Jahwa Electronics makes the optical image stabilization (OIS) components that keep smartphone cameras steady, the autofocus (AF) actuators that set focus, and folded-zoom camera modules; the camera components that go into premium North American smartphones are the core of its profit. On top of this, magnet and ferrite materials and automotive parts such as electric-vehicle heaters (PTC) and motors add to revenue, and in the first quarter of 2026 revenue rose 61.7% year on year to ₩260.7 billion while operating profit surged 389%, so profit sharply inflected upward. What stands out most recently is that as long as wider adoption of high-spec North American cameras and folded-zoom demand continue, profit grows structurally, but because this revenue is heavily concentrated in one large customer, if that customer's sales volumes or component adoption rates wobble, the swings in results can also grow large.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 24.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 61.7% higher than a year earlier.
- ROE is 10.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.0%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Sang-myeon 17.01% (individual)
Controlling bloc incl. related parties 36.95%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis
- Jahwa Electronics makes the core actuator components that make up a smartphone camera.
- Its flagship products are OIS (optical image stabilization) actuators that steady camera shake, AF (autofocus) actuators that set focus, and folded-zoom camera modules that fold in telephoto magnification.
- As these components are supplied to premium North American smartphones, revenue from telecom-equipment applications makes up most of its profit.
- Alongside this, ferrite and magnet materials that serve as the raw material for electromagnets, plus automotive parts such as high-voltage EV heaters (PTC) and small vehicle motors, add to revenue as a second axis.
- In other words, 'smartphone camera components' are the mainstay and 'magnet materials plus EV parts' are the supporting line.
- The share price is in a recent downtrend.
- At the current ₩26,000 it has broken below its 20-day, 60-day and 120-day moving averages.
- The drop over the past month was steep at -23.4%, and over three months -20.3%.
- It sits about 53% below its 52-week high.
- The RSI (an indicator that expresses the balance of recent upward and downward force on a 0-100 scale, with 30 or below usually seen as oversold) is 30.5, right on the oversold boundary.
- Results rose sharply in the first quarter while the share price fell the other way, a phase in which earnings and the stock have diverged.
- The valuation metrics are not heavy relative to earnings.
- The P/E ratio (how many times a year's profit the share price represents) is 11.9x, and the P/B ratio (the share price relative to net assets) is 1.26x.
- The P/S ratio (the share price relative to revenue) is a low 0.68x relative to revenue.
- Profitability is recovering.
- ROE (how much it earns in a year on its equity) is 10.6% and the operating margin is 5.0%.
- On financial stability, it has debt but in substance holds more cash.
- The debt ratio (borrowings relative to equity) is 74.9%, while net debt (total borrowings less cash) is -₩40.3 billion, a net-cash position with more cash than debt.
- Factoring in debt makes the picture even lighter.
- EV/EBITDA (enterprise value divided by operating profit before depreciation) is 4.77x and EV/Sales (enterprise value divided by revenue) is a low 0.63x.
- That said, FCF (free cash flow) is -₩15.5 billion.
- This is because capital expenditure to expand OIS capacity ran ahead, so the money spent on investment exceeded the money earned; in this phase it is right to read the company as being in a growth-investment stage rather than by cash-generating power.
- Revenue has grown steadily over several years.
- It rose from ₩347.9 billion in 2021 to ₩848.9 billion in 2025, with a compound annual growth rate of about 30% over the last three years.
- Profit has clearly changed course.
- It was in an operating loss in 2022-2023 but turned positive in 2024, and 2025 net profit rose 183% year on year to ₩47.1 billion.
- The inflection became even sharper in the first quarter of 2026.
- Q1 revenue rose 61.7% year on year to ₩260.7 billion, and operating profit surged 389% to ₩24.6 billion.
- Net profit rose 613% to ₩36.6 billion, so the first quarter alone already filled most of the full-year 2025 net profit.
- Wider OIS adoption in premium North American cameras is the engine of this growth.
- Because the OIS adoption rate rises as folded-zoom increases, this year's profit is on a trajectory to grow noticeably above last year's.
- Even if the P/E on last year's results looks high, on a forward (future-earnings) basis, with this year's profit rising sharply, the share-price burden relative to actual earnings becomes much lighter.
- Recent disclosures read along two lines: the earnings inflection and the capital structure.
- The May 2026 quarterly report confirmed results in which first-quarter revenue, operating profit and net profit all surged by triple-digit percentages.
- The March business report formalized the turnaround from loss to profit in the full-year 2025 results.
- Meanwhile, in May there was a disclosure on the exercise of bond rights such as convertible and warrant rights, which is a factor to watch alongside as new shares increase and stakes could be slightly diluted.
- In March there were disclosures on changes in the largest shareholder's holdings, the annual general meeting, and the corporate governance report.
- Overall, this is a phase where results point up while the capital structure leaves open the possibility of dilution.
- The strengths are clear.
- It sits at the heart of a cycle in which OIS and folded-zoom demand for premium North American cameras is growing structurally.
- It is an inflection stock whose profit has climbed from loss to profit and on to a surge phase.
- It is in a net-cash position, and with low metrics such as EV/EBITDA and P/S, the valuation burden is not heavy once profit settles onto a normal track.
- The cautions are just as clear.
