Shinheung SEC Reports 366.2 Billion KRW in Sales Last Year, Up 30.8% Year-on-Year

[Asia Economy Reporter Park Jihwan] Shinheung SEC, a company specializing in secondary battery safety devices, continues to show significant growth in performance.

Shinheung SEC announced on the 28th that it recorded sales of 366.2 billion KRW and a net profit of 26.2 billion KRW last year. Sales increased by 30.8%, and net profit rose by 43% respectively.

The company explained that while sales of products for electric vehicles and power tools steadily increased, remarkable growth was achieved last year through steady growth of its Hungarian subsidiary and the turnaround to profitability of its Tianjin, China subsidiary, marking success in overseas market expansion.

The secondary battery market, a core sector of future strategic industries, is expected to grow eightfold over the next 10 years until 2030, and the secondary battery market for electric vehicles is also projected to grow tenfold during the same period.

Shinheung SEC is a battery safety device manufacturer with 43 years of experience. This year, it plans to maximize production capacity through the development of precision mold and processing technologies, as well as the in-house production and operation of automated equipment for electric vehicles. Through this, the company expects to increase its market share not only domestically but also in the global electric vehicle battery market, and anticipates sales growth of various secondary battery safety devices such as prismatic and cylindrical types. In particular, the company’s strategy is to secure new revenue sources by developing coin cell products used in wireless earphones and to maintain steady growth by expanding overseas markets.

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