Sangil Electric
062040 · KRXThe smallest of Korea's transformer exporters, and the most profitable one, with US sales alone now bigger than its entire business was three years ago.
Who they are
Sangil Electric has been building specialty transformers from its plant in Ansan's Sihwa National Industrial Complex since 1987, staying a mid-sized niche manufacturer for most of its history. That changed after it listed on the KOSPI in July 2024 at an IPO price of KRW 35,000 per share; by mid-2026, the stock had climbed more than 320% above that price, making it one of the more dramatic re-ratings in the entire Korean industrial sector.
What they do
Sangil Electric makes specialty transformers and reactors for renewable energy, transmission and distribution, energy storage systems, and increasingly, transformers built specifically for data centers and EV charging stations, alongside a smaller railway components business. Unlike HD Hyundai Electric or Hyosung Heavy Industries, it isn't chasing the largest 765kV utility-scale contracts — its niche is smaller-format specialty units where it can move faster and command premium pricing.
How Sangil Electric makes money
Transformer and reactor sales, and the shift toward exports has been dramatic: export share rose from 66.4% to more than 90% of revenue, and the US share specifically rose from 12.8% to over 67% in the same stretch. FY2025 consolidated revenue reached KRW 502.0 billion, up 50.3% year-over-year, with operating profit of KRW 182.0 billion, up 70%, for a 36.2% operating margin — the highest of any Korean power-equipment maker, comfortably ahead of its much larger peers. Operating profit was just KRW 500 million in 2022; by 2025 it was 364 times larger.
The bigger trend
Sangil Electric's rise has reportedly triggered a wave of smaller Korean transformer makers pursuing the same US-export playbook, with at least one peer (Jeryong Electric) posting similar growth in transformer exports since 2022. Industry watchers describe the sector splitting into companies that cracked the US market and those that didn't, with the winners riding a shortage some forecasts see persisting through at least 2028.
US trade policy is a bigger swing factor for Sangil than for its larger peers, given how concentrated its revenue has become in that single market — though so far, Trump-era tariff dynamics have reportedly worked in the company's favor rather than against it, by making Korean-made transformers more price-competitive against Chinese alternatives. Also watch for potential share-price volatility as IPO lock-up periods expire and more shares become available to trade.
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Frequently asked questions
Sangil Electric focuses on smaller-format specialty transformers rather than the large 765kV utility-scale units HD Hyundai Electric and Hyosung Heavy Industries chase, and it posts the highest operating margin (36.2%) of any Korean power-equipment maker as a result.
Sangil Electric listed on the KOSPI in July 2024 at an IPO price of 35,000 won per share. By mid-2026, its stock had climbed more than 320% above that price.
The US share of Sangil Electric's revenue rose from 12.8% to over 67% over a roughly three-year stretch, as the company's overall export share climbed from 66.4% to more than 90% of total revenue.
This page describes public value-chain positioning for informational purposes only. It is not investment advice, and inclusion here is not a recommendation to buy or sell any security. Figures reflect public reporting as of mid-2026 and may have changed since.