[Click e-Stock] "Interojo Achieves Performance Turnaround... Global Partnerships Becoming Visible"

On September 4, Daishin Securities reported that Interojo is gaining momentum from both a turnaround in its performance and its global partnerships.

Interojo is a global contact lens manufacturer based on smart factory technology. In Korea, the company operates primarily through its own brand, Claren, while its overseas sales account for approximately 80% of total revenue. Most international sales are generated through OEM (Original Equipment Manufacturing) and ODM (Original Design Manufacturing) structures via global distributors, but the company is also pursuing direct entry into major markets such as Japan. Last year, Interojo faced a disclaimer of opinion and trading suspension due to inadequate inventory management discovered during an audit. However, the company resolved these issues by clearing inventory and improving its systems, successfully resuming trading.

The product portfolio is diversified by material (hydrogel, silicone), color (clear, color), and wearing cycle (one-day, regular replacement). The company has established a strong presence in the Asian color lens market and aims to improve its production yield from 62% in 2024 to 85% by 2027. In particular, Interojo is focusing on silicone hydrogel (Si-Hy) color lenses, which have the highest technological barriers in the industry.

Han Songhyeop, a researcher at Daishin Securities, stated, "By internalizing key processes such as ink, binder, and laser processing, introducing smart factory and artificial intelligence (AI) vision inspection, and hiring specialized engineers for each process, the company is reducing the defect rate unique to color lenses. As a result, an annual cost saving of approximately 10 billion won is expected."

The company is also accelerating its global expansion strategy. In the United States, Interojo is targeting FDA 510(k) approval for Si-Hy clear products in the first quarter of 2026, which is expected to pave the way for entry into the North American market. The company also plans to launch Si-Hy color lenses by completing the approval process without separate clinical trials. In Japan, approval of Si-Hy color lenses is expected to unlock at least three times the growth potential compared to existing hydrogel products. In Europe, expansion will focus on major retail channels, while in China, the company plans to grow its direct-to-consumer (D2C) model using platforms such as TikTok and Xiaohongshu.

Performance is expected to normalize this year. In 2024, sales reached 115.8 billion won, down 3% year-on-year, and operating profit was 7.8 billion won, resulting in an operating margin of 7%. This was due to increased provisions from changes in accounting policies, a factory shutdown, and one-off expenses. However, in 2025, sales are projected to reach 125.7 billion won and operating profit 24.6 billion won, with the operating margin stabilizing at 20%.

Researcher Han added, "From a valuation perspective, the current 12-month forward price-to-earnings ratio (PER) is 9, which is below both the historical band (11 to 15) and the average of global peers. If the company achieves a 20% operating margin and its global partnership in the U.S. becomes visible, there is significant potential for a valuation re-rating."

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