Y2 Solution has manufactured TV power supply units (PSUs) since 1977, and it is now shifting toward two revenue pillars by adding EV fast-charging power modules, LED lighting, and a bioenergy business whose demand has grown on the back of Europe's green policies. The Q1 2026 quarterly report filed in May 2026 shows that the bioenergy effect more than doubled revenue and turned operating profit positive, though net profit was still negative at -₩650 million. What stands out recently is that the new businesses layered on top of a 40-plus-year PSU core have kept revenue rising for a fifth straight year, and a current ratio of 234% gives some short-term cushion. On the other hand, last year's full-year net loss of ₩9.6 billion and the financing-cost burden implied by a 150% debt ratio mean it is too early to conclude, from just one or two quarters, that the new business's revenue is sustainable.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue rose 6.8% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 127.6% higher than a year earlier.
- ROE is -9.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -1.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Duckwoo Electronics 28.44% (corporate)
Controlling bloc incl. related parties 28.88%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Y2 Solution has made power supply units (PSUs, the components that convert electricity into the voltage a device needs) since 1977, with its mainstay being PSUs for televisions.
- It makes power units for large-panel TVs using LCD, LED, OLED, and QNED and supplies them to set makers, and it has added EV fast-charging power modules and LED lighting alongside.
- What has most changed the recent revenue picture is the newly grown bioenergy (biofuel) business.
- As Europe's tighter green policies lifted demand for renewable feedstock, the company secured distribution channels, and this business drove the surge in Q1 2026 revenue.
- So the company is now moving toward earning money on two revenue pillars: a PSU core built up over more than 40 years, plus a fast-growing bioenergy business.
- The latest close is ₩2,930 and market capitalization is ₩107.5 billion.
- The price sits below the 20-day line (₩3,726) and below the 60-day line (₩5,679).
- Trading below both its short- and mid-term moving averages, the trend is on the subdued side.
- RSI (an auxiliary gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 25.8, close to depressed territory.
- The one-month change is -31.9%, the three-month change is -44.0%, and the position versus the 52-week high is -67.9%.
- Relative strength versus the KOSPI is 20 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- This places it in roughly the top 80% of all stocks by strength.
- Over the past three months it lagged the index by 58.4%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On a full-year 2025 basis, revenue was ₩165.1 billion with an operating loss of ₩2.57 billion and a net loss of ₩9.59 billion.
- Because earnings were negative, the trailing (based on last year's confirmed results) P/E ratio (how many times one year's earnings the share price is) cannot be calculated, and EPS was -₩261.
- Instead, P/B (how many times net assets the share price is) is 1.09x and P/S (how many times revenue the share price is) is 0.96x.
- ROE (how much is earned per year on equity) was -9.7%, reflecting last year's loss directly, and the operating margin was -1.6%.
- What matters, though, is that these figures are the record of "the year just before the bottom." In a phase where earnings are inflecting from loss to profit, last year's confirmed results do not fully reflect the current strength, so forward (based on expected earnings over the next year) metrics are closer to reality.
- In other words, this is better read as "the earnings base is still thin because it is early in the recovery" rather than "a burden because it is expensive." Meanwhile, the debt ratio (debt versus equity) is 150% and the current ratio (short-term assets available to cover short-term debt) is 234%, so short-term solvency itself is not tight.
- Revenue has risen for five straight years, growing steadily at roughly 12.9% annually (from ₩101.5 billion in 2021 to ₩165.1 billion in 2025).
- Earnings have been choppy: net profit was ₩6.6 billion positive in 2024, then swung back to a net loss in 2025, a wide move.
- Then in Q1 2026 cumulative revenue surged 127.6% year on year to ₩86.7 billion, and operating profit turned positive at ₩950 million.
- This leap was led by the bioenergy business.
- As Europe's green policies structurally raise demand for renewable feedstock, revenue was recognized as actual shipments through the channels the company had secured, lifting revenue scale by a notch.
- With the steady PSU core underpinning this, both the core and the new business turned to a profitable footing together.
- As a result, this year's expected results are an entirely different picture from last year's loss, and forward P/E—which could not even be computed on a trailing basis given the loss—works out to about 65x.
- That said, even though the operating line turned positive, Q1 net profit was still -₩650 million, so whether the earnings improvement fully flows down to the net line is something to confirm in the coming quarters.
- Recent disclosures center on periodic reports and shareholder-meeting and governance matters, with no separate large order or supply-contract disclosure yet visible.
- On the business side, the most meaningful fact is the revenue surge and operating turnaround captured in the Q1 quarterly report filed in May 2026, the effect of adding bioenergy to the PSU core.
- The 2025 annual business report in March confirmed the full-year loss and thus temporarily left the earnings-based metrics blank, while the March shareholder meeting and the May corporate governance report were periodic procedures showing normal governance operation rather than business strategy.
- Note, though, that while Q1 operating profit was positive, net profit was still -₩650 million, so whether the earnings improvement flowed from the operating line down to the net line should be watched in the next disclosure.
- The strengths are clear.
