AJIN Electronic Components Q1: Sales Up but Net Profit Down Sharply, No Dividend

Consolidated Q1 sales KRW 36.5bn (+9.2% YoY), operating profit KRW 0.88bn, net profit KRW 0.41bn (-31%) / EPS KRW 8 (vs 12)
Credit rating upgraded from BB- to BB (NICE, Apr 2026)
No dividend due to retained deficit of -KRW 7.1bn
New business: robot parts (actuator, TMD); national project secured (2026.04~2028.03)
Litigation risk: 1 pending case (KRW 1.89bn), first trial ongoing
Debt ratio 240.9% (net debt KRW 82.5bn); borrowings increased
R&D expenses KRW 1.99bn (5.46% of sales)