[Edaily Reporter Kim Hyung-il ] Welcron Company Limited(065950)Analysts predict that the company will achieve a turnaround in its earnings this year, driven by the expansion of its defense business and increased global exports of bedding products.

On the 25th, Stunning Value Research projected that Welcron Company Limited’s consolidated and standalone earnings would improve significantly this year, driven by rising capacity utilization in the defense sector and expanded exports of bedding products. The firm did not provide an investment rating or target price.

Jeon Young-dae, an analyst at Stunning Value Research, explained, “Welcron Company Limited is a company specializing in high-performance materials and holds approximately a 70% market share in the domestic procurement and order market for body armor plates.” He added, “Based on its microfiber and composite material technologies, as well as military standard certifications, the company has secured a solid foundation in the defense sector by supplying personal body armor plates and bulletproof vests.”

Welcron Company Limited’s defense business is expanding from its traditional focus on personal body armor to include additional armor plates for armored vehicles and tactical vehicles. Since additional armor is supplied alongside the export of finished armored vehicles, revenue in the defense sector increased by 132%, from 11.1 billion won in 2024 to 25.8 billion won in 2025.

In addition to its existing markets—such as Malaysia, the Philippines, and Australia—Welcron Company Limited is expanding its sales to Saudi Arabia, Poland, Romania, Indonesia, and Taiwan. Building on the growing demand for additional armor driven by increased exports of finished K-defense products, the company aims to reach 50 billion won in defense sector revenue by 2029.

The bedding business is also cited as a key driver of improved performance. Welcron Company Limited’s “Ice Bedding” line, which incorporates the company’s proprietary patented “Air Tunnel” technology, recorded sales of over 11 billion won last year, and the company is expanding its distribution network to Japan, Taiwan, China, Europe, the Americas, and the Middle East, building on sales at Costco in South Korea.

Researcher Jeon stated, “We are building a high-value-added business portfolio centered on high-margin defense products, ice bedding, and eco-friendly microfiber cleaners,” adding, “The one-time provision liabilities and bad debt write-offs related to subsidiaries, which weighed on last year’s consolidated results, have also been resolved.”

He went on to forecast, “In 2026, we expect to achieve a record-breaking turnaround in profitability on both a consolidated and standalone basis, driven by maximizing defense sector capacity utilization and expanding global bedding exports.”