[Edaily Reporter Park Jung-Soo ] On the 26th, Shinhan Investment Securities stated that LINCSOLUTION CO., LTD. has confirmed the range of items capable of mass production via 3D printing by securing its first foundry order from a major domestic defense and aerospace company, and projected that mass production expansion and additional orders will gain momentum following the completion of the Daejeon plant by the end of the year. The firm did not provide an investment rating or target price.
Choi Seung-hwan, an analyst at Shinhan Investment Securities, stated, “This order involves the development of additive manufacturing parts, and since it was secured by utilizing existing production capacity (CAPA) prior to the completion of the Daejeon plant, its scale is inevitably limited.” He added, “We expect the range of applicable products and order volumes to expand following customer validation tests.”
He continued, “For this year’s orders, securing the potential for mass production of specific products is more important than the scale of the orders,” explaining, “Currently, 1,040 mass production projects are being carried out in parallel for 369 clients, and among these, there are numerous projects with a scale of over 10 billion won each.” In particular, he assessed that “even if only 3 to 5 items transition to mass production, we will be able to reach the Daejeon plant’s initial production capacity of 50 billion won annually.”
Researcher Choi stated, “LINCSOLUTION CO., LTD. is expected to complete construction of the Daejeon plant on December 22, begin mass production following a ramp-up in the first quarter of 2027, and enter full-scale mass production starting in the second quarter,” adding, “Since securing an actual production facility is crucial for large-scale mass production contracts, order intake is likely to accelerate once the plant is completed.”
He explained, “LINCSOLUTION CO., LTD. is planning a second plant expansion to meet high demand and intends to build it by acquiring and remodeling an existing facility,” and “The combined production capacity of the first and second plants is expected to expand to approximately 200 billion won—LINCSOLUTION CO., LTD.’s 2030 revenue target—which would rank among the top five globally and be the largest outside of China,” he explained.
He also noted, “LINCSOLUTION CO., LTD.’s revenue is projected to increase from 24.5 billion won in 2026 to 45.4 billion won in 2027 and 72.7 billion won in 2028,” “Although we projected an operating loss of 7.7 billion won in 2026 due to large-scale capital expenditures and upfront R&D investments to prepare for mass production, the company is expected to return to profitability with an operating profit of 8.2 billion won in 2027, which will then expand to 24.9 billion won in 2028.”
Researcher Choi noted, “It is important to note that orders—a leading indicator of financial performance—have begun to come in,” and analyzed, “The initial orders secured this year could lead to full-scale mass production following the completion of the Daejeon plant, making them a key indicator for future additional orders and earnings growth.”
He continued, “LINCSOLUTION CO., LTD. is a specialized additive manufacturing company that provides 3D printing equipment and foundry services spanning both the polymer and metal sectors. In the polymer sector, it maintains its own lineup of Selective Laser Sintering (SLS) equipment, and in the metal sector, it is independently developing Selective Laser Melting (SLM) equipment,” “For products requiring precision machining, the company can integrate in-house NC post-processing, and it is expanding a business model that connects to foundry services during the mass production phase following customers’ equipment adoption and proof-of-concept (POC) testing,” he emphasized.