Sanil Electric (062040)
Sanil Electric (062040) is a special-transformer maker in Ansan, South Korea, supplying power, distribution, and pad-mounted transformers for renewables, grids, and industrial plants, with the United States generating 87% of revenue. In Q1 2026 it grew revenue 52.1% to ₩150.3 billion at a 36.9% operating margin and won a ₩50.3 billion Bloom Energy data-center order.
| Ticker | 062040 |
|---|---|
| Exchange | KOSPI |
| Sector | Industrials · Transformers |
| Country | South Korea |
| Held by ETF | RISE AI Electricity Infrastructure ETF (0101N0) |
| Wikidata | Q131189086 |
| Last updated | 2026-06-10 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-15. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-30)
Sanil Electric reported consolidated Q1 2026 revenue of ₩150.3 billion, up 52.1% year over year, with operating profit of ₩55.5 billion, up 47.9% for a 36.9% margin, and net income of ₩45.9 billion, up 46.9%. New orders hit a record ₩179.0 billion and the order backlog a record ₩477.4 billion, with the United States supplying 87% of revenue.
| Revenue | ₩1,503억 (KRW 150.3 billion)+52.1%YoY |
|---|---|
| Operating profit | ₩555억 (KRW 55.5 billion)+47.9%YoY · Operating margin 36.9% |
| Net income | ₩459억 (KRW 45.9 billion)+46.9%YoY |
| New orders | ₩1,790억 (KRW 179.0 billion) · Quarterly record |
| Order backlog | ₩4,774억 (KRW 477.4 billion) · Record high at Mar 31, 2026 |
Revenue by segment
| Transformers | ₩1,425억 (KRW 142.5 billion) · 94.8%of revenue |
|---|---|
| Other products (reactors, soft starters) | ₩45억 (KRW 4.5 billion) · 3.0%of revenue |
| Merchandise, freight & other | ₩34억 (KRW 3.4 billion) · 2.2%of revenue |
Recent & upcoming events
- · Q1 2026 분기보고서 filed.Confirmed exports above 97% of revenue and a US share above 87% for Q1 2026, with new orders of ₩179.0 billion and a quarter-end backlog of ₩477.4 billion. (source)
- · ₩50.3 billion Bloom Energy data-center transformer order.Disclosed a ₩50.28 billion contract, 10.0% of annual revenue and its largest single order ever, to supply special transformers for US data centers from April 24, 2026 to March 29, 2027. (source)
- · Record Q1 2026 provisional results.Consolidated revenue of ₩150.3 billion (+52.1%), operating profit of ₩55.5 billion (+47.9%), and net income of ₩45.9 billion (+46.9%), all sharply higher on US transformer demand. (source)
- · Corporate value-up plan disclosed.Filed a 기업가치제고계획 (corporate value enhancement plan) voluntary disclosure on DART, joining Korea's value-up program. (source)
- · FY2025 results: revenue +50.3%, operating profit +65.9%.Reported full-year 2025 revenue of ₩501.9 billion, up 50.3%, operating profit of ₩181.2 billion, up 65.9%, and net income of ₩150.8 billion, up 80.3%, on renewable-market transformer demand. (source)
Quarterly figures, the export/US revenue split, and order data are from Sanil Electric's DART 분기보고서 and contract disclosures; FY2025 figures are from the results disclosure as reported by CBC News.
Figures are as of 2026-06-10 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Sanil Electric do?
Sanil Electric builds transformers that are anything but commodity: oil-immersed, mold, pad-mounted, and dry-type units in the distribution class up to 72kV, engineered to customer specifications for renewable-energy inverters, energy storage, grids, and plants. It sells directly to top-tier global inverter makers and US utilities, and with more than 30 years of manufacturing behind it, exports were over 97% of Q1 2026 revenue and the United States alone above 87% (DART 분기보고서). The headroom is the point: the company sizes the global distribution-transformer market at about ₩40 trillion, the US at about ₩10 trillion, and its own share at under 2%, which is why it plans a US sales entity, a service center, and eventually local production (DART). Transformers were ₩142.5 billion of the ₩150.3 billion quarter, with reactors and soft starters making up most of the rest.
