[NH/Son Sehun] Small cap. - Firmtech Korea

[NH/Son Sehun] Small cap. - Firmtech Korea

[NH/Small Cap (Hwang Jihyun)]

[Firmtech Korea]

★ Give me another stormy courage

■ Cosmetic container shortage, continuous expansion

Cosmetic container shorts occur as cosmetics indie brand continues to strengthen on the back of K-beauty trend

Due to the high proportion of premold in sales, it has been mainly supplied by single-delivery contracts, but due to the recent increase in order volume, stick products have a lead time of nearly two months, and pumps have accumulated millions of orders

It has been steadily expanding since the beginning of the year to solve the bottleneck

The lower part of the four-story building purchased last year has been in operation since January 24, and the upper part will be fully operational from mid-July 24

The 4th plant is scheduled to be completed in July 25 and will be operated in 4Q25 and is expected to grow significantly because the site area is 40% compared to the existing 1st to 3rd plants

Its subsidiary Buguk TNC is also steadily increasing production by expanding the PE tube line in February 24

In addition, the new aluminum tube-oriented production building was completed in September 24 and is scheduled to be fully operated in early 25

Operating profit margin is maintained in compliance with the increased utilization rate. In particular, the operating margin of Buguk TNC is clearly rising

Investments related to automation facilities will also be made, which is expected to drive additional margin gains

■Company even painted mid- to long-term

It is expected that the proportion of overseas sales will increase in the mid- to long-term and valuation will be re-rated

New partners are added in addition to existing overseas sales partners, and sales are expected from the second half of the year

The number of items under discussion with global L registered as an official partner in 2023 is increasing, and the supply of new overseas indie brand customer intentions is also being discussed

☞리포트: https://m.nhqv.com/c/k3osv

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