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KREDKRED
361610KOSPI

SK IE Technology

18,600
+320 (+1.75%)

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

SK IE Technology Co., Ltd. was established in 2019 and is headquartered in Seoul. The company is listed on the KOSPI market.

The company manufactures and supplies lithium-ion battery separators. Its products are used in small batteries for IT and power tools, as well as medium and large batteries for electric vehicles and energy storage systems. The company operates production lines in South Korea, China, and Poland.

Business overview as filed

- 분리막 산업은 기술장벽이 높고 거대한 자본이 투입되는 대규모 장치 산업이라는 특성으로 인하여 당사를 포함한 소수 업체 위주의 과점 체제를 형성하고 있습니다. 분리막 시장은 전방산업인 배터리 시장의 견조한 성장에 힘입어 지속적으로 성장하고 있습니다.

- 당사는 2004년 국내 최초이자 세계에서는 세 번째로 LiBS(Lithium-ion Battery Separator) 생산기술을 독자 개발하였으며, 2007년 세계 최초로 축차 연신 공정을 완성한 이후, 세계 최초의 5㎛ 박막 제품 개발 및 양면 동시 코팅 상업화 등 경쟁사 대비 우위의 기술력을 바탕으로 Global Top-tier LiBS Player로 성장하였습니다. 또한 배터리 산업을 주도하는 상위 업체들과의 협력을 지속 강화 및 확대하고 있습니다.- 글로벌 전기차 시장의 성장세 둔화와 북미 지역 등 주요 시장의 수요 회복 지연으로 어려운 경영 환경 속에서 당사는 2025년 연결 기준 2,619억 원의 매출을 기록하였습니다. 다만 단기적으로는 에너지 저장, 중장기적으로는 로봇/휴머노이드 및 전기차 시장의 구조적 성장이 지속될 것으로 전망되며, 이러한 기반 위에서 분리막 시장 역시 높은 성장 가능성을 보일 것으로 기대됩니다.

- 당사는 지속적으로 공정/제품을 개선하여 세계 최고 품질의 LiBS를 생산하고 있으며, 충청북도 증평 및 중국 창저우와 폴란드 실롱스크에 생산라인을 보유하고 있습니다. 그리고, 양면 동시 코팅이 가능한 CCS(Ceramic Coated Separator) 생산 라인을 보유하고 있습니다. 아울러, 폴란드 실롱스크 주에서 추가 증설을 진행 중이며, 2025년 말 기준 총 생산 Capability는 14.0억㎡입니다.

- 연구개발과 관련하여 당사는 기술 경쟁력이 중요한 사업 특성을 고려하여 영업양수도 계약을 통해 기존의 SK이노베이션(주) 소속이었던 I/E소재연구센터를 2024년 5월 1일부로 SK아이이테크놀로지로 내재화하고 R&D센터를 신설하였습니다.

- 이를 통해 공정기술 개발, 상업 생산, 기술 내재화를 위한 연구개발을 추진함으로써 고객의 다양한 요구에 부합하는 제품을 적시에 개발하고 차세대 제품 선행개발에도 주력하여 회사 기술 경쟁력이 더욱 강화될 것으로 기대합니다.

Company overview

가. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭- 당사의 명칭은 "SK아이이테크놀로지 주식회사"라 칭하고, 한글로는 "에스케이아이이테크놀로지 주식회사"로 표기하며, 영문으로는 "SK ie technology Co., Ltd."라 표기합니다.

다. 설립일자(등기일) :

2019년 4월 2일

라. 본사의 주소 등- 주소: 서울특별시 종로구 종로 51 (종로2가, 종로타워)- 전화번호: 02-2121-5114- 홈페이지: http://www.skietechnology.com

마. 중소기업 등 해당 여부

바. 주요사업의 내용

- 당사는 LiBS(Lithium-ion Battery Separator) 제조 및 판매를 주요 사업으로 영위하고 있습니다. LiBS는 리튬이온 배터리의 핵심소재로 양극과 음극의 직접적 접촉을 차단하고 리튬이온 이동 통로를 제공해주는 역할을 하며, 배터리 안정성을 높이는 Key Component 입니다. LiBS의 주요 수요자는 배터리 업체이며, IT, Power tool용 소형 배터리와 xEV 및 ESS용 중대형 배터리 업체가 있습니다.

사. 신용평가에 관한 사항

(1) 국내 신용평가 기관

【국내 신용등급 체계 및 등급정의】

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), 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

9.51%
[6.16%, 14.68%] · 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 63.4% (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

0.43
Beta [0.24, 0.62] · KOSPI200 · As of 2026-10-08
Intercept
-0.225%[-0.723%, +0.273%]
R squared
0.10
Observations
252
Trading-time corrected beta
0.53[0.25, 0.81]
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.