How is AI driving Sanil Electric’s business?
It started indirect and turned direct. Sanil rode the renewables and US grid-replacement cycle, the same shortage in which Wood Mackenzie models a 30% US power-transformer supply deficit for 2025 with imports covering about 80% of supply (Wood Mackenzie), and which anchors the Korea AI Power Infrastructure concept. The company describes the new leg itself:
“On-site generation demand from data centers is surging with the growth of the AI industry, and the share of our revenue aimed at that end market keeps expanding.”
— Sanil Electric, Q1 2026 quarterly report (DART, May 15, 2026)
The proof landed on April 30, 2026: a ₩50.28 billion order from Bloom Energy, equal to 10.0% of annual revenue and the largest single contract in Sanil’s history, to supply special transformers for US data centers through March 2027 (Aju Business Daily, DART). LS Securities reads the deal as formal vendor registration with Bloom that should pull follow-on projects from other data-center power suppliers (Prime Economic News), and data-center units carry far higher prices, roughly ₩200 million to ₩3 billion each versus ₩100 to 150 million for renewable-energy products (Korea Economy Times).
What did Sanil Electric report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Sanil Electric posted consolidated revenue of ₩150.3 billion, up 52.1% year over year, operating profit of ₩55.5 billion, up 47.9% for a 36.9% margin, and net income of ₩45.9 billion, up 46.9% (DART 분기보고서). New orders reached a record ₩179.0 billion and the backlog a record ₩477.4 billion, against delivery lead times of three to six months (DART). The special-transformer line grew 113% year over year in the quarter (Prime Economic News). For full-year 2025 the company reported revenue of ₩501.9 billion, up 50.3%, operating profit of ₩181.2 billion, up 65.9%, and net income of ₩150.8 billion, up 80.3%, with US sales of about ₩380.4 billion (CBC News, DART).
What is Sanil Electric’s outlook?
No formal numeric guidance, but the capacity plan is disclosed. After its second Ansan plant lifted annual production capacity to roughly ₩800 billion (Korea Economy Times), Sanil is moving up the voltage curve: a 154kV ultra-high-voltage transformer line at the second plant starts construction in late 2026 for operation in 2028, targeting ₩150 to 200 billion of added annual output, with larger sites being scouted for the years beyond (Prime Economic News). The company also filed a corporate value-up plan on March 26, 2026 (DART). Analysts expect one to two additional data-center customers to follow Bloom Energy, and LS Securities raised its target price 72% to ₩370,000 after the order (Prime Economic News).
What are the risks for Sanil Electric?
- Single-market concentration. With 87% of Q1 2026 revenue from the United States, tariffs, local-content rules, or a US grid-capex pause would hit almost the entire book (DART).
- Short-cycle backlog. Lead times of three to six months mean the record ₩477.4 billion backlog covers well under a year of revenue, so demand swings show up fast (DART).
- Capacity response. Wood Mackenzie expects the transformer deficit to narrow late this decade as more than $1.8 billion of announced manufacturing expansion comes online, compressing the scarcity premium (Wood Mackenzie).
- Expectations risk. The stock re-rated hard after the Bloom order, with target prices raised as much as 72% in days, so execution misses on the 154kV expansion or follow-on orders would be punished (Prime Economic News).
- FX. A won-dollar swing moves both reported revenue and the 36.9% margin between order and delivery.
Related securities, concepts & terms
- Korea AI Power Infrastructureparent
- Data Center Powerrelated
- Doosan Fuel Cell (336260)sibling
- Korea Electric Power Corp (015760)sibling
Related indices & ETFs
- RISE AI Electricity Infrastructure ETF (0101N0) · KB Asset ManagementKorea-listed ETF (September 23, 2025) tracking the KRX-Akros AI Electricity Infrastructure Index, in which Sanil Electric is a constituent.
