1. Wonil T&I H1 2025 Performance: Growth and Challenges

Wonil T&I reported revenue of KRW 6.8 billion in the first half of 2025, but recorded an operating loss of KRW 2 billion and a net loss of KRW 3.1 billion. Increased R&D expenses and project delays are cited as the main reasons. However, the growth potential of the hydrogen business remains significant.

2. Core Business Analysis: Capturing the Future of Hydrogen

  • Hydrogen Business: The hydrogen storage alloy and reformer business is showing strong growth momentum, with expectations of submarine project orders and overseas market entry. Government policies supporting the hydrogen economy are also a positive factor.
  • LNG Vaporizer Business: Maintaining stable performance and expected to benefit from the increasing demand for LNG terminals in Europe.

3. Key Checkpoints for Investors

  • Hydrogen Business Profitability: The future profitability of the hydrogen business will be crucial.
  • Financial Stability: Improvement in the high debt ratio and securing stable funding are necessary.
  • Customer Diversification: Reducing dependence on specific customers and diversifying the customer base are essential for a stable revenue structure.

4. Conclusion: Focus on Long-Term Growth Potential

Wonil T&I is expected to play a key role in the growing hydrogen economy. If it overcomes short-term challenges and realizes the growth potential of its hydrogen business, its long-term investment value is projected to be high.