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295310KOSDAQ

HVM

72,000
-4,700 (-6.13%)

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

HVM is a specialized metal manufacturer established on June 7, 2012. The company is listed on the KOSDAQ market.

The company produces superalloys, high-purity metals, and sputtering targets using vacuum melting technologies. Its products are supplied to the space, aviation, defense, automotive, medical device, and electronics industries.

Business overview as filed

당사는 최신 선진기술을 활용하여 슈퍼알로이를 비롯하여 Ni계/Ti계 첨단금속, 고순도금속, 스퍼터링 타겟을 제조하고 있습니다. 2003년 창업 이후 진공 유도 용해(VIM), 진공 아크 재용해(VAR), 플라즈마 아크 용해(PACHM), 전자빔 용해(EBCHM) 등의 최첨단 진공용해 설비를 자체 제작하여 운영해 왔고, ’25.6월에는 우주항공용 첨단 용해시설인 서산 제2공장을 준공하여 국내 최대 12톤 규모의 진공 유도 용해(VIM)와 진공 아크 재용해 (VAR) 2기, 전기로 슬래그 재용해(ESR), 리액티브 진공 아크 재용해(RVAR) 시설을 도입하여 고객 요구에 적극적으로 대응하고 있습니다. 이러한 우수한 첨단제조 기술력을 바탕으로, 당사는 고속 성장을 이루어 왔으며, 현재 국내 첨단금속 시장에서 선도적인 역할을 담당하고 있습니다.

첨단금속은 고강도, 고내식성, 내열성, 내마모성 등의 우수한 물성을 가지고 있어 우주·항공 산업, 자동차 산업, 의료 기기 산업, 전자기기 산업 등 다양한 분야에서 특수목적으로 사용됩니다. 이러한 산업 분야에서 첨단금속은 제품의 성능 향상을 위한 필수적인 소재로 그 중요도가 점차 증가하고 있습니다. 전 세계 첨단금속 시장에서 진공용해 기술을 활용하여 불순물이 없는 고청정 잉곳과 빌렛, 그리고 제어하기 어려운 합금 원소를 포함한 합금 제조를 위해 많은 연구가 진행되고 있습니다.

당사는 창업 이후 이러한 합금제조 과정에서 발생하는 다양한 문제를 해결하고, 합금 소재의 성능과 품질 최적화를 목표로 연구개발에 대한 투자와 기술력 강화에 주력해 왔습니다. 진공용해 기술을 비롯한 다양한 공정 기술(단조, 압연 등)을 적극적으로 적용하여 합금제조의 효율성과 품질 안정성을 높였습니다. 이를 통해 불순물 제거 및 합금 원소 제어기술 등을 개발하여 고청정 합금제조에 성공하였습니다. 또한, 합금 소재의 특성제어 기술 등을 발전시켜 고객이 원하는 수준의 소재특성 향상 및 품질 향상을 위한 노력을 기울였습니다. 이러한 연구개발 결과는 전 세계 첨단금속 시장에서 당사의 경쟁력을 높이는 데 큰 역할을 하고 있습니다.

당사는 급격히 발전하는 첨단금속 소재 시장에서, 막대한 자금과 시간이 소요되는 첨단금속 제조 과정을 경제적으로 제조하고 기술적으로 대응할 수 있는 제조/생산 기술력을 갖추고 있으며 폭발적인 성장 가능성을 갖고 있습니다.2025년도 당사의 누적 매출액은 전년 대비 47% 성장한 665.3억원을 달성하였습니다.

Company overview

1) 연결대상 종속회사 개황- 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

2) 회사의 법적ㆍ상업적 명칭

당사의 국문 명칭은 "주식회사 에이치브이엠"이며, 영문 명칭은 "HVM, CO.,LTD. (약호: "HVM")" 로 표기합니다.

3) 설립일자 및 존속기간

당사는 2012년 06월 07일 "주식회사 에이치브이엠(구, 주식회사 한국진공야금)"으로 설립되었습니다. 또한, 2024년 6월 28일에 한국거래소에 상장한 주권상장법인입니다.

