[Edaily Reporter Kwon Oh Seok ] Hana Securities stated on the 17th regarding Fine M-Tec Co.,Ltd.(441270)that “Future profitability will hinge on how quickly the yield of new models stabilizes, and there is room to raise profit estimates if production efficiency reaches the level of existing flagship products.” However, the firm did not provide an investment rating or a target price.

Kwon Tae-woo, an analyst at Hana Securities, stated, “The additional growth driver in the second half will be the supply of backplates to North American customers,” adding, “Although the mass production schedule for new products was delayed due to supply delays from external hinge manufacturers, the effect of entering new customer markets has begun to show up in sales as supplies to North America have recently expanded.”
Previously, Fine M-Tec Co.,Ltd. reported second-quarter revenue of 95.2 billion won (up 24.4% year-over-year) and operating profit of 7.3 billion won (up 38.6%). Revenue and profitability improved in tandem as the share of backplate supply—which had shrunk last year due to domestic customers diversifying their suppliers—rebounded. For the third quarter, the company expects revenue of 150.3 billion won (+161.2%) and operating profit of 19.1 billion won (+1,140.5%), driven by strong sales of new foldable models by domestic customers.
He explained, “We estimate that increased backplate volumes for the domestic market and stable mass production will drive profitability improvements, with the operating profit margin expected to reach 12.7%,” adding, “Given the limited number of verified suppliers and compounded by initial quality issues at competitors, we understand that initial orders are concentrated on Fine M-Tec Co.,LTD.”
Sales to North America are estimated to exceed 130 billion won in the second half of the year, with the majority expected to be reflected in the fourth quarter. Analyst Kwon emphasized, “For the domestic market, we have factored in the fourth-quarter revenue at about half the level of the third quarter, taking seasonality into account,” and added, “We believe that new orders from North America will offset the seasonal decline in domestic customer demand and support company-wide revenue growth even in the fourth quarter, which is typically an off-season.”
Revenue for 2026 is estimated at 467.8 billion won (+95.6%), and operating profit at 40.3 billion won (+1,989.4%). Fourth-quarter revenue is projected to reach 176.2 billion won, a 17.2% increase from the previous quarter, while operating profit is expected to decline to 16.1 billion won. He elaborated, “As the share of domestic products—for which mass production has stabilized—decreases and the share of new North American models increases, we have conservatively projected an operating profit margin of 9.1% to account for initial mass production costs.”
For 2027, with North American supply factored in on an annual basis, revenue is expected to reach 660.4 billion won (+41.2%) and operating profit 63.8 billion won (+58.3%). Analyst Kwon added, “It is important to focus on revenue growth driven by an expanded customer base and further improvements in profitability resulting from the stabilization of mass production in the future.”