[Edaily Reporter Kim Yoon-jung] Kiwoom Securities forecasts that #DowooInSys will enter a phase of full-scale growth based on its unrivaled technological capabilities and production capacity in the ultra-thin glass (UTG) market for foldable smartphones.

On the 12th, Kwon Min-kyu, an analyst at Kiwoom Securities, stated, “Dowin Systems is a UTG processing company with the world’s largest production capacity (Capa) and mass production references,” adding, “With the convergence of new technology adoption, new model launches, production capacity expansion, and the acquisition of new clients, the company is set to enter a mid- to long-term high-growth cycle.”
Doowin Systems supplies UTG for foldable smartphones to Samsung Electronics, Google, and Chinese smartphone manufacturers through Samsung Display. In particular, the company is recognized for its high market share and technological expertise in the UTG market for book-type foldables.
First-quarter earnings also improved significantly. DooInSys’s first-quarter revenue reached 26.8 billion won, a 61% increase year-over-year, and operating profit turned to a profit of 1.8 billion won. The operating profit margin stood at 7%.
Analyst Kwon explained, “Despite it being the traditional off-season, earnings improved significantly due to cost savings from automation at the domestic plant (Oksan) and favorable exchange rates,” adding, “We also expect the company to secure price competitiveness against competitors entering the market in the future through reduced labor costs and improved yield rates.”
He continued, “Typically, mass production begins in earnest starting in the second quarter to coincide with our clients’ smartphone launch events in July,” and analyzed, “Starting this year, with the addition of a new model (wide model), we expect a volume (Q) increase of over 30% compared to last year.”
He assessed, “As we are the exclusive supplier of this UTG, we are at a point where significant earnings growth is anticipated.”
Kiwoom Securities projected that DooInSys’s revenue for this year would reach 187.2 billion won, a 34% increase year-over-year, while operating profit would rise 258% to 12.1 billion won. The operating profit margin is forecast to be around 7%.
Analyst Kwon noted, “Although the company recorded sluggish performance in 2025 due to stagnation in the foldable market, it is expected to benefit from increased volume starting in 2026, driven by the introduction of new technologies and additional models.” He added, “Furthermore, the company has begun entering a medium- to long-term upward trajectory through expanded production capacity and the acquisition of new clients.”
He particularly highlighted the adoption of dual UTG. “Until now, only front UTG, which serves as a cover window, has been used,” he explained. “However, the practice of incorporating back UTG beneath the panel to minimize creases is expected to expand.” He added, “This will be applied sequentially starting with some high-end models from certain clients launching in the second half of 2026.”
Production capacity expansion is also planned. Currently, DowinSys has a production capacity of 81,000 units per month in Korea and 100,000 units per month in Vietnam, enabling an annual supply of approximately 20 million units. The company plans to expand its production facilities in Vietnam by an additional 100,000 units per month, with construction expected to begin in the second half of 2026 and operations to commence in the first half of 2027.
Analyst Kwon noted, “This expansion is an investment aimed at handling increased volume resulting from the adoption of new technologies and securing new clients,” adding, “Since the start of operations following completion will coincide with the mass production phase prior to product launch, it is expected to contribute to significant earnings growth.”
He also assessed that the potential to secure new clients remains valid. “Global smartphone manufacturers are expected to add new models and expand production volumes starting in 2027 following the launch of new foldable devices this year,” he noted. “Given Dowin Systems’ production capacity and mass production track record, the potential to secure new clients remains valid.”