Source Fact: Yuanta Securities / June 26, 2026
Investment Opinion & Target Price: NOT RATED (M) / — KRW (M)
Core Momentum: Full-scale localization of ZnS materials for precision defense optics alongside expansion into HBM inspection equipment and global supply chains
📊 1. [Section Title: Valuation and Investment Metrics Analysis]
- Rating & Target Price: This analysis is issued as a ‘NOT RATED’ company report with no official target price specified. The current stock price stands at 15,010 KRW (as of June 25).
- Historical Financial Performance (2022A → 2025A):
- Revenue: Shifted from 34.4 billion KRW in 2022A to 26.7 billion KRW in 2023A, recovering to 31.7 billion KRW in 2024A, and reaching 41.8 billion KRW in 2025A.
- Operating Profit: Recorded at 3.9 billion KRW in 2022A, dipping into a deficit of -1.6 billion KRW in 2023A, and returning to a surplus of 0.2 billion KRW in 2024A and 2.2 billion KRW in 2025A.
- Net Income: Listed at 3.6 billion KRW (2022A), -3.0 billion KRW (2023A), 0.4 billion KRW (2024A), and 2.0 billion KRW (2025A).
- Key Multiples & Profitability (2025A):
- P/E (Price-to-Earnings): Tracked at 91.0x.
- P/B (Price-to-Book): Tracked at 3.5x.
- EV/EBITDA: Fluctuated from 1.7x (2022A) → 4.8x (2023A) → 3.7x (2024A) → 30.8x (2025A).
- ROE (Return on Equity): Rebounded to 4.4% in 2025A following a historical high of 17.0% in 2022A, -13.6% in 2023A, and 1.8% in 2024A.
🚀 2. [Section Title: Target Addressable Market (TAM) & Detailed Earnings Estimates]
- Defense Sector (ZnS Material Localization):
- Successfully localized ultra-high purity ZnS (Zinc Sulfide) material through 10 years of R&D, 10.0 billion KRW in facility investment, and over 170 process tests—becoming one of fewer than 10 companies globally to commercialize it.
- High barriers to entry apply as ZnS is classified as a strategic material utilized in infrared systems for guided weapons, exporting to countries including Israel, the US, Japan, and Egypt.
- Defense order backlog values are scaling up steadily: 57.28 billion KRW in 3Q25 → 61.87 billion KRW in 4Q25 → 64.18 billion KRW in 1Q26.
- Germanium localization is also underway with equipment manufacturing completed in January 2026 and sales planned within the year.
- GVC30 Global Supply Chain Momentum:
- Selected for GVC30 in September 2025, granting a 5x valuation offset for product values during offset trading negotiations and providing up to 4.4 billion KRW in global supply chain product development support.
- Securing MS-ZnS dome material mass production technology through a combination of domestic validation funding (0.4 billion KRW) and export-bound product development funding (4.0 billion KRW), with CAPEX investments expected to optimize capacity (CAPA).
- Semiconductor Segment Diversification:
- The company’s optical modules are currently integrated into inspection equipment designed for identifying HBM defects.
- Ongoing collaborative or independent pipeline developments include Chuck inspection equipment for wafer-backside fixation, Wafer PR Coating, Wafer inspection, and thin-film/coating process inspection systems, which serve as core valuation upside catalysts upon commercial sale.
📝 Editor’s Comment (by K-STOCK Editor)
Listen up, bulls! If you think Green Optics is just another sleepy, run-of-the-mill defense play, you are completely missing the bigger picture. This beast spent an entire decade grinding through 170 brutal process tests to become one of less than ten elite companies worldwide to unlock ultra-pure ZnS strategic materials—and their defense order backlog is already pulling a massive compounding run up to 64.1 billion KRW in Q1. But here is the real kicker that should get the trading desks sweating: they are quietly positioning themselves as a vital back-end player in the high-margin HBM semiconductor gold rush, with their optical modules already deployed inside HBM defect inspection systems. On top of that, they just secured a massive 5x valuation leverage multiplier through the GVC30 global supply program to build out a war chest for high-tech manufacturing capacity. The stock is currently sitting in the ‘Not Rated’ dark zone, meaning the broader street hasn’t even properly priced in this cross-over narrative yet. Once these high-margin semiconductor inspection kits start hitting the order ledgers alongside localized Germanium sales later this year, the market is going to realize this is a high-octane optics tech house hiding in plain sight. Keep your eyes locked on this ticker!
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