Financials

202020212022202320242025TTM
RevenueKRW 100M4,6936,0385,8586,4962,1792,6191,963
Revenue growth%—28.65-2.9810.89-66.4620.20—
Operating incomeKRW 100M1,252892-523320-2,910-2,464-2,597
Operating income growth%—-28.78-158.64—-1,008.56——
Net incomeKRW 100M882954-297822-2,466-2,114-15,803
Net income growth%—8.15-131.13—-400.17——
Attributable to ownersKRW 100M———822-2,466-2,114-15,803
Attributable to minoritiesKRW 100M———0000
Operating margin%26.6814.77-8.934.93-133.57-94.08-132.28
Net margin%18.7915.79-5.0712.65-113.20-80.73-804.97
ROE%———3.41-10.61-8.13-122.70
ROA%4.432.99-0.852.01-5.94-4.81-48.72
Debt ratio%64.8443.6960.8269.3478.5368.82151.83
Current ratio%207.88247.41188.64124.5759.2689.2144.32
Quick ratio%192.77228.99163.76103.5144.1777.0340.37
Reserve ratio%1,851.912,995.982,954.42—2,717.832,464.72742.61
Free cash flowKRW 100M-4,572-4,916-7,339-3,737-4,008-1,548—
FCF margin%-97.42-81.42-125.27-57.53-183.95-59.12—
OCF conversion%131.71114.74—152.51———
Capex to revenue%122.1799.54128.7876.81143.9146.38—
Inventory daysdays—59.270.797.0140.098.1—
EPSKRW1,5211,394-4161,152-3,460-2,800-19,322
PERx—120.52—68.49———
BPSKRW—31,08430,50133,82532,60431,80815,747
PBRx—5.401.742.330.690.791.03
Dividend per shareNot applicableNot applicableNot applicableNot 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

202020212022202320242025
19,91631,84534,97340,83841,50143,919
7,8349,68313,22716,72218,25617,904
12,08322,16221,74724,11723,24626,014

Income statement

202020212022202320242025
4,6936,0385,8586,496*2,1792,619
1,252892-523320*-2,910-2,464
1,2911,116-346987*-3,133-3,238
882954-297822*-2,466-2,114
Basic earnings per shareKRW1,5211,394-4161,152-3,460-2,800
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
7161,207-4202,362*-847-230

Cash flow statement

202020212022202320242025
Net incomefrom the income statement882954-297822-2,466-2,114
Total adjustments to operating cash flowcomputed2801415024311,5941,781
1,1611,0942061,253-872-334
-3,745-11,925-832-4,382-3,330-1,150
4,41211,1102,9073,7201,4782,832
Cash at beginning of periodKRW 100M2412,0822,3574,6275,3832,763
2,0822,3574,6275,3832,7634,090
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot 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 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 7한영회계법인2025-12-31
2024적정의견Term 6한영회계법인2025-12-31
2023적정의견Term 5한영회계법인2025-12-31
2022적정Term 4한영회계법인2022-12-31
적정Term 3한영회계법인2022-12-31
적정Term 2안진회계법인2022-12-31

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 3Y0.60
%
%
Cost of equity7.40%
Weighted average cost of capital—
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW18,600

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 FCFE20,792+11.8%
Residual income model RIM-31,953-271.8%
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% + 0.60 × 5.00% = 7.40%

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(-8.13% × (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 = 31,808 KRW, ROE = -8.13%, payout ratio = 0.00%, r = 7.40%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
131,808-2,5852,353-4,9380.9311-4,598
229,223-2,3752,162-4,5370.8670-3,933
326,848-2,1821,986-4,1680.8073-3,365
424,666-2,0051,825-3,8290.7516-2,878
522,661-1,8421,677-3,5180.6999-2,462
Terminal value-66,4760.6999-46,524

P_0 = 31,808 + -17,237 + -46,524 = -31,953 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 = -333.6 − 1,214.5 + 2,491.3 (net borrowing) = 943.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
10.00%943.20.9311878.3
20.50%947.90.8670821.8
31.00%957.40.8073772.9
41.50%971.80.7516730.4
52.00%991.20.6999693.7
Terminal value2.00%18,729.10.699913,107.8
Total17,005.0

P_0 = 17,005.0 KRW hundred million ÷ 81,787,100 (shares) = 20,792 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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