- Revenue is heavily concentrated in one large customer, so if that customer's sales volumes or component adoption rate wobble, results move sharply with them.
- Free cash flow is still negative because of OIS capacity investment, and the possibility of stake dilution from the exercise of bond rights remains.
- In sum, this is a stock that is strong while the customer's camera-spec upgrades and folded-zoom penetration continue, and grows more volatile if that demand slows or customer diversification is slow.
🔎 Valuation vs peers Undervalued
Domestic listed makers of smartphone camera components and modules.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LG Innotek | 51.39x | 3.04x | 5.92% |
| Partron | 8.49x | 0.56x | 6.60% |
On a trailing (last-year results) basis, the 11.9x P/E is about mid-range among camera-component peers. It is higher than Partron (8.5x) and much lower than LG Innotek (51x). That said, Jahwa Electronics is an inflection stock whose profit is sharply climbing upward, so a P/E on last year's results overstates the picture. This is because first-quarter 2026 net profit alone already filled most of the full-year 2025 net profit. On a forward (future-earnings) basis, with this year's profit rising sharply, the price relative to actual earnings comes down to a much lower multiple than the trailing one. The 1.26x P/B is also not heavy given the capital efficiency of a 10.6% ROE, and the net-cash position and low EV/EBITDA and P/S support this. There is customer-concentration risk, but taking the earnings trajectory and the metrics together, on a forward basis it is judged to be in undervalued territory.
Price history Close · MA20 · MA60
The latest close is ₩26,000 and the market capitalization is ₩561.7 billion. The price sits below its 20-day moving average (₩29,752) and below its 60-day moving average (₩38,892). 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 30.5, a neutral level. The one-month change is -23.4%, the three-month change is -20.2%, and the position relative to the 52-week high is -53.3%. Relative strength versus the KOSPI is 44 (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 44% of all stocks. Over the past three months it lagged the index by 39.5%. 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 -39.48% / 6M -40.13% / 12M -30.12%
Key metrics vs sector median
Valuation
The P/E of 11.92x is below the sector median (18.61x). The P/B of 1.26x is below the sector median (1.63x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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
Return on equity (ROE) is 10.6%, above the sector average (7.0%). The operating margin is 5.0%. The debt ratio is 74.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $333.6M | $451.4M | $562.6M | +24.63% ↓ slower |
| Operating profit | -$10.8M | $29.8M | $27.8M | -6.59% |
| Net profit | -$16.2M | $11.0M | $31.2M | +183.59% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $230.5M | $193.8M | $333.6M | $451.4M | $562.6M |
| Operating profit | $10.8M | -$7.8M | -$10.8M | $29.8M | $27.8M |
| Net profit | $14.3M | -$25.3M | -$16.2M | $11.0M | $31.2M |
| Revenue CAGR | 4-yr avg 24.99% | ||||
Revenue rose 24.6% year over year (2023 ₩503.3 billion → 2024 ₩681.1 billion → 2025 ₩848.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 6.6% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 25.0%. The two-year revenue CAGR is 29.9%. In the most recent quarter (Q1 2026), revenue was 61.7% 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.
- ROE of 10.6% points to solid profitability.
- Revenue grew 24.6% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-13EarningsFirst-quarter 2026 revenue ₩260.7 billion (up 61.7% year on year), operating profit ₩24.6 billion (up 389%), net profit ₩36.6 billion (up 613%), with profit sharply inflecting upward.A core event confirming the earnings inflection driven by expanding North American OIS revenue. The first quarter alone achieved most of the full-year 2025 net profit. Source
- 2026-03-18EarningsFull-year 2025 revenue ₩848.9 billion (up 24.6%), operating profit ₩42.0 billion, net profit ₩47.1 billion (up 183.6%), completing the turnaround from loss to profit.A medium-term change of direction, formalizing the earnings recovery after escaping the 2022-2023 operating-loss period. Source
- 2026-05-15FilingDisclosure on the exercise of bond rights such as convertible and warrant rights — new shares issued upon exercise of the rights.A factor that could slightly dilute stakes through new-share issuance. Separate from the earnings improvement, it needs checking alongside from a capital-structure perspective. Source
- 2026-03-13FilingFiling of a change report on the largest shareholder's holdings — a report on governance-related holding changes.A reference disclosure for checking changes in governance and the ownership structure. Source
- 2026-05-28FilingDisclosure of the corporate governance report — disclosing governance status such as the board and shareholder rights.A regular disclosure on governance transparency with limited direct impact on results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 growth in revenue, operating profit and net profit | revenue +61.7%, operating profit +389.0%, net profit +613.2% | revenue +61.7%, operating profit +389.0%, net profit +613.2% | Confirmed | link |
| Full-year 2025 net profit growth rate | net profit ₩47.1 billion, +183.6% | net profit ₩47.1 billion | Confirmed | link |
| 2026 internal net profit estimate (forward) | net profit approx. ₩85.0 billion | — | Unverified | link |
Recent filings
- 2026-05-28Corporate governance report
- 2026-05-15Disclosure
- 2026-05-13PeriodicQuarterly report
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-13OwnershipLargest-shareholder ownership change report
- 2026-03-12Amended filing
- 2026-03-12Amended filing
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-03-05Shareholders' meeting notice
📖 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.