4) 본사의 주소, 전화번호, 홈페이지 주소

5) 중소기업 등 해당 여부

6) 주요 사업의 내용

당사는 2003년 설립 이후 고청정 진공용해 기술을 핵심 역량으로 확보한 첨단 금속 전문 제조기업입니다. 지난 20여 년간 지속적인 연구개발(R&D)과 양산 시스템 고도화를 통해 Ni계 초내열 합금, Fe계 고강도 합금을 비롯하여 스퍼터링 타겟 및 Ti계 특수합금 등 고부가가치 소재를 안정적으로 공급해 왔습니다.특히 급성장 중인 우주 산업을 핵심 전방 시장으로 선점하여, 2025년 기준 전체 매출의 59.4%를 해당 분야에서 창출하며 차별화된 시장 지위를 구축하였습니다. 현재는 우주 첨단 소재를 넘어 항공 및 방산 소재로 사업 영역을 확대하고 있으며, 합금 제조 기술을 기반으로 항공 엔진 및 발전 설비 시장으로의 진출을 본격화하고 있습니다.

7) 신용평가에 관한 사항

8) 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

7.95%
[5.39%, 11.71%] · 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 77.0% (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

0.97
Beta [0.72, 1.23] · KOSDAQ150 · As of 2026-10-07
Intercept
+0.582%[-0.240%, +1.405%]
R squared
0.21
Observations
252
Trading-time corrected beta
0.96[0.41, 1.51]
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 100M415451665893
Revenue growth%—8.8847.39—
Operating incomeKRW 100M37-685874
Operating income growth%—-282.11——
Net incomeKRW 100M-61-8412634
Attributable to ownersNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicable
Operating margin%8.99-15.048.778.26
Net margin%-14.61-18.5818.963.86
ROENot applicableNot applicableNot applicableNot applicable
ROA%-7.11-7.017.281.17
Debt ratio%180.4480.9392.29109.64
Current ratio%122.06168.31284.15602.66
Quick ratio%33.7671.93145.96438.30
Reserve ratio%543.24985.621,198.461,154.32
Free cash flowKRW 100M-46-293-303—
FCF margin%-11.18-64.94-45.59—
OCF conversion%——-70.00—
Capex to revenue%13.3533.9032.32—
Inventory daysdays—292.1300.4—
EPSKRW-895-7821,060—
PERx——55.57—
BPSNot applicableNot applicableNot applicableNot applicable
PBRNot applicableNot applicableNot applicableNot applicable
Dividend per shareNot applicableNot applicableNot applicableNot applicable

Separate basis

Profit flowKRW 100M

Revenue
665
Cost of sales
545
Gross profit
120
SG&A expenses
62
Operating income
58
Non-operating income
37
Profit before tax
95
Other
62
Net income
126
Income tax expense
31

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
8521,1961,733
548535832
304661901

Income statement

202320242025
415451665
37-6858
-62-9295
-61-84126
Basic earnings per shareKRW-895-7821,060
Diluted earnings per shareKRW-895-7821,051
-62-85127

Cash flow statement

202320242025
Net incomefrom the income statement-61-84126
Total adjustments to operating cash flowcomputed70-56-214
9-140-88
-58-162-271
29420382
Cash at beginning of periodKRW 100M7353172
53172194
Net change in cash and cash equivalentsKRW 100MNot applicableNot 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 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 14삼일회계법인2025-12-31
2024적정의견Term 13동현회계법인2025-12-31
2023적정의견Term 12삼정회계법인2025-12-31

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 · 2026-10-074.38%
BetaDaily 1Y0.97
%
%
Cost of equity9.24%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate32.8%
Base fiscal year2025
Current priceKRW72,000

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 RIMNo book value or return on equity
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 = 4.38% + 0.97 × 5.00% = 9.24%

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 = g_T = 2.00%

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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