
기타금융수익As filed	—	—	—	70	107	106	143	410	432	272	314
당기손익으로 재분류되지 않는 항목As filed	-86	178	—	-95	-84	—	—	—	—	—	—
지배기업의 소유주지분As filed	913	1,975	-563	864	1,276	1,582	3,183	2,463	1,184	3,204	1,419
순확정급여부채의 재측정요소As filed	-86	179	19	-77	-63	-57	94	335	-242	—	—
관계기업 등 순확정급여부채의 재측정요소As filed	-0	-0	1	-0	-1	1	1	4	-1	0	-0
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	-254	-207	-664	-108	257	—	—	—	—	2,106	63
매도가능금융자산평가손익As filed	-20	25	-3	0	0	—	—	—	—	—	—
해외사업장외화환산차이As filed	74	-215	-738	—	259	-196	1,302	-28	-12	2,113	53
관계기업 등의 기타포괄손익에 대한 지분해당액As filed	-19	-13	-13	12	-4	-17	-14	140	-1	-0	1
현금흐름위험회피As filed	-289	-4	90	-82	2	-1	-0	0	-0	-6	10
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	20	—	—	—	—	—	—	—	—
유효이자율법을 사용하여 계산한 이자수익As filed	—	—	—	—	—	—	—	—	261	288	195
기타포괄손익-공정가치금융자산평가손익As filed	—	—	—	-18	-21	48	203	-6	95	80	24
유형자산재평가이익As filed	—	—	—	—	—	1,723	—	—	—	—	—
토지재평가이익As filed	—	—	—	—	—	—	0	993	4	0	204
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	-38	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류될 수 없는 항목As filed	—	—	—	—	—	—	—	—	—	-60	325
확정급여제도의재측정요소As filed	—	—	—	—	—	—	—	—	—	-140	98
당기총포괄손익의 귀속As filed	—	—	—	926	1,355	1,640	3,372	2,622	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	1,296	2,101	183	1,129	1,182	139	1,786	1,183	1,546	1,582	1,228
Total adjustments to operating cash flowcomputed	881	1,401	2,587	1,739	1,543	4,162	2,341	-1,316	2,748	2,764	5,981
	2,176	3,502	2,769	2,869	2,725	4,300	4,127	-133*	4,294	4,347	7,209
Interest receivedKRW 100M	68	54	39	73	67	60	76	177	279	286	188
Interest paidKRW 100M	379	383	340	393	441	435	496	554	931	1,116	1,064
Income taxes paidKRW 100M	883	677	411	380	164	324	599	1,002	888	1,164	1,128
	-2,486	-3,662	-3,774	-2,976	-3,001	-1,444	-3,766	-1,374*	-3,224	-3,968	-3,637
Purchase of property, plant and equipmentKRW 100M	2,700	3,365	2,857	2,625	2,219	1,776	2,073	3,123	3,375	3,095	3,438
Proceeds from sale of property, plant and equipmentKRW 100M	48	77	29	70	79	211	387	3,433	49	29	113
Purchase of intangible assetsKRW 100M	611	719	657	441	161	200	336	602	751	503	463
	711	39	410	100	1,147	714	2,290	-2,448	182	-1,769	-956
Dividends paidKRW 100M	187	450	468	94	-234	-258	0	-375	235	282	329
Acquisition of treasury sharesKRW 100M	0	0	—	—	—	—	—	—	—	—	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	0	—	—
Cash at beginning of periodKRW 100M	1,604	1,998	1,847	1,188	1,176	2,053	5,614	8,523	4,921	6,149	5,355
	1,998	1,847	1,188	1,176	2,053	5,614	8,523	4,921	6,149	5,355	7,997
Effect of exchange rate changesKRW 100M	-7	-31	-64	-4	6	-9	258	353	-24	597	25
Net change in cash and cash equivalentsKRW 100M	394	-151	-659	-11	877	3,561	2,908	-3,602	1,228	-793	2,641

