[Public Notice+] Sewon Achieves Record High Sales of 81.4 Billion KRW Last Year

[Asia Economy Reporter Hyunseok Yoo] Sewon announced on the 4th that its consolidated sales and operating profit for last year were 81.4 billion KRW and 6.4 billion KRW, respectively. The consolidated net profit for the same period was 3.1 billion KRW.

A Sewon official explained, “In the air conditioning system parts business, there was an improvement in the profit structure due to a reduction in cost of goods sold from outsourcing of processing business and an increase in product sales,” adding, “Our subsidiary Trinotech also showed rapid growth last year by expanding its entry into the Chinese market through providing power semiconductor technology services via the Chinese joint venture IA Semiconductor Technology Co., Ltd., and expanding product sales in response to increasing demand, based on its high technological capabilities.”

Trinotech, which operates in the non-memory power semiconductor business, recorded sales of 24.5 billion KRW and operating profit of 5.0 billion KRW last year, growing 45% and 17% respectively compared to the previous year, with a net profit of 3.6 billion KRW. According to market research firm DRAMeXchange, the Chinese power semiconductor market reached 290.7 billion yuan (approximately 50 trillion KRW) last year, maintaining steady growth with an average annual growth rate of 10%.

The official said, “Thanks to the growth of the electric vehicle and hydrogen vehicle markets, both the air conditioning system parts business and the power semiconductor business are expected to benefit more directly this year,” adding, “Orders for core parts of automotive air conditioning systems are increasing, and with the full-scale operation of the Mexico plant in the second half of this year, we will actively secure overseas orders.”

Sewon supplies header condensers, essential parts for electric vehicles, to Hyundai and Kia’s electric models such as Kona, Ioniq, and Niro. It also supplies some products to Tesla, and this year, the supply volume of battery chillers for Ford electric vehicles is expected to more than double compared to last year.

This content was produced with the assistance of AI translation services.