[Featured Stock] Ecoplastic, True Beneficiary of Lightweighting with 5x Q1 Operating Profit... Plastic Replacing Glass on the Rise

EcoPlastic is showing strong performance. The news of a sharp increase in operating profit and net profit in the first quarter of this year appears to be influencing the stock price.

As of 10:19 AM on the 15th, EcoPlastic is trading at 7,340 KRW, up 3.53% from the previous trading day.

EcoPlastic announced that in the first quarter, it recorded sales of 501.9 billion KRW, operating profit of 15.3 billion KRW, and net profit of 11.0 billion KRW. Compared to the same period last year, sales increased by 31.1%, while operating profit and net profit rose by 411.8% and 527.8%, respectively.

The company explained that in the first quarter of this year, plastic bumper sales reached 125.8 billion KRW, solidifying its top position in the domestic market. With the advent of the electric vehicle era, it is strengthening its business competitiveness by developing new technologies and new products. The company introduced plans to lead the market as the number one company not only domestically but also globally.

Due to the price increase from the premiumization of console specifications by Hyundai Motor and Kia, console sales reached 102.0 billion KRW in the first quarter of this year. The company explained that it is developing console products with various functions in preparation for the autonomous vehicle era.

As the electric vehicle era progresses, the importance of vehicle lightweighting is increasing, and EcoPlastic plans to devote itself to research and development to become a leading company in the eco-friendly vehicle era.

Kim Taehyun, a researcher at the Korea IR Association, said, "We are focusing on developing glass-replacement plastics and steel-replacement plastic products," and added, "We benchmarked the plastic used for sunroofs in European vehicles and developed plastic products for quarter glass, achieving quality satisfaction from our clients." He continued, "Since the end of last year, with government support, we have been developing a product that integrates the entire rear door of an SUV into plastic," and added, "The development of vehicle lightweighting products will contribute to securing EcoPlastic’s long-term growth potential through business diversification."