영업으로부터 창출된 현금흐름As filed	3,364	4,504	3,476	3,566	3,259	4,997	5,052	1,237	5,830	6,339	9,172
신종자본증권의 발행As filed	1,993	0	0	—	—	1,994	0	0	—	—	2,890
임대보증금의 감소As filed	—	—	—	—	—	—	—	0	-0	0	0
배당금의 수취As filed	7	4	5	2	5	2	94	10	3	3	42
신종자본증권 수익분배금의 지급As filed	-73	-98	-73	-122	-98	-80	-74	-74	74	74	55
신종자본증권의 상환As filed	—	—	—	—	—	-2,000	0	0	—	—	2,000
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	0	-0	-0
금융기관예치금의 감소(증가)As filed	—	—	-191	193	-261	269	-1	-3	—	—	82
금융기관예치금의 증가As filed	1,011	—	—	—	—	—	—	—	—	-13	—
사채의 발행As filed	2,992	1,493	1,493	3,487	—	—	—	—	1,991	2,389	2,489
대여금의 증가As filed	111	82	115	241	339	220	404	433	343	161	136
대여금의 감소As filed	197	144	140	176	274	143	146	404	223	245	294
판매후리스로 인한 리스부채의 증가As filed	—	—	—	—	—	—	—	648	0	0	—
매도가능금융자산의 취득As filed	0	95	10	0	0	—	—	—	—	—	—
장기차입금의 차입As filed	2,115	2,192	1,889	1,836	4,002	5,522	3,684	6,934	7,393	3,703	5,091
공정가치금융자산의 취득As filed	—	—	—	—	-428	-27	-295	-918	756	723	145
매도가능금융자산의 처분As filed	15	105	8	—	0	—	—	—	—	—	—
기타포괄손익-공정가치금융자산의 취득As filed	—	—	—	-30	—	—	—	—	—	—	—
사채의 상환As filed	—	—	—	—	—	—	—	—	0	4,700	100
임차보증금의 증가As filed	—	—	—	—	—	—	—	93	12	28	30
관계기업 등에 대한 투자지분의 취득As filed	361	7	4	72	1	21	13	-10	7	15	173
기타금융상품 취득As filed	—	—	—	—	-0	-3	-0	—	0	—	—
단기차입금의 순증감As filed	—	—	—	—	—	—	—	132	11	—	—
공정가치금융자산의 처분As filed	—	—	—	—	—	—	315	5	1,447	665	78
기타금융산품 취득As filed	—	—	—	-1	—	—	—	—	—	—	—
유동성장기차입금의 상환As filed	—	—	—	-4,757	—	—	—	—	3,980	657	3,887
기타금융상품 처분As filed	—	—	—	9	9	13	4	—	9	0	0
종속기업 처분As filed	—	107	0	0	—	—	—	—	—	—	—
비지배지분의 취득As filed	—	—	—	—	—	—	—	—	—	14	19
장기차입금의 조기상환As filed	—	687	-487	—	1,724	1,825	17	-4,653	4,543	1,745	3,768
기타금융자산의 취득As filed	—	—	—	—	—	—	—	1	—	0	—
파생상품자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	—	0
파생금융상품의 정산As filed	7	10	3	1	-9	1	-1	1	0	0	—
기타금융자산의 처분As filed	—	—	—	—	—	—	—	0	—	—	—
무형자산의 처분As filed	0	16	0	17	60	1	1	15	4	2	19
금융기관예치금의 감소As filed	—	55	—	—	—	—	—	—	—	—	—
비지배지분에 대한 배당금 지급As filed	—	—	—	-8	-8	-76	-13	-28	114	158	138
유무형자산 취득 관련 미지급금의 증가As filed	26	103	—	—	—	—	—	—	—	—	—
관계기업 등에 대한 투자지분의 처분As filed	—	—	—	—	—	—	—	222	—	—	—
리스부채의 감소As filed	—	—	—	—	—	—	—	—	268	278	674
유무형자산 취득 관련 미지급금의 증가(감소)As filed	—	—	-118	-33	—	165	-68	-121	243	206	128
단기차입금의 순증가As filed	-1,749	-134	—	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	—	—	—	—	-133	220	-634	—	—	18	0
사업에대한 지배력 획득As filed	—	—	—	—	-112	0	-1,431	—	—	—	—
단기차입금의 증가(감소)As filed	—	—	-558	-49	—	—	—	—	—	—	—
청산으로 인한 현금증감As filed	—	—	—	—	—	—	-5	—	—	—	—
유동성장기차입금 및 유동성사채의 상환As filed	-4,374	-2,287	—	—	-4,489	-4,141	-5,186	-2,940	—	—	—
임차보증금의 감소As filed	—	—	—	—	—	—	—	—	8	0	23
자기주식의 처분As filed	—	—	—	—	—	—	—	—	—	0	0
유동성장기 장기차입금 및 유동성 사채의 상환As filed	—	—	1,388	—	—	—	—	—	—	—	—
유무형자산 취득 관련 미지급금의 감소As filed	—	—	—	—	100	—	—	—	—	—	—
유형자산 처분 관련 미수금의 감소As filed	—	—	—	—	—	—	6	6	—	—	—
투자부동산의 취득As filed	—	—	—	—	—	—	—	46	0	0	0
청산으로 인항 현금감소As filed	—	—	—	—	—	—	—	0	—	—	—
단기차입금의 감소As filed	—	—	—	—	—	—	—	—	—	—	494
사채발행As filed	—	—	—	—	3,983	1,493	4,684	—	—	—	—
종속기업에 대한 소유지분 변동에 따른 현금 감소As filed	-12	0	—	—	—	—	—	—	—	—	—
사업에 대한 지배력 획득As filed	—	—	—	—	—	—	—	-107	—	175	0
관계기업에 대한 투자지분의 처분As filed	—	—	—	—	—	—	—	—	0	—	—
종속기업에 대한 소유지분의 변동으로 인한 현금 감소As filed	—	—	0	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	401	—	—	—	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	—	194	—	—	—	—	—	—	—
리스부채 감소As filed	—	—	—	—	—	-137	-153	—	—	—	—
종속기업 처분으로 인한 현금 증가As filed	—	—	—	—	—	—	—	—	111	0	0
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
리스부채 상환As filed	—	—	—	—	-143	—	—	—	—	—	—
금융기관예치금의 순증감As filed	—	—	—	—	—	—	—	—	66	—	—
사채의 발행 및 상환As filed	—	—	—	—	—	—	—	-1,900	—	—	—
유형자산 처분 관련 미수금의 감소(증가)As filed	—	—	—	—	—	—	—	—	-10	10	10
비지배지분 취득 관련 현금 증가As filed	—	—	—	—	—	—	—	—	1	0	0
청산으로 인한 현금감소As filed	—	—	—	—	—	—	—	—	0	—	—
사업결합으로 인한 순현금유출As filed	—	—	—	—	—	—	—	—	0	—	—
리스부채의 감소(증가)As filed	—	—	—	—	—	—	—	-193	—	—	—
투자부동산의 처분As filed	—	—	—	—	—	—	—	—	—	—	0

