Doosan Bobcat Inc. (241560)

[Business Overview] Doosan Bobcat is a global leader in the compact construction equipment field, independently designing, developing, manufacturing, and selling a variety of compact construction machinery such as skid-steer loaders, compact track loaders, mini excavators, and telescopic handlers. In addition, it is expanding its business domain by offering industrial vehicles including forklifts, portable power products such as air compressors, generators, and portable lighting equipment, and over 400 attachments. About 75% of revenue is generated in North America, where it holds a high market share and ranks No. 1 in the region's compact construction equipment market. Its main customers are diverse, including homeowners with gardens, landscaping companies, and commercial facility construction firms. [Competitive Strengths] Doosan Bobcat holds the world's No. 1 market position in the compact construction equipment field, with strong brand recognition and an industry-leading customer support network comprising more than 1,500 dealers in North America. In addition, it is driving innovation and pursuing sustainable growth through the development of electrification, automation, and autonomous-operation technologies, including being the world's first to unveil a fully electric compact track loader and skid-steer loader. It is building a stable earnings base through product lineup expansion, business diversification, and regional portfolio diversification. [Financial Performance] Doosan Bobcat's annual revenue showed a declining trend, from KRW 8,621.9 billion in 2022 to KRW 7.5 trillion in 2023, KRW 6.3 trillion in 2024, and KRW 6.2 trillion in 2025. Operating profit also declined, from KRW 1,071.6 billion in 2022 to KRW 1.1 trillion in 2023, KRW 600 billion in 2024, and KRW 500 billion in 2025. Net income decreased from KRW 644.1 billion in 2022 to KRW 300 billion in 2025. The operating margin increased from 12.43% in 2022 to 14.67% in 2023, but declined to 9.52% in 2024 and 8.06% in 2025. Looking at recent quarterly results, first-quarter 2026 revenue was KRW 1.5 trillion and operating profit was KRW 100 billion, while from the second to the fourth quarter of 2025, revenue was maintained at KRW 1.5 trillion to 1.6 trillion and operating profit at around KRW 100 billion. [Financial Health] Doosan Bobcat's financial health is assessed as favorable. The debt-to-equity ratio decreased continuously from 84.07% in 2022 to 70.77% in 2025, indicating improving financial stability. The current ratio generally exceeds 100%, rising from 150.11% in 2022 to 165.03% in 2025, demonstrating stable short-term solvency. ROE increased from 12.82% in 2022 to 15.28% in 2023, but is on a declining trend at 8.81% in 2024 and 5.64% in 2025. [Outlook] Doosan Bobcat continues its R&D in line with the electrification, automation, and autonomous-operation trends of the global construction equipment market and is accelerating its transition to smart construction machinery. Through innovation in its existing businesses and M&A, it is expanding its product lineup and pursuing diversification into adjacent business areas such as agricultural/landscaping equipment and industrial vehicles, with a target of achieving KRW 16 trillion in revenue by 2030. In particular, it is seeking continued growth by strengthening its leadership in the North American market and expanding into emerging markets such as India.