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450080KOSPI

Ecopro Materials

38,250
-1,450 (-3.65%)

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

Ecopro Materials was established in 2017 and is listed on the KOSPI market. The company is based in Pohang, Gyeongsangbuk-do.

The company produces and supplies precursors for ternary cathode materials used in secondary batteries. Its business consists of a raw material refining segment using the RMP process and a precursor manufacturing segment using the CPM process. Its products are used in electric vehicles, power tools, and energy storage systems.

Business overview as filed

주식회사 에코프로머티리얼즈는 이차전지용 양극재의 핵심소재인 전구체의 생산 및 판매를 주요 사업으로 영위하고 있으며, 핵심 사업부문은 전구체의 원재료가 되는 니켈 등 주요 금속을 제련하는 RMP(Raw Material Precipitate) 공정을 이용한 원료제련 사업부문과 니켈 및 코발트 등 핵심 원재료를 합성하여 전구체를 제조하는 CPM(Cathode Precursor Material) 공정을 이용한 전구체 사업부문으로 이루어져 있습니다.

가. 전구체 사업

전구체는 양극소재에서 가장 높은 원가 비중을 차지하고 동시에 전구체 합성기술이 양극소재의 핵심 성능을 결정할 수 있기 때문에 양극활물질에서 매우 중요한 원재료에 해당됩니다. 당사가 제조, 생산 및 판매하는 전구체 제품은 이차전지의 핵심 소재로서 EV, 전동공구, 그리고 ESS 산업에서 사용 되고 있습니다. 전세계적으로 자동차 산업에 대한 환경규제가 강화됨에 따라 전기차 시장은 빠르게 성장하고 있으며 이를 바탕으로 이차전지 및 이차전지의 핵심 원재료인 전구체 시장의 성장 또한 빠르게 확대될 것으로 전망하고 있습니다.

당사는 최고의 기술력과 풍부한 Reference를 갖춘 양극재 전구체 전문제조 기업으로 다음과 같이 하이니켈계 제품과 관련하여 핵심 경쟁력을 보유하고 있습니다.

또한 당사는 중저가 EV시장 확대에 대응하기 위해 고객사들과의 협업에 기반하여 HVM(High-Voltage Mid-nickel), LMR( Lithium Manganese Rich ) 전구체를 개발 중에 있습니다.

나. 원료제련 사업

당사는 2021년부터 전구체 생산 밸류체인내 Upstream 확장을 통한 원재료 조달 안정성 및 사업 수익성 강화를 목적으로 전구체의 원료인 황산니켈, 황산코발트, 황산망간 등 황산메탈을 제련하는 RMP(Raw Material Precipitate) 공정을 운영 중에 있습니다. 이를 통해 MHP(Mixed Hydroxide Precipitate), MCP(Metal Composite Precipitate)와 같은 중간재 제련를 내재화하였으며 전구체 생산에 필요한 황산메탈 공급 안정성 및 가격 경쟁력을 확보하였습니다.RMP(Raw Material Precipitate) 공정을 통해 생산되는 황산메탈은 당사의 전구체 사업의 CPM(Cathode Precursor Material) 공정에 투입되거나 외부판매되고 있으며 최근 글로벌 환경규제 강화 및 배터리 관련 보조금 정책으로 인하여 탈중국 황산메탈 등 핵심 원재료의 중요성이 증가하고 있어 외부 수요가 증가할 것으로 전망하고 있습니다.그리고 당기 중 인도네시아 술라웨시 IMIP에 위치한 PT Green Eco Nickel 제련소의 인수를 통해 원광부터 이어지는 니켈 공급망 밸류체인을 완성하여 제련업에 본격 진출하는 한편 이를 바탕으로 전구체 원가 경쟁력을 강화하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적·상업적 명칭

당사의 명칭은 "주식회사 에코프로머티리얼즈"이며, 영문명은 "ECOPRO MATERIALS Co., Ltd." 입니다.