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 12	삼일회계법인	2025-12-31
2024	적정의견	삼일회계법인	2025-12-31
2023	적정의견	삼일회계법인	2025-12-31
2022	적정Term 9	삼정회계법인	2022-12-31
2021	적정Term 8	삼정회계법인	2022-12-31
2020	적정Term 7	삼정회계법인	2022-12-31
2019	적정Term 6	삼일회계법인	2019-12-31
2018	적정Term 5	삼일회계법인	2019-12-31
2017	적정Term 4	삼일회계법인	2019-12-31
2016	적정Term 3	삼일회계법인	2016-12-31
2015	적정Term 2	삼일회계법인	2016-12-31
2014	적정Term 1	삼일회계법인	2016-12-31

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 5Y0.76

Equity risk premium%

Terminal growth%

Cost of equity8.19%

Weighted average cost of capital7.28%

Initial growth2.5%

Effective tax rate35.0%

Base fiscal year2025

Current priceKRW44,450

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	11,536	-74.0%
Dividend discount model DDM	11,663	-73.8%
Discounted cash flow FCFF	181,995	+309.4%
Discounted cash flow FCFE	59,325	+33.5%
Residual income model RIM	15,063	-66.1%

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 = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.76 × 5.00% = 8.19%

Initial growth

g_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(3.69% × (1 − 32.86%), 0) = 2.47%

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

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 700 × (1 + 2.00%) / (8.19% − 2.00%) = 714 / 0.0619 = 11,536 KRW

Dividend discount model DDM

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 = 700, g_1 = 2.47%, g_T = 2.00%, r = 8.19%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.47%	717	0.9243	663
2	2.36%	734	0.8543	627
3	2.24%	751	0.7897	593
4	2.12%	767	0.7299	560
5	2.00%	782	0.6746	527
Terminal value	2.00%	12,885	0.6746	8,693
Total				11,663

P_0 = 11,663 KRW

Residual income model RIM

P_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 = 57,793 KRW, ROE = 3.69%, payout ratio = 32.86%, r = 8.19%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	57,793	2,130	4,733	-2,603	0.9243	-2,406
2	59,224	2,183	4,850	-2,667	0.8543	-2,278
3	60,689	2,237	4,970	-2,733	0.7897	-2,158
4	62,191	2,293	5,093	-2,801	0.7299	-2,044
5	63,730	2,349	5,219	-2,870	0.6746	-1,936
Terminal value				-47,295	0.6746	-31,907

P_0 = 57,793 + -10,822 + -31,907 = 15,063 KRW

Discounted cash flow FCFF

\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 = 7,209.4 − 3,438.5 + 1,064.0 × (1 − 35.00%) = 4,462.5 KRW hundred million

Weighted average cost of capital

E = 20,872.4, D = 9,658.9 KRW hundred million; equity weight = 68.36%, debt weight = 31.64%; cost of debt k_d = 8.19%

WACC = 68.36% × 8.19% + 31.64% × 8.19% × (1 − 35.00%) = 7.28%

V_{\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}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.47%	4,572.9	0.9321	4,262.5
2	2.36%	4,680.7	0.8688	4,066.8
3	2.24%	4,785.4	0.8099	3,875.5
4	2.12%	4,886.8	0.7549	3,689.0
5	2.00%	4,984.5	0.7036	3,507.3
Terminal value	2.00%	96,243.2	0.7036	67,720.8
Total				87,121.9

Firm value = 87,121.9; less borrowings 9,658.9; plus cash 7,996.5 → 85,459.5 KRW hundred million

P_0 = 85,459.5 KRW hundred million ÷ 46,957,120 (shares) = 181,995 KRW

Discounted cash flow FCFE

\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 = 7,209.4 − 3,438.5 + -2,098.9 (net borrowing) = 1,672.0 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.47%	1,713.3	0.9243	1,583.6
2	2.36%	1,753.7	0.8543	1,498.3
3	2.24%	1,792.9	0.7897	1,415.8
4	2.12%	1,830.9	0.7299	1,336.4
5	2.00%	1,867.5	0.6746	1,259.9
Terminal value	2.00%	30,776.5	0.6746	20,763.2
Total				27,857.3

P_0 = 27,857.3 KRW hundred million ÷ 46,957,120 (shares) = 59,325 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.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart