Haesung Optics해성옵틱스

Haesung Optics is still loss-making on a trailing basis, though revenue has grown strongly and the share price has risen sharply over the past year.

Haesung Optics makes OIS actuators for smartphone camera modules, selling mainly to large Korean phone makers and also to customers in China, the US and Japan. Trailing revenue to H1 2026 is about ₩222.6B, but operating income is slightly negative at about -₩0.3B and net income is about -₩1.8B. The shares closed at ₩1,040 on 2026-10-28, roughly 2.1 times book value, with a market cap of about ₩63.4B.

What stands out

• Trailing revenue of ₩222.6B is well above full-year 2025 revenue of ₩160.3B, with 2025 growth of 47.7%.
• Losses have narrowed: 2025 operating loss was ₩6.7B and the trailing operating loss is about ₩0.3B, though net loss remains about ₩1.8B on a trailing basis.
• Balance sheet is leveraged: liabilities are about 306% of equity and borrowings of ₩56.7B exceed cash of ₩15.1B.
• Trailing free cash flow is positive at about ₩6.3B, while the company pays no dividend.
• The share price is down 9.6% over one month but up 88.1% over one year, and it sits well below its 52-week high of ₩2,930.
• Filings in August to October 2026 include a derivatives trading loss, a conversion-right exercise, conversion price adjustments, a third-party debt guarantee decision and a share cancellation decision.

What to watch

• Next results and whether operating income stays near break-even or turns positive, since the data shows no forecasts.
• Follow-up on the August derivatives trading loss and the debt guarantee decision, which the data does not explain in detail.
• Shareholder meeting outcomes and the share cancellation, plus further conversion price adjustments, which could affect share count and dilution.