Sewon Precision: Credit Rating Upgraded to A-, Solid Earnings - Consolidated Operating Profit 12.3B Won, Net Profit 29.9B Won

Credit rating upgraded to A- (NICE, Nov 2025), up two notches from BBB+ (Nov 2024)
Consolidated 9-month revenue 119.5B won (+0.66% YoY), operating profit 12.3B won, net profit 29.9B won
Standalone 9-month revenue 57.7B won, operating profit 6.4B won, net profit 11.8B won (EPS 1,179 won)
Debt ratio 12.1%, net cash position (cash 7.4B, borrowings 3.0B)
Chinese subsidiary (Sanhe Sewon) operating profit surged to 6.1B won (from 2.0B won in prior period)
Consolidated EPS 2,599 won, BPS 76,045 won
R&D expense 1.86B won (3.23% of revenue)
Shareholder proposals for 10B won buyback and 700 won dividend were rejected; current dividend 200 won/share
Major customers: Beijing Hyundai 44.65%, Hyundai Mobis 23.72% (customer concentration risk)
Guarantees to related parties 136.5B won (Sewon America etc.) - contingent liability risk