다. 설립일자 및 존속기간

당사는 2017년 04월 주식회사 에코프로지이엠이라는 사명으로 설립되어 2022년 03월 주식회사 에코프로머티리얼즈로 사명을 변경하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지

주소 : 경상북도 포항시 북구 흥해읍 영일만산단남로75번길 15전화번호 : 054-720-2200홈페이지 : https://www.ecopromaterials.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 이차전지용 삼원계 양극재의 전구체 생산 및 판매를 전문적으로 하는 사업을 영위하고 있으며, 주요 제품은 삼원계 전구체입니다. 삼원계 전구체는 삼원계 양극재의 이전단계 물질로서 핵심 원재료에 해당 합니다. 당사가 생산하는 전구체는 EV, 전동공구, ESS산업 등에서 다양한 제품군의 배터리에 사용되고 있으며, 당사의 전구체 생산시설은 포항시 영일만 산단 내 위치하고 있습니다.

사. 신용평가등에 관한 사항

1) 한국평가데이터 - 신용등급 정의

2) ㈜이크레더블 - 신용등급 정의

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

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

5.53%
[2.85%, 10.56%] · 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 66.9% (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 2026-10-07
Intercept
-0.265%[-0.783%, +0.253%]
R squared
0.25
Observations
252
Trading-time corrected beta
0.77[0.49, 1.06]
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

20212022202320242025
RevenueKRW 100M3,4296,6529,5252,9983,925
Revenue growth%—94.0143.18-68.5230.90
Operating incomeKRW 100M16339088-647-654
Operating income growth%—139.89-77.50-837.74—
Net incomeKRW 100M-23015650-427241
Net income growth%——-67.62-946.09—
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%4.745.860.92-21.58-16.65
Net margin%-6.702.340.53-14.246.14
ROENot applicableNot applicableNot applicableNot applicableNot applicable
ROA%-6.172.450.46-3.311.39
Debt ratio%445.51102.0138.1974.9251.05
Current ratio%82.06106.44215.5099.5274.97
Quick ratio%26.6436.61179.8042.5529.02
Reserve ratio%246.06980.571,992.171,856.442,755.60
Free cash flowKRW 100M-1,168-2,208-134-4,683-2,063
FCF margin%-34.05-33.19-1.41-156.17-52.56
OCF conversion%—-513.682,304.70—391.68
Capex to revenue%27.0721.1513.62111.2776.61
Inventory daysdays—78.453.6187.4173.4
EPSKRW-45029485-618345
PERx——2,217.65—151.01
BPSNot applicableNot applicableNot applicableNot applicableNot applicable
PBRNot applicableNot applicableNot applicableNot applicableNot applicable
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicable

Separate 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

20212022202320242025
3,7266,34911,04212,90217,291
3,0433,2063,0515,5265,844
6833,1437,9917,37611,447

Income statement

20212022202320242025
3,4296,6529,5252,9983,925
16339088-647-654
-229127-32-633150
-23015650-427241
Basic earnings per shareKRW-45029485-618345
Diluted earnings per shareKRW-45027983-618323
-23215837-434303

Cash flow statement

20212022202320242025
Net incomefrom the income statement-23015650-427241
Total adjustments to operating cash flowcomputed-10-9561,112-919703
-239-8001,163-1,346944
-915-1,347-1,343-3,258-5,872
1,1142,1553,9441,6914,519
Cash at beginning of periodKRW 100M41293,774860
293,774860450
Net change in cash and cash equivalentsKRW 100M-3973,764-2,914-409

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 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 9삼정회계법인2025-12-31
2024적정의견Term 8대주회계법인2025-12-31
2023적정의견Term 7대주회계법인2025-12-31
2022적정Term 6대주회계법인2022-12-31
2021적정Term 5삼일회계법인2022-12-31
2020적정Term 4삼일회계법인2022-12-31

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 1Y0.68
%
%
Cost of equity7.81%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW38,250

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 = 4.40% + 0.68 × 5.00% = 7.81%

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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