Secondary battery equipment manufacturer Phil Energy achieved sales in the third quarter that surpassed last year's total sales within just three quarters. Maintaining a profit trend, the company is solidifying a stable revenue structure. As new products are added and customers are secured one by one, the growth momentum is also being established. With fundamentals rapidly strengthening about a year after its initial public offering (IPO), shareholder return policies are also planned to be actively implemented.
According to the third-quarter report submitted by Phil Energy on the 11th, sales in the third quarter of this year reached 209.3 billion KRW. This represents an approximately 56% increase compared to the same period last year and even exceeded last year's total sales (196.7 billion KRW). Operating profit and net income were 10.9 billion KRW and 8.2 billion KRW, respectively. The company has maintained a quarterly profit trend since the fourth quarter of last year.
Phil Energy was spun off from the energy division of its parent company, Phil Optics, in April 2020 and has been expanding its scale every year. Sales grew from the 160 billion KRW range in 2021, the year following the spin-off, to surpass 190 billion KRW last year. This year, it has settled in the 200 billion KRW range.
The core product, medium-to-large prismatic battery stacking equipment, is leading the improvement in performance. This product integrates the notching and stacking processes of the assembly line. It focuses on enhancing not only the efficiency of the assembly process but also the quality of the battery.
A Phil Energy representative stated, “Orders received in the second half of last year are expected to account for most of this year’s sales,” adding, “Considering additional contracts in the first half of this year and expected orders for next year, the trend of expanding scale is likely to continue.”
Phil Energy announced a single sales and supply contract worth 99.8 billion KRW in March this year. Including contracts from the second half of last year, the order backlog as of the end of the third quarter this year is approximately 148.2 billion KRW. Considering the investment plans of major customers in the U.S. and Europe, the company expects to maintain the recent favorable momentum.
Phil Energy is also focusing on qualitative improvement of sales. Along with performance enhancements of core products, significant resources will be invested in new equipment and expanding the customer base. For the core stacking equipment, an upgrade is planned to enable precise laser processing in the notching process. Since the company has already secured technology to laser-process up to the cathode mixing part, this upgrade is within reach.
In the newly entered 46-pie (diameter 46 mm) cylindrical battery sector, results are already being achieved. The 46-pie cylindrical battery winder, which integrates notching and winding functions, has secured multiple global customers. As the 46-pie cylindrical battery is gradually gaining attention, additional order news can also be expected. The company has also signed equipment supply contracts with global firms in the electrode process, which is the stage before assembly.
A Phil Energy representative said, “As we enter new businesses such as next-generation batteries, securing new customers is progressing as planned,” and added, “We expect to achieve not only simple sales growth but also qualitative growth.”
He continued, “Along with qualitative growth, profit margins are also expected to improve,” and said, “The planned shareholder return policies will be carried out without any setbacks.”
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