- With a 40-plus-year PSU core laying a stable floor, the new bioenergy revenue pillar more than doubled revenue in Q1 and turned operating profit from loss to gain.
- Revenue has risen for five straight years, and a current ratio of 234% means short-term solvency is not tight.
- As a stock whose earnings have just inflected to positive, it is closer to the company's actual shape to view it on this year's forward basis rather than by last year's loss-based metrics.
- The points to watch are just as clear.
- Full-year last year was a net loss of ₩9.6 billion, and despite Q1's operating profit, net profit is still negative.
- A 150% debt ratio carries a financing-cost burden, and it is too early to judge the sustainability of the new business's revenue from just one or two quarters.
- In sum, if bioenergy revenue and margins continue in the coming quarters and flow all the way down to a positive net profit, the earnings base thickens quickly and the stock strengthens; if the new business revenue proves a one-off or financing costs erode the recovery, it weakens.
🔎 Valuation vs peers Inconclusive
A direct peer set of makers of TV/display power supply units (PSUs) and power-electronics components, cross-checked against the actual constituents of the "semiconductor" bucket that the base data assigned it to.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dongyang E&P | 3.10x | 0.35x | 11.22% |
| Dong-A Eltek | 1.67x | 0.48x | 28.91% |
| Jusung Engineering | 208.36x | 12.60x | 6.05% |
(a) Position versus the true peer set: Dongyang E&P (P/B 0.39), which makes adapters and power units, and Dong-A Eltek (P/B 0.66) in display equipment, are profitable and trade below 1x P/B. Y2 Solution's P/B of 1.59x is actually higher than these. In other words, the base data's "undervalued" tag is closer to an illusion of relative cheapness caused by the company being grouped into the "semiconductor" bucket (bundled with higher-valuation names such as Jusung Engineering at P/B 16.7x). Against the actual core-business peers, its P/B is hard to call cheap. (b) Premium/discount: relative to profitable peers, its P/B carries a premium, while the earnings metrics are unavailable because of the loss, so a discount coexists. (c) The limits of trailing and the forward view: with last year's loss, trailing P/E is meaningless. That said, in Q1 the core plus the new business turned to operating profit, and with no official company guidance, the forward view can only be gauged from a DART seasonality approximation and the Q1 trend. Because this is an earnings-inflection phase, it is hard to firmly call it cheap or expensive, so we leave it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩2,930 and the market capitalization is ₩107.5 billion. The price sits below its 20-day moving average (₩3,726) and below its 60-day moving average (₩5,679). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 25.8, near oversold territory. The one-month change is -31.9%, the three-month change is -44.0%, and the position relative to the 52-week high is -67.9%. Relative strength versus the KOSPI is 20 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 20% of all stocks. Over the past three months it lagged the index by 58.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -58.38% / 6M -56.29% / 12M -64.83%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.09x is below the sector median (2.10x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
The operating margin is -1.6%. The debt ratio is 149.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $90.8M | $102.4M | $109.4M | +6.83% ↓ slower |
| Operating profit | $1.3M | $1.9M | -$1.7M | -188.92% ↓ slower |
| Net profit | -$228,892 | $4.4M | -$6.4M | -245.65% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $67.3M | $79.9M | $90.8M | $102.4M | $109.4M |
| Operating profit | -$3.0M | $1.2M | $1.3M | $1.9M | -$1.7M |
| Net profit | -$6.4M | -$1.5M | -$228,892 | $4.4M | -$6.4M |
| Revenue CAGR | 4-yr avg 12.92% | ||||
Revenue rose 6.8% year over year (2023 ₩136.9 billion → 2024 ₩154.5 billion → 2025 ₩165.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 188.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.9%. The two-year revenue CAGR is 9.8%. In the most recent quarter (Q1 2026), revenue was 127.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 6.8% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 quarterly report filed. Cumulative revenue ₩86.7 billion (up about 128% year on year), operating profit ₩950 million turning positive, net profit -₩650 million. The bioenergy business drove the revenue increase.Short term: the revenue surge and operating turnaround are signs of improving results. Mid term: the sustainability of new-business revenue and whether net profit turns positive are the key variables. Source
- 2026-03-20Filing2025 annual business report filed. Full-year revenue ₩165.1 billion (up 6.8% year on year), but an operating loss of ₩2.57 billion and a net loss of ₩9.59 billion, recording a loss.Short term: confirming last year's loss makes trailing-basis valuation metrics (P/E, etc.) impossible to compute. Mid term: the strength of the recovery after the loss bottom is the point to watch. Source
- 2026-03-30FilingFiling on the regular shareholder-meeting results and the appointment of outside directors. Periodic procedures on governance and board composition proceeded.Short term: confirms normal governance operation. Mid term: a procedural matter rather than business strategy, with limited impact on the share price. Source
- 2026-05-29FilingCorporate governance report disclosed. Periodically discloses the governance status, including the board and shareholder-rights protection.Short term: a periodic disclosure on transparency. Mid term: reference material on governance credibility, separate from any earnings inflection. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-06OwnershipLargest-shareholder ownership change report
- 2026-03-06OwnershipOfficers'/major-shareholders' holdings report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.