[Edaily Reporter PARK MIN ] On the 4th, HanyangSecurities projected that Fine M-Tec Co.,Ltd.(441270)would see a significant improvement in its earnings performance as massive new demand from Apple is added to the recovery trend of Samsung’s foldable phones. However, the firm did not provide a specific investment recommendation or target price. As of the previous trading day, the stock price stood at 9,220 won.

Lee Jun-seok, an analyst at HanyangSecurities, stated in a report published that day, “The wait is over,” adding, “With the recovery of Samsung’s foldable devices combined with massive new demand from Apple, the earnings trajectory is expected to change completely.” He continued, “Samsung is raising the ceiling for third-quarter earnings, while Apple is lifting the floor for fourth-quarter earnings; by transcending seasonality, the company is proving its growth potential not with expectations but with actual numbers.”

Fine M-Tec Co.,Ltd.’s consolidated revenue for the second quarter of this year was 95.21 billion won, a 24.4% increase year-over-year, while operating profit rose 38.6% to 7.33 billion won. The foldable backplate division drove revenue growth, generating 73.2 billion won in sales.

Profitability improved significantly despite second-quarter research and development (R&D) investment reaching 5.2 billion won—a 65.1% increase compared to the average of the last four quarters (3.15 billion won). This is understood to be a proactive investment aimed at stabilizing mass production of next-generation processes and composite lamination technologies to be applied to new foldable products in the second half of the year.

Entry into Apple’s foldable ecosystem is seen as a powerful growth driver. Apple is expected to unveil its first foldable device on September 9 (local time). HanyangSecurities estimated that, assuming initial shipments of 8 million units, demand for backplates would reach approximately 9.6 million units, with the market size totaling about 290 billion won.

Given that competitor LYI Tech’s supply capacity is unlikely to meet initial demand, the analysis suggests that Fine M-Tec Co.,Ltd.’s actual supply share is highly likely to exceed 50 percent. If additional supply volumes are allocated, the company forecasts that revenue from Apple alone in the second half of the year could contribute over 200 billion won to earnings.

In particular, the report projected that the expansion of precision mechanical components for automotive electronics and smart devices would further solidify the revenue base. Analyst Lee Jun-seok stated, “While sales of end plates for EVs, which began mass production in 2023, are steadily increasing, end plates for ESS—which entered mass production in the fourth quarter of 2025—will be fully reflected in this year’s results.”

HanyangSecurities projected Fine M-Tec Co.,Ltd.’s 2026 annual consolidated revenue at 392.17 billion won and operating profit at 25.9 billion won. Compared to last year, this represents a 64.0% surge in revenue and a 1,238.5% surge in operating profit. The firm expects third-quarter operating profit to reach a record high of 14.42 billion won, and even in the traditionally slow fourth quarter, operating profit is projected to reach 6.35 billion won, maintaining the company’s profitable trend.

Analyst Lee Jun-seok stated, “Although the company has been cited as a leading Apple foldable-related stock for the past three years, expectations to date have been driven more by market themes than by actual performance.” He added, “Having proven its technological prowess and mass-production capabilities by commercializing the world’s first foldable backplate and supplying a cumulative total of 55 million units, Apple’s foldable devices will become a new growth engine that instantly elevates the company’s earnings scale, going beyond merely serving as a new revenue source.”