Skip to main content
KREDKRED
218410KOSDAQ

RFHIC

58,500
-400 (-0.68%)

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

RFHIC was established on August 20, 1999. The company is listed on the KOSDAQ market and operates as a corporate entity with four consolidated subsidiaries.

The company develops and produces Gallium Nitride semiconductors for wireless communications, defense, and RF energy. Its main products include GaN transistors, GaN power amplifiers, and microwave generators, which are supplied to base station equipment providers and communication operators.

Business overview as filed

화합물 반도체 전문기업인 알에프에이치아이씨 주식회사는 무선 통신, 방위 산업 및 RF 에너지 분야에서 활용되는 질화갈륨(Gallium Nitride, 이하 GaN) 반도체를 개발 및 생산하고 있습니다.

당사의 주요 제품은 GaN 트랜지스터, GaN 전력증폭기 그리고 Microwave Generator 입니다. GaN 전력증폭기는 기존에 주로 사용되었던 실리콘 기반 LDMOS(Laterally Diffused Metal Oxide Semiconductor) 전력증폭기에 비해 효율은 10% 정도 높으며, 제품 크기는 최대 절반으로, 전력 사용량은 20% 정도 절감할 수 있는 강점이 있어 무선 통신 시장을 중심으로 적용되고 있습니다. 또한, GaN 전력증폭기는 레이더, 전자전 장비와 같은 첨단 무기체계를 비롯하여, 반도체 공정장비, 수소생성, 의료장비, 가속기와 같은 첨단 산업기술분야에서도 주목받고 있습니다. 기존에 사용되었던 마그네트론(Magnetron)과 같은 진공관 기술을 대체하여 보다 우수한 신호를 생성하고 이를 정밀하게 제어할 수 있는 GaN 전력증폭기 및 이를 이용한 Microwave Generator에 대한 수요가 급격하게 증가하고 있습니다.

당사의 가장 큰 경쟁력은 가장 작은 부품단위인 GaN 트랜지스터를 자체 설계 및 시험 뿐만 아니라 국내에서 유일하게 대량으로 생산할 수 있는 기술과 설비를 보유하고 있다는 것입니다. 자체 생산된 GaN 트랜지스터는 직접 판매하거나, 당사의 GaN 전력증폭기, Microwave Generator 제작에 사용되기도 합니다.

당사는 높은 Gain(이득) 특성을 확보하기 위한 회로와 GaN 트랜지스터를 통신용 GaN 전력증폭기 형태로 일체화 시킨 단위 유닛 형태의 Form Factor 제품을 개발하였습니다. 당사의 Form Factor 제품은 30% 이상 소형화된 크기에서 높은 출력을 구현할 수 있어 기존 기지국 장비 업체 외에도 새롭게 Open-RAN 시장에 진입하는 통신 사업자들에게 주목받고있습니다. 당사에게 O-RAN 시장은 다양한 공급처를 확보할 수 있는 새로운 기회가 될 것으로 예상됩니다.

당사의 매출실적은 다음과 같습니다.

본 사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등은 "II. 사업의 내용"의 "2. 주요 제품 및 서비스"부터 "7. 기타 참고사항"까지의 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

Company overview

가. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)

(1) 연결대상 종속회사 현황(요약)

보고서 제출일 현재 연결대상 종속기업은 4개사 입니다.

(주1) 2025년 08월 13일 자회사(RFHIC Europe) 신규 설립되었습니다.

(2) 연결대상회사의 변동내용

(주1) 상기 자회사(RFHIC Europe)는 2025년 08월 13일 신규 설립되었습니다.

나. 회사의 법적, 상업적 명칭당사의 명칭은 알에프에이치아이씨 주식회사 라고 표기합니다. 또한, 영문으로는 'RFHIC CORPORATION(약호 RFHIC)'이라 표기합니다.

다. 설립일자당사는 1999년 08월 20일에 법인 형태로 설립되었으며, 2017년 09월 01일 코스닥시장에 기업공개를 실시하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요사업의 내용 및 향후 추진하려는 신규사업

