Taihan Cable & Solution Co., Ltd. (001440)

**Business Overview** Taihan Electric Wire, established in 1941, is Korea's first comprehensive cable company, operating businesses across power and communication cables and materials. Its main products include extra-high voltage (EHV) cables, submarine cables, industrial cables (medium and low voltage cables), communication cables (including fiber optic cables), and cable materials. HVDC (High-Voltage Direct Current) cables and submarine cables are particularly highlighted as high-value-added core products. As of January 2024, the revenue breakdown is 55% from the industrial cable segment, 21% from the EHV segment, 21% from the materials segment, and 3% from the communication segment. Key customers include Korea Electric Power Corporation (KEPCO) and overseas power authorities, as well as the three major mobile carriers. The company holds the second-largest market position in the domestic cable industry, following LS Cable & System, and has established itself as the No. 1 supplier in Singapore's 400kV and above EHV cable market. **Core Competitiveness** Taihan Electric Wire possesses world-class technology in EHV and submarine cables, having obtained international certification for the highest existing voltage rating in the HVDC cable sector. Furthermore, beyond simple cable production, the company has EPC (Engineering, Procurement, and Construction) turnkey project capabilities, taking responsibility for the entire process from design, production, and construction to maintenance. Another strength is its ownership of two cable laying vessels (CLVs), the 'Palos' and 'Scandi Connector,' which are the only ones in Korea for offshore wind power cables, thereby enhancing its submarine cable turnkey competitiveness and securing construction response capabilities. **Performance Analysis** Taihan Electric Wire's revenue has shown a steady growth trend, from KRW 2,450.5 billion in 2022 to KRW 3,636.0 billion in 2025. The 2025 revenue represents a 10.47% increase year-over-year. Notably, Q1 2026 revenue reached KRW 1,083.4 billion, a 26.6% increase year-over-year, achieving the highest quarterly performance ever. Operating income also significantly increased from KRW 48.2 billion in 2022 to KRW 128.6 billion in 2025. In Q1 2026, operating income surged by 122.9% year-over-year to KRW 60.4 billion. This improvement is a result of the expansion of high-profitability businesses, primarily EHV and submarine cables, leading to a significant improvement in operating margin from 3.54% in 2025 to 5.6% in Q1 2026. **Financial Health** Taihan Electric Wire's financial health remains sound. The debt-to-equity ratio, which was 83.66% in 2022 and 114.00% in 2025, significantly improved to 117.2% in Q1 2026 compared to 266% in 2021. The current ratio slightly decreased from 234.48% in 2022 to 143.89% in 2025 but remains at a healthy level of 143.7% in Q1 2026. Return on Equity (ROE) rose from 2.47% in 2022 to 7.54% in 2023, then decreased to 4.96% in 2024, before slightly rebounding to 5.51% in 2025. **Outlook** The expansion of global power grid investments, increasing demand for renewable energy (especially offshore wind power), and surging electricity demand due to the proliferation of artificial intelligence (AI) and data center construction are expected to be continuous growth drivers for the cable industry. Taihan Electric Wire plans to further solidify its competitiveness in the global market by expanding orders for high-value-added products such as HVDC and submarine cables, strengthening its turnkey solution capabilities, and expanding overseas production bases and securing additional cable laying vessels.