- KRX-Akros AI Electricity Infrastructure Index (KAIEI) · KRX-AkrosKRX-Akros thematic index of Korean electricity-infrastructure and data-center-power companies that includes Sanil Electric.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Sanil Electric
What does Sanil Electric do?
Sanil Electric makes special transformers: oil-immersed, mold, pad-mounted, and dry-type units engineered to customer specifications for renewable-energy inverters, energy storage, grids, and industrial plants, selling directly to top global inverter makers and US utilities. With more than 30 years in transformer manufacturing, it generated over 97% of Q1 2026 revenue from exports, with the United States above 87% (DART 분기보고서).
Why is Sanil Electric part of the Korea AI power infrastructure concept?
Because it sells the transformer layer of the power stack into the US shortage, and since April 2026 directly into data centers: Bloom Energy ordered ₩50.3 billion of special transformers for US data centers, Sanil's largest single contract ever (Aju Business Daily). The company itself says on-site generation demand from data centers is surging with the AI industry and that its revenue aimed at that market keeps expanding (DART).
What was Sanil Electric's latest quarterly revenue?
In Q1 2026 Sanil Electric reported consolidated revenue of ₩150.3 billion, up 52.1% year over year, operating profit of ₩55.5 billion, up 47.9% for a 36.9% margin, and net income of ₩45.9 billion, up 46.9% (DART 분기보고서). For full-year 2025 it reported revenue of ₩501.9 billion (+50.3%) and operating profit of ₩181.2 billion (+65.9%) (CBC News).
When does Sanil Electric report its next earnings?
Korean issuers do not pre-announce earnings dates. The next regulatory filing is the H1 2026 반기보고서 (semi-annual report), due around August 14, 2026 under Korea's 45-day semi-annual deadline; that date is estimated, not company-confirmed. Sanil Electric released provisional Q1 2026 results on April 30, 2026 and filed its 분기보고서 on May 15, 2026 (DART).
What is Sanil Electric's guidance for 2026?
The company has not issued formal numeric guidance, but the disclosed expansion plan sets the trajectory: a 154kV ultra-high-voltage transformer line at its second Ansan plant starts construction in late 2026 for operation in 2028, targeting ₩150 to 200 billion of added annual production (Prime Economic News). Its record ₩477.4 billion backlog converts quickly, since delivery lead times run three to six months (DART).
Sources & references
- 산일전기 분기보고서 (2026.03) · Q1 2026 quarterly report · Sanil Electric / DART (FSS), 2026-05-15
- 산일전기 사업보고서 (2025.12) · FY2025 annual report · Sanil Electric / DART (FSS), 2026-04-03
- 산일전기 단일판매ㆍ공급계약체결 (미국 데이터센터향 변압기 공급) · Sanil Electric / DART (FSS), 2026-04-30
- 산일전기 기업가치제고계획 (자율공시) · Sanil Electric / DART (FSS), 2026-03-26
- [특징주] 산일전기, 503억 규모 美 계약 체결에 20%대 급등 · Aju Business Daily (아주경제), 2026-04-30
- 산일전기, 블룸에너지향 '역대 최대 수주'에 초고압변압기 진출까지…"경쟁사 대비 압도적 우위" · Prime Economic News (프라임경제), 2026-05-04
- 산일전기, AI 데이터센터 수주…'몸값 22만원' 재평가 · Korea Economy Times (경제타임스), 2026-03-27
- [속보] 산일전기, 2025년 영업이익 전년 동기대비 65.9% 증가 · CBC News (CBC뉴스), 2026-02-10
- Power transformers and distribution transformers will face supply deficits of 30% and 10% in 2025 · Wood Mackenzie, 2025-08-14