당사는 경쟁사보다 먼저 미래 산업의 변화를 예측하여 신소재인 질화갈륨(Gallium Nitride, 이하 GaN)을 이용한 제품 개발 및 상용화를 시도하였습니다.당사가 중소기업이지만 비교적 짧은 기간 안에 시장을 공략할 수 있었던 이유는 GaN이라는 신소재를 이용한 무선 주파수(Radio Frequency, RF) 전력증폭기(이하, GaN 전력증폭기)를 개발했기 때문입니다. 해외 글로벌 경쟁사들이 기존 30여 년 동안 시장을 장악한 실리콘 기반 LDMOS(Laterally Diffused Metal Oxide Semiconductor)라는 소자에 집중할 때 높은 가격 때문에 군사용, 인공위성 등 제한된 용도로 사용하고 있는 GaN을 통신용으로 대량 양산, 적용하여 실리콘 기반 LDMOS와 경쟁할 수 있는 가격구조를 갖추게 되었습니다. GaN 전력증폭기는 LDMOS 전력증폭기에 비해 효율은 10% 정도 높으며, 제품 크기는 최대 절반으로, 전력 사용량은 20% 정도 절감할 수 있는 강점이 있어 전 세계 기지국 시장에 확대 적용되고 있습니다.기존 산업, 과학, 의료용(Industrial, Science, Medical, ISM) 분야에서 사용되는 RF/Microwave Generator의 핵심 부품은 진공관(TWT, Klystron등)을 비롯한 마그네트론을 주로 사용하였습니다. 관련 산업의 발달로 보다 고품질의 RF/Microwave 신호가 요구됨에 따라 GaN 트랜지스터 및 전력증폭기를 활용한 RF/Microwave Generator의 개발이 요구되고 있습니다. 당사는 다수의 레이더 교체 사업 등의 경험을 바탕으로 수 kw급의 RF/Microwave Generator를 성공적으로 개발하였으며, 이를 바탕으로 의료용 가속기, 산업용 건조기, 플라즈마(Plasma)를 이용한 반도체 공정 장비 등 RF 에너지 분야에 진출할 계획입니다.

사. 신용평가에 관한 사항

[㈜이크레더블 신용평가등급의 정의]

(주1) 기업의 신용능력에 따라 AAA등급에서 D등급까지 10등급으로 구분 표시되며, 등급 중 'AA'등급부터 'CCC'등급까지의 6개 등급 내 우열에 따라 +, 0, -의 세부등급이 부여됨

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 2026.03.31), 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

6.32%
[3.94%, 9.80%] · 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 68.6% (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

1.13
Beta [0.93, 1.32] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.334%[-0.189%, +0.856%]
R squared
0.41
Observations
252
Trading-time corrected beta
0.94[0.58, 1.30]
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 100M6126211,0811,0787051,0161,0801,1141,1491,8582,039
Revenue growth%—1.3574.20-0.31-34.6344.166.373.153.0961.74—
Operating incomeKRW 100M5581267179-30448315309378
Operating income growth%—47.70230.76-32.85-116.71—-81.60-62.26404.841,919.20—
Net incomeKRW 100M5661254202165949177197355435
Net income growth%—10.11314.59-20.62-92.21274.59-17.46264.0311.4080.24—
Attributable to ownersKRW 100M5761241200206028174257287332
Attributable to minoritiesKRW 100M—-0132-5-1212-6068103
Operating margin%8.9313.0124.7116.64-4.254.300.740.271.3316.6218.53
Net margin%9.099.8723.5018.712.235.794.5015.8717.1519.1121.34
ROE%5.464.9915.3810.021.032.151.036.068.318.458.94
ROA%4.233.9510.847.750.501.321.033.474.086.507.21
Debt ratio%26.5921.6943.1120.7243.8444.9553.7655.1734.9237.7733.59
Current ratio%354.01430.26407.65447.97473.53538.48359.08198.15334.43397.45301.27
Quick ratio%170.17230.96299.42325.60307.45406.75271.19151.25255.51280.66179.44
Reserve ratio%1,657.361,032.691,290.201,563.201,590.262,093.742,095.502,141.942,327.972,574.192,673.53
Free cash flowKRW 100M12631406181-506123-195-266104251—
FCF margin%20.644.9837.5516.81-71.7712.13-18.06-23.869.0613.51—
OCF conversion%273.9185.32189.39134.19-1,538.63375.4981.7090.25164.5983.08—
Capex to revenue%4.263.456.968.2937.469.6321.7338.1819.172.37—
Receivable daysdays—93.176.270.769.751.159.159.868.469.2—
Inventory daysdays—443.4288.1266.0461.3438.4424.3396.0354.3245.8—
Payable daysdays—227.9190.1215.8313.6178.0116.2152.0134.476.1—
Cash conversion cycledays—308.6174.2120.9217.5311.5367.2303.9288.2239.0—
EPSKRW2722931,084857852391066719951,1311,249
PERx7.3357.3422.6943.00525.29149.16211.7926.9013.1728.8750.59
BPSKRW15,2015,5876,9768,3878,26310,51110,14210,85711,66512,79513,968
PBRx0.133.013.534.395.403.392.211.661.122.554.52
Dividend per shareKRW—50200200100150100100100400—
Payout ratio%—17.0618.4523.34117.6562.7694.3414.9010.0535.37—

Consolidated basis

Profit flowKRW 100M

Revenue
1,858
Cost of sales
1,216
Gross profit
642
SG&A expenses
334
Operating income
309
Non-operating income
69
Profit before tax
378
Net income
355
Income tax expense
23

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
1,3141,5512,3432,6023,1234,4694,7335,0944,8295,462
2762767064479521,3861,6551,8111,2501,497
1,0381,2741,6372,1562,1713,0833,0783,2833,5803,965

Income statement

2016201720182019202020212022202320242025
6126211,0811,0787051,0161,0801,1141,1491,858
5581267179-30448315309
58662722035544074250378
5661254202165949177197355
Basic earnings per shareKRW2722931,08485785*2391066719951,131
Diluted earnings per shareKRW2692921,07885585*2381066719951,130
5757257205126237189209347

Cash flow statement

2016201720182019202020212022202320242025
Net incomefrom the income statement5661254202165949177197355
Total adjustments to operating cash flowcomputed97-922769-257162-9-17127-60
15252481271-24222140160324295
-2031-296-83-1,126-1,228329-76595-379
-63-192601025471,068144-105-62978
Cash at beginning of periodKRW 100M2282983608061,0962723378548091,108
2983608061,0962723378548331,1081,099
Net change in cash and cash equivalentsKRW 100M7062Not applicable290-82464518-21299-9

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 2026.03.31.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 11삼일회계법인2025-12-31
2024적정의견Term 10삼일회계법인2025-12-31
2023적정의견Term 9삼덕회계법인2025-12-31
2019적정Term 5삼덕회계법인2019-12-31
2018적정Term 4삼덕회계법인2019-12-31
2017적정Term 3한영회계법인2019-12-31
2016적정Term 2안진회계법인2016-12-31
2015적정Term 1안진회계법인2016-12-31

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 5Y0.95
%
%
Cost of equity9.16%
Weighted average cost of capital9.05%
Initial growth5.5%
Effective tax rate6.2%
Base fiscal year2025
Current priceKRW58,500

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 model5,701-90.3%
Dividend discount model DDM6,166-89.5%
Discounted cash flow FCFF18,353-68.6%
Discounted cash flow FCFE8,371-85.7%
Residual income model RIM11,379-80.5%
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% + 0.95 × 5.00% = 9.16%

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(8.45% × (1 − 35.37%), 0) = 5.46%

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 = 400 × (1 + 2.00%) / (9.16% − 2.00%) = 408 / 0.0716 = 5,701 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 = 400, g_1 = 5.46%, g_T = 2.00%, r = 9.16%

YearGrowthDividend KRWDiscount factorPresent value KRW
15.46%4220.9161386
24.60%4410.8393370
33.73%4580.7689352
42.87%4710.7044332
52.00%4800.6453310
Terminal value2.00%6,8440.64534,416
Total6,166

P_0 = 6,166 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 = 12,795 KRW, ROE = 8.45%, payout ratio = 35.37%, r = 9.16%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
112,7951,0811,172-900.9161-83
213,4941,1401,236-950.8393-80
314,2311,2031,303-1010.7689-77
415,0081,2681,374-1060.7044-75
515,8281,3381,449-1120.6453-72
Terminal value-1,5950.6453-1,029

P_0 = 12,795 + -387 + -1,029 = 11,379 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\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 = 295.0 − 44.0 + 11.5 × (1 − 6.16%) = 261.7 KRW hundred million

Weighted average cost of capital

E = 15,504.5, D = 329.6 KRW hundred million; equity weight = 97.92%, debt weight = 2.08%; cost of debt k_d = 4.40%

WACC = 97.92% × 9.16% + 2.08% × 4.40% × (1 − 6.16%) = 9.05%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\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}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.46%276.00.9170253.1
24.60%288.70.8409242.7
33.73%299.50.7711230.9
42.87%308.00.7071217.8
52.00%314.20.6484203.7
Terminal value2.00%4,544.20.64842,946.3
Total4,094.6

Firm value = 4,094.6; less borrowings 329.6; plus cash 1,099.2 → 4,864.3 KRW hundred million

P_0 = 4,864.3 KRW hundred million ÷ 26,503,442 (shares) = 18,353 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 = 295.0 − 44.0 + -107.0 (net borrowing) = 143.9 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.46%151.80.9161139.0
24.60%158.70.8393133.2
33.73%164.70.7689126.6
42.87%169.40.7044119.3
52.00%172.80.6453111.5
Terminal value2.00%2,462.30.64531,588.8
Total2,218.5

P_0 = 2,218.5 KRW hundred million ÷ 26,503,442 (shares) = 8,371 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.

See the full